Reading Markets

Price action, order flow, auction theory and the tape. Guides in this hub explain what each method measures, where it comes from, and the limits of what it can tell you. Posts are on the way.

Reading MarketsCore

Payment for Order Flow: How to Read a Rule 606 Report

Robinhood got 78 to 117 cents per 100 shares in payment for order flow in April 2026, Fidelity about 4. How to read the Rule 606 report behind it.

Oct 25 · 6 min read

Reading MarketsBasics

Trading Sessions Times: Stocks, Futures and FX in ET

US stocks, CME futures and forex on one Eastern Time clock: exact session hours, the 5 p.m. futures break, the London overlap and the DST gap weeks.

Oct 25 · 5 min read

Reading MarketsCore

Volume vs Liquidity: What Free SEC Data Shows Traders

SPY trades 40.1M shares a day yet logs 46.9 cancels per trade. A year of free SEC data on 9,727 stocks shows where volume stops buying liquidity.

Oct 25 · 5 min read