You quote a bid (where you'll buy) and an ask (where you'll sell). Buyers and sellers hit your quotes; you pocket the spread โ but you carry whatever inventory you accumulate. Set your spread & skew, then advance. Read the flow to avoid getting picked off.
The Book
Level
Price
ฮ tick
Your Quotes
Your Bid
โ
Mid
โ
Your Ask
โ
1.6
0.0
P&L
$0
Spread captured$0
Inventory P&L$0
Fills0
Inventory
0 lots
Flat. No price risk.
Trade Blotter
No fills yet.
This Tick โ Breakdown
Glossary
Bid / Ask the prices you'll buy / sell at Spread ask โ bid; your gross edge per round-trip Mid the fair price, halfway between bid and ask Inventory net lots you're holding โ your price risk Skew shifting quotes to steer your inventory Adverse selection getting filled right before the price moves against you