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What Limit Price Should I Set on a Stock?
How many cents separate MSFT's bid and ask, by share of quotesranking · 2026-10-09 · 8×3Preview: 8 ranked values, smallest first. AAPL quoted spread by time of day, premarket through late sessionseries · 2026-10-09 · 26×3Preview: a 16-point series, ending lower. Average quoted spread across five household names, mid-sessionranking · 2026-10-09 · 5×4Preview: 5 ranked values, largest first. Share of prints under 100 shares, same mid-session windowranking · 2026-10-09 · 5×4Preview: 5 ranked values, largest first.
Primary Peg vs Market Peg Orders Explained
Distance between the touches, five household names, 15 September 2026ranking · 2026-10-08 · 5×4Preview: 5 ranked values, largest first. Share of quotes at a one cent spread, 15 September 2026ranking · 2026-10-08 · 5×4Preview: 5 ranked values, largest first. AAPL quoted spread by ET hour, 15 September 2026series · 2026-10-08 · 16×2Preview: a 16-point series, ending lower. Distinct best bid prices per 15 minutes, NVDA against KOseries · 2026-10-08 · 64×3Preview: a 16-point series, ending lower.
Why a Limit Order Didn't Fill: 5 Causes
Where one session of AAPL prints actually happened, by venueranking · 2026-10-05 · 15×4Preview: 15 ranked values, largest first. Minutes a session spends near its own low, five household namesseries · 2026-10-05 · 5×4Preview: a 5-point series, roughly flat. Shares traded at KO's lowest price levels in one sessionranking · 2026-10-05 · 8×3Preview: 8 ranked values, smallest first. Odd lots versus round lots in one AAPL session: prints and sharesranking · 2026-10-05 · 5×4Preview: 5 ranked values, largest first.
What Price Does a Market Order Fill At?
Share of AAPL prints carrying a sub-penny price, by ET hour (Sep 16, 2026)ranking · 2026-10-05 · 5×3Preview: 5 ranked values, largest first. AAPL quoted spread in five minute buckets, 9:00 to 11:00 a.m. ET (Sep 16, 2026)series · 2026-10-05 · 24×3Preview: a 16-point series, ending lower. Quoted spread across six household names, 11:00 to 11:30 a.m. ET on Sep 16, 2026ranking · 2026-10-05 · 6×3Preview: 6 ranked values, largest first. How AAPL volume splits across print sizes, 10:00 a.m. to 3:00 p.m. ET (Sep 16, 2026)ranking · 2026-10-05 · 5×3Preview: 5 ranked values, largest first.
Why Odd Lots Don't Set the NBBO
Round lot size for a basket of familiar tickers, from the latest closeranking · 2026-10-04 · 9×3Preview: 9 ranked values, largest first. Listed names averaging above $250 a share, by monthseries · 2026-10-04 · 24×2Preview: a 16-point series, ending lower. How many listed names sit in each round lot tierranking · 2026-10-04 · 4×3Preview: 4 ranked values, largest first. AAPL trade sizes on the 27 April 2026 sessionranking · 2026-10-04 · 4×3Preview: 4 ranked values, largest first.
What Is the NBBO? National Best Bid and Offer
NBBO updates per session: four heavily traded names vs. two thin small capsseries · 2026-10-04 · 6×5Preview: a 6-point series, ending lower. Exchange stamp to SIP stamp: the consolidation step, in microsecondsranking · 2026-10-04 · 4×3Preview: 4 ranked values, smallest first. The smallest size the NBBO will show: six names across the price tiersranking · 2026-10-04 · 6×4Preview: 6 ranked values, smallest first. KO: ten consecutive NBBO updates from 1:30 p.m. ET on a recent sessionseries · 2026-10-04 · 10×7Preview: a 10-point series, roughly flat. GME, 2024-05-14: NBBO updates and trades per minute across a five-minute LULD pauseseries · 2026-10-04 · 15×3Preview: a 15-point series, roughly flat. AAPL: average NBBO updates per minute by half-hour bucket (ET, 4 a.m. to 8 p.m.)series · 2026-10-04 · 32×3Preview: a 16-point series, roughly flat.
Marketable vs Non-Marketable Limit Orders
Quoted spread across six names, one 15-minute sliceranking · 2026-10-04 · 6×4Preview: 6 ranked values, largest first. How Apple's prints split by trade size, same 15-minute sliceranking · 2026-10-04 · 5×4Preview: 5 ranked values, largest first. Apple's inside quote by ET half hour, one sessionseries · 2026-10-04 · 15×4Preview: a 15-point series, ending lower. How often each limit price below the 10:00 a.m. anchor was reachedranking · 2026-10-04 · 7×3Preview: 7 ranked values, smallest first.
Self-Help Declarations Under Reg NMS Rule 611
US equity venues and reporting facilities in the exchange registrytable · 2026-09-30 · 27×5 Locked NBBO rate before the open versus midday, five liquid namesranking · 2026-09-30 · 5×4Preview: 5 ranked values, largest first. Locked and crossed NBBO rates in AAPL by ET hour, June 10, 2026table · 2026-09-30 · 16×5 Which venues supplied the national best bid in AAPL on June 10, 2026ranking · 2026-09-30 · 12×3Preview: 12 ranked values, largest first.
Why Overnight Orders Must Be Limit Orders
Where the consolidated tape starts and stops each day (AAPL, September 2026)series · 2026-09-27 · 13×5Preview: a 13-point series, roughly flat. Median quoted spread by ET hour (AAPL, pinned session of September 16, 2026)ranking · 2026-09-27 · 16×3Preview: 16 ranked values, largest first. Average per-minute volume by ET hour (AAPL, 4:00 a.m. to 8:00 p.m., September 2026)table · 2026-09-27 · 16×5 Median per-minute price range, premarket versus midday (September 2026)ranking · 2026-09-27 · 5×4Preview: 5 ranked values, largest first.
What Is a Trade-Through? ISO Orders Explained
Where 30 minutes of AAPL prints landed, by venueranking · 2026-08-20 · 12×3Preview: 12 ranked values, largest first. Distinct venues printing AAPL inside the same second, minute by minuteseries · 2026-08-20 · 30×3Preview: a 16-point series, roughly flat. Share of prints by trade size: AAPL against KOranking · 2026-08-20 · 5×4Preview: 5 ranked values, largest first. Sale conditions that mark protection-rule exceptionstable · 2026-08-20 · 11×3
The Vendor Display Rule: SEC Rule 603(c)
Consolidated spread vs single venue spread, AAPL, June 17 2026series · 2026-08-10 · 90×4Preview: a 16-point series, ending lower. Where AAPL trades printed, June 17 2026, 10:00 to 11:30 ETranking · 2026-08-10 · 17×3Preview: 16 ranked values, largest first. Which venue held the national best bid in AAPL, June 17 2026, 10:00 to 11:30 ETranking · 2026-08-10 · 16×3Preview: 16 ranked values, largest first.
SIP Feeds vs Direct Exchange Feeds
Which venues sat on the bid side of the quote record, KO on June 16, 2026ranking · 2026-08-09 · 17×3Preview: 16 ranked values, largest first. Quote update traffic across five household tickers, 10:00 to 11:00 a.m. ET on June 16, 2026table · 2026-08-09 · 5×5 US equity exchanges that feed the consolidated tapetable · 2026-08-09 · 18×4 Venue clock to consolidated tape clock, KO quotes on June 16, 2026series · 2026-08-09 · 15×4Preview: a 15-point series, roughly flat.
Midpoint Peg Orders Explained: Half-Cent Fills
Sub-penny print share by reporting route, off exchange against lit exchangeranking · 2026-08-09 · 6×3Preview: 6 ranked values, largest first. Share of trades printed off the penny grid, 10:00 to 11:00 a.m. ET, June 17 2026ranking · 2026-08-09 · 6×3Preview: 6 ranked values, largest first. BLK quoted spread and quote activity by half-hour ET bucket, June 17 2026series · 2026-08-09 · 16×3Preview: a 16-point series, roughly flat. Average NBBO spread and the midpoint saving, 10:00 to 11:00 a.m. ET, June 17 2026ranking · 2026-08-09 · 6×3Preview: 6 ranked values, smallest first.
Level 1 vs Level 2 vs Level 3 Market Data
Executed volume by price level: the traded ladder (KO, 30 minutes)table · 2026-08-07 · 63×3 Level 1 top of book: quoted spread across a full session (AAPL, June 17 2026)series · 2026-08-07 · 32×3Preview: a 16-point series, ending lower. Top-of-book message rate, minute by minute (NVDA, one hour)series · 2026-08-07 · 60×3Preview: a 16-point series, roughly flat. Top-of-book spread and quote message count by name (10:00 to 11:00 a.m. ET)ranking · 2026-08-07 · 5×3Preview: 5 ranked values, smallest first.
Why Stock Quotes Are Delayed 15 Minutes
How often the last price changes, minute by minute (June 2026)ranking · 2026-08-06 · 6×3Preview: 6 ranked values, largest first. The 15 minute gap across six household tickers (June 2026)ranking · 2026-08-06 · 6×3Preview: 6 ranked values, largest first. How far SPY travels in 15 minutes, by hour of the session (June 2026)series · 2026-08-06 · 7×4Preview: a 7-point series, ending higher. Live price against a 15 minute delayed view, one SPY sessionseries · 2026-08-06 · 37×5Preview: a 16-point series, ending lower.
Microstructure Deep-Dive: June 29, 2026
Raw vs SIP-counted volume, applying the derived exclusion setscalar · 2026-07-26 · 1×424.79 One day of trades: session check plus the size of every printscalar · 2026-07-26 · 1×80 SPY's median quoted spread by half hour, 4:00 am to 8:00 pm ETseries · 2026-07-26 · 32×3Preview: a 16-point series, roughly flat. SPY under the microscope: nanosecond gaps, the spread two ways, quote qualityscalar · 2026-07-26 · 1×123.98 Completeness probe: FINRA short-volume file coverage, June 26-30series · 2026-07-26 · 3×6Preview: a 3-point series, ending higher. The whole NBBO stream in one row: QQQ and NVDA pinned by namescalar · 2026-07-26 · 1×5505.38 NBBO quote updates for eight heavily-quoted tickers (millions)ranking · 2026-07-26 · 8×2Preview: 8 ranked values, largest first. How many of the ten busiest minutes fall outside the open and the closescalar · 2026-07-26 · 1×41 The largest single prints of June 29 (dictionary-excluded codes stripped)series · 2026-07-26 · 9×7Preview: a 9-point series, ending lower. The exclusion set, derived from the tape's own code dictionary (one row)scalar · 2026-07-26 · 1×33 The receipt: CAG's closing auction and its code-15 re-report, side by sidescalar · 2026-07-26 · 1×661.69 The ten busiest minutes of the trade tape (millions of prints)ranking · 2026-07-26 · 10×2Preview: 10 ranked values, largest first.
How many cents separate MSFT's bid and ask, by share of quotes

How many cents separate MSFT's bid and ask, by share of quotes

most recentas of ranking 8×3read in context →
How many cents separate MSFT's bid and ask, by share of quotes — 8 rows by 3 columns, computed from US exchange, SIP and OPRA data.
spread_widthshare_of_quotes_pctquote_count
1 cent wide2.91326
2 cents wide5.22411
3 cents wide8.53955
4 cents wide13.86397
5 cents wide15.77265
6 cents wide17.58105
7 cents wide20.49437
8 cents wide15.97379
the exact SQL behind every number 
WITH quotes AS
(
    SELECT toUInt32(round((toFloat64(ask_price) - toFloat64(bid_price)) * 100)) AS ticks
    FROM global_markets.cache_stocks_quotes
    WHERE ticker = 'MSFT'
      AND sip_timestamp >= '2026-09-15 14:00:00'
      AND sip_timestamp <  '2026-09-15 19:00:00'
      AND bid_price > 0
      AND ask_price > bid_price
      AND (toFloat64(ask_price) - toFloat64(bid_price)) <= 0.08
)
SELECT
    concat(toString(ticks), if(ticks = 1, ' cent wide', ' cents wide')) AS spread_width,
    round(100 * count() / (SELECT count() FROM quotes), 1)              AS share_of_quotes_pct,
    count()                                                             AS quote_count
FROM quotes
GROUP BY ticks
ORDER BY ticks
More from this analysisWhat Limit Price Should I Set on a Stock?
Average quoted spread across five household names, mid-session ranking 5×4 → Share of prints under 100 shares, same mid-session window ranking 5×4 → AAPL quoted spread by time of day, premarket through late session series 26×3 → Where one session of AAPL prints actually happened, by venue ranking 15×4 → See all 3,256 queries →
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