Preferred Algos - Part 2, Price Cycle Repeaters Back to Preferred Algos Contents The following charts show two individual stocks that exhibit quote price cycling in very obvious, regular intervals, moving the NBBO as they run. While the size may also be running in regular intervals, the cycles are not as obvious as the price/size combination algos presented in Part 1. In the following charts, trades and quotes are plotted sequentially as they occur. As such, no data is lost. Exchange's bid and ask prices are colored according to the legend on the left. When quotes are the NBBO, a red circle is drawn for the Best Ask, and a Green circle for the Best Bid. Click on any chart for a high resolution image. Symbol HBA.PR.F HBA.PR.F, Chart #1: A sequence of 20,000 quotes in approx. 19 seconds: HBA.PR.F, Chart #2: Drilling down to 1,800 quotes a bid price/size pattern becomes evident: HBA.PR.F, Chart #3: Drilling down to 500 quotes and plotting only NASDAQ and PACF bids: HBA.PR.F, Chart #4: Plotting only NASDAQ bids: HBA.PR.F, Chart #5: Plotting only PACF bids: HBA.PR.F, Chart #6: Finally a drill down to 175 quotes showing the interaction of the NASDAQ and PACF bids: Symbol C.PR.H C.PR.H, Chart #1: A sequence of 2,000 quotes: C.PR.H, Chart #2: Drilling down to 400 quotes and plotting only NYSE and PACF bids, the sequence becomes apparent: C.PR.H, Chart #3: Drilling down to 400 quotes, plotting only NYSE bids: C.PR.H, Chart #3: Drilling down to 400 quotes, plotting only PACF bids: Inquiries: pr@nanex.net Publication Date: 07/12/2011 http://www.nanex.net This report and all material shown on this website is published by Nanex, LLC and may not be reproduced, disseminated, or distributed, in part or in whole, by any means, outside of the recipient's organization without express written authorization from Nanex. It is a violation of federal copyright law to reproduce all or part of this publication or its contents by any means. This material does not constitute a solicitation for the purchase or sale of any securities or investments. The opinions expressed herein are based on publicly available information and are considered reliable. However, Nanex makes NO WARRANTIES OR REPRESENTATIONS OF ANY SORT with respect to this report. Any person using this material does so solely at their own risk and Nanex and/or its employees shall be under no liability whatsoever in any respect thereof.