Animated example of Mr Coscias trading

An example of Mr Coscia's trading (00:00:00.000 to 00:00:00.609)

Lots buy/sell 400

Price 115.9

300

The chart explained: horizontal axis shows the timing of the trades in milliseconds right hand vertical axis shows the price of the Brent contracts left hand vertical axis shows the lot size of orders to buy or sell time and price Mr Coscias buy orders

115.89

115.88

200 115.87

100

-20 0
-100

80 Time (milliseconds) 180

cumulative size of Mr Coscias buy orders Buy order for 17 lots @115.86 cumulative size of all buy orders in the market within five ticks of the best bid Cumulative buy order positions shown by the blue line time and price of Mr Coscias sell orders
280 380 480

115.86

115.85

580
115.84

cumulative size of Mr Coscias sell orders cumulative size of all sell orders in the market within five ticks of the best offer changes in the mid price (average of the best bid/offer price)

115.83

-200

115.82

-300 Cumulative Buy Orders Cumulative Sell Orders Mid Price Trade Price Mr Coscia Sell Order Price Mr Coscia Buy Order Price

115.81

An example of Mr Coscia's trading (00:00:00.000 to 00:00:00.609)

Lots buy/sell 400

Price 115.9

3 large sell orders:

300

115.89

122 lots @ 115.89 85 lots @ 115.88

115.88

200

54 lots @ 115.87 Cumulative sell order position is shown by downward movement in the red line

115.87

100

115.86

115.85

-20 0
-100

80 Time (milliseconds) 180

280

380

480

580
115.84

115.83

-200 115.82

-300 Cumulative Buy Orders Cumulative Sell Orders Mid Price Trade Price Mr Coscia Sell Order Price Mr Coscia Buy Order Price

115.81

An example of Mr Coscia's trading (00:00:00.000 to 00:00:00.609)

Lots buy/sell 400 Price 115.9

115.89 300

115.88 200

Buy order for 17 lots traded @ 115.86 in two shapes (3 and 14 lots)
115.87

100

Shown by the downward movement in the blue line

115.86

115.85

-20 0
-100

80 Time (milliseconds) 180

280

380

480

580
115.84

Buy trade triggers cancellation of all 3 large sell orders Shown by the upward movement of the red line

115.83

-200 115.82

-300 Cumulative Buy Orders Cumulative Sell Orders Mid Price Trade Price Mr Coscia Sell Order Price Mr Coscia Buy Order Price

115.81

An example of Mr Coscia's trading (00:00:00.000 to 00:00:00.609)

Lots buy/sell 400 Price 115.9

115.89 300

115.88 200

Sell order for 17 lots @ 115.88 (2 ticks higher than the purchase price)
100

115.87

Shown by the downward movement in the red line

0

115.86

115.85

-20 0
-100

80 Time (milliseconds) 180

280

380

480

580
115.84

115.83

-200 115.82

-300 Cumulative Buy Orders Cumulative Sell Orders Mid Price Trade Price Mr Coscia Sell Order Price Mr Coscia Buy Order Price

115.81

An example of Mr Coscia's trading (00:00:00.000 to 00:00:00.609)

Lots buy/sell 400 Price 115.9

3 large buy orders: 99 lots @ 115.82 88 lots @ 115.83 122 lots @ 115.86
115.89

300

Shown by the upward movement in the blue line

200

115.88

115.87

100

115.86

115.85

-20 0
-100

80 Time (milliseconds) 180

280

380

480

580
115.84

115.83

-200 115.82

-300 Cumulative Buy Orders Cumulative Sell Orders Mid Price Trade Price Mr Coscia Sell Order Price Mr Coscia Buy Order Price

115.81

An example of Mr Coscia's trading (00:00:00.000 to 00:00:00.609)

Lots buy/sell 400 Price 115.9

300

Sell order for 17 lots traded @ 115.88. Shown by the upward movement in the red line

115.89

115.88

200 115.87

100

115.86

115.85

-20 0
-100

80 Time (milliseconds) 180

280

380

480

580
115.84

115.83

-200

Sell order trade triggers cancellation of all 3 large buy orders Shown by the downward movement in the blue line

115.82

-300 Cumulative Buy Orders Cumulative Sell Orders Mid Price Trade Price Mr Coscia Sell Order Price Mr Coscia Buy Order Price

115.81

An example of Mr Coscia's trading (00:00:00.000 to 00:00:00.609)

Lots buy/sell 400 Price 115.900

The bid/ offer spread and the mid price moves up after the large orders are placed
300

Shown by the upward movement in the green line Mr Coscias small sell order then traded at a higher price resulting in a profit of USD 340

115.890

115.880

200 115.870

100

115.860

115.850

-20

80 Time (milliseconds) 180 0 The bid/offer spread narrows and the price moves down after the sell orders are placed

280

380

480

580
115.840

-100

Shown by the downward movement in the green line

-200

115.830

Mr Coscias small buy order then traded at a lower price

115.820

-300 Cumulative Buy Orders Cumulative Sell Orders Mid Price Trade Price Mr Coscia Sell Order Price Mr Coscia Buy Order Price

115.810

An example of Mr Coscia's trading (00:00:00.000 to 00:00:00.609)

Lots buy/sell 400 Price 115.900

300

Mr Coscias large orders have a significant impact on the market as they make up a significant proportion of the market depth. This is assessed by comparison to all other orders in the market to buy or sell within 5 ticks of the best bid or offer price.

Mr Coscias large buy orders respectively make up 64,77, and 87% of all buy orders in the market within 5 ticks of the best bid price

115.890

115.880

200 115.870

100

115.860

115.850

-20 0

80

Time (milliseconds)

180

280

380

480

580
115.840

-100

115.830

-200 115.820

-300 Cumulative Buy Orders Cumulative Sell Orders Sell Order market depth

Mr Coscias sell orders respectively make up 84, 89 and 87% of all sell orders in the market within 5 ticks of the best offer price
Buy Order market depth Mid Price Trade Price Mr Coscia Sell Order Price

115.810

Mr Coscia Buy Order Price