trades_vs_quotes
Answered against 22 years of US equities and 12 years of US options data and published with the query that produced it. This result is stored as of 2026-09-24, from what-historical-tick-data-costs.
| symbol | trade_millions | quote_millions | quotes_per_trade |
|---|---|---|---|
| NVDA | 2.05 | 2.11 | 1 |
| AAPL | 0.9 | 1.2 | 1.3 |
| SPY | 0.52 | 3.05 | 5.9 |
| MSFT | 0.41 | 0.31 | 0.8 |
| KO | 0.29 | 0.47 | 1.6 |
- Rows × columns
- 5 × 4
- Computed
- Completeness
- No missing values
- Source
- US exchange, SIP and OPRA market data
- Licence
- Strasmore terms · free, no signup
What each column holds
| Column | Type | Range | Notes |
|---|---|---|---|
symbol |
text | 5 distinct values (AAPL, KO, MSFT…) | |
trade_millions |
number | 0.29 to 2.05 | |
quote_millions |
number | 0.31 to 3.05 | |
quotes_per_trade |
number | 0.8 to 5.9 |
Computed from Strasmore's warehouse of US exchange, SIP and OPRA market data. Equity prices are delayed; options greeks and implied volatility are end-of-day. This result is stored, not recomputed on load — it is exactly the numbers that were returned on , and the query below is what returned them.
Run it yourself
This is the exact query behind the result above. Change a ticker, a date or a column and run it against the warehouse — no account, no key. The no-signup tier is smaller than the one this page was computed on; a query that reaches past it comes back saying which plan runs it.
SELECT
t.symbol AS symbol,
round(t.trades / 1e6, 2) AS trade_millions,
round(q.quotes / 1e6, 2) AS quote_millions,
round(q.quotes / t.trades, 1) AS quotes_per_trade
FROM
(
SELECT
ticker AS symbol,
count() AS trades
FROM global_markets.stocks_trades
WHERE ticker IN ('SPY', 'AAPL', 'NVDA', 'MSFT', 'KO')
AND sip_timestamp >= toDateTime('2026-08-19 08:00:00')
AND sip_timestamp < toDateTime('2026-08-20 08:00:00')
GROUP BY ticker
) AS t
INNER JOIN
(
SELECT
ticker AS symbol,
count() AS quotes
FROM global_markets.cache_stocks_quotes
WHERE ticker IN ('SPY', 'AAPL', 'NVDA', 'MSFT', 'KO')
AND sip_timestamp >= toDateTime('2026-08-19 08:00:00')
AND sip_timestamp < toDateTime('2026-08-20 08:00:00')
GROUP BY ticker
) AS q ON q.symbol = t.symbol
ORDER BY trade_millions DESC
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