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PART 02

The Language of Price: Price Quotes and Order Types

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Before you begin

A quote is the latest result of an auction — not a verdict on what the company is worth.

The questions it answers

  • Why the last traded price may not be available for your next order
  • What bid, ask, spread, depth and volume reveal — and what they hide
  • Which order type fits the job, and which certainty it gives up
  • Why liquidity can disappear when an exit matters most
  • How volatility, gaps, sessions and timeframe change the price story

Every chart begins after an order becomes a trade. Learn how that price was made before asking its shape what it means.

How this book is different

  • Follow one order from quote to fill, partial fill or no trade.
  • Read every order as a trade-off between price control and execution certainty.
  • Treat the order book as revocable intention, while completed trades remain evidence.
Chapter 02.01

Price Is an Agreement, Not a Value

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  1. 01Last traded price vs value vs worth
  2. 02The auction model of markets
  3. 03Price discovery: how consensus forms and breaks
  4. 04Why price moves without news
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Chapter 02.02

Inside the Order Book

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  1. 01Bid, ask, spread
  2. 02Market depth and the five-level view
  3. 03Reading imbalance in the book
  4. 04Spoofing, iceberg orders, and why the book lies
  5. 05Traded volume vs pending quantity
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Chapter 02.03

Orders as Tools, Not Buttons

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  1. 01Market order: certainty of fill, uncertainty of pricesoon
  2. 02Limit order: certainty of price, uncertainty of fillsoon
  3. 03Stop-loss and stop-limit orderssoon
  4. 04Bracket, cover, GTT, and conditional orderssoon
  5. 05Choosing the order type your strategy requiressoon
  6. 06Order errors that cost real moneysoon
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Chapter 02.04

Liquidity

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  1. 01What liquidity actually measuressoon
  2. 02Turnover, delivery volume, free-float adjusted liquiditysoon
  3. 03Why liquidity is the first filter of any watchlistsoon
  4. 04Liquidity disappearing: the risk nobody pricessoon
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Chapter 02.05

Volatility

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  1. 01Volatility as the size of disagreementsoon
  2. 02Historical vs implied volatility (first look)soon
  3. 03Volatility clustering and regimessoon
  4. 04Why volatility, not price, determines position sizesoon
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Chapter 02.06

Gaps, Sessions, and Time

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  1. 01Overnight risk and why gaps existsoon
  2. 02Gap types: common, breakaway, runaway, exhaustionsoon
  3. 03Session structure: open, mid-day, close behavioursoon
  4. 04Expiry days, event days, holiday effectssoon
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Chapter 02.07

Timeframe as a Lens

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  1. 01The same stock is bullish and bearish simultaneouslysoon
  2. 02Choosing a primary timeframe based on your life, not your ambitionsoon
  3. 03Noise vs signal as a function of timeframesoon
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More chapters are being written.