I'll TRY to make this as accurate as possible... In short, High...

I'll TRY to make this as accurate as possible... In short, High Frequency Trading, Direct Market Access, bots, algos, whatever you want to call it was introduced to create liquidity and gain market share by being faster than most. Nowadays, in terms of execution most trading houses and their algorithms have the same thing in common. Speed. To compete, the 'bots' get creative to create liquidity. One method we're seeing is "flickering quotes" often to tighten or widen the spread to create a false perception of momentum and/or increased volatility... then some idiots sell into the screen and the insto soaks it up.... they create liquidity for THEIR clients. Dont trust the Depth!! Whilst not the end game, Wide spreads can also provide a crossing opportunity or cross at the midpoint. Put yourself in the shoes of a HFT or DMA trader and do that a few million times a day for a quarter of a cent... To quote @billyen; Don't fall for their games... MAKE THEM PAY!!! DYOR IMO ec