We ended the day with 157 program trades detected which is on the light side, but they all came in the afternoon. While the number of buy programs and sell programs was pretty much even, the sell programs were much larger in size with $16B more to sell than buy.
Price Action During Program Trades
The first detected program trade past the open executed at 9:40:42 ET, trading 323 symbols in 6.3K different trades for $166M as a sell program. Two more sell programs fired at 9:44 into the morning low around 10 am. Around that time we fired 4 buy programs and one final one for the morning at 11:04:45 Past 11 am was mostly chop until the final two hours (14:00 to 16:00 close). As usual, most of the program trades were into the close.
A barrage of programs fired off starting at 15:24 ET and continued into the close. For more details around the Market On Close, you can see our MiM daily report.
What is an STTProgram trade?
SpyGate detects several different types of programs trades. The STT progam is a simultaneous triggered trade where a broad number of symbols trade at the same time with considerable dollar volume. As the trades are detected, the price action around the trade helps us deduce if the program was a buy or a sell. Our detector reports the number of symbols in the trade, the number of individual trades executed, and the dollar amount of those trades.
What is SpyGate:
SpyGate is a proprietary tape reader that analyzes price action on all the exchanges and sniffs out unusual trades. This detector follows price action and accumulates adaptive knowledge using Machine Learning (ML) and Deep Learning Artificial Intelligence (AI) to deduce algorithms and program trades as they are executing. The first implementation detects STT Programs ( Simulatanousely Triggered Trades). These trades are in the many thousands and millions of dollars and are executed all at once on many different symbols. This product is under heavy development and is currently available free for our traders in our TradeChat trading room along with the MiM and live breaking news. You can join us by purchasing a subscription to the MiM.