Algorithmic Intensity
Very High97 / 100
How algorithmically quoted this security is (cancel-to-trade + order-to-trade), ranked against peers of similar size. Higher = more automated market-making/HFT churn.
Institutional Footprint
Elevated77 / 100
How much of this security's activity happens via hidden (non-displayed) orders, ranked against similar-size peers. Higher = more orders worked quietly.
Retail Fragmentation
Very High100 / 100
How odd-lot-heavy this security's trading is, ranked against similar-size peers. Often reflects high share price and retail participation.
Order-Flow Metrics · 2026 Q2 · 62 trading days
Cancel-to-Trade Ratio
47.4
92.2% since start
How many orders are cancelled for each executed trade. Higher values indicate heavier algorithmic quoting activity.
Hidden-Order Rate
46.2%
7.6% since start
Share of trades executed against hidden (non-displayed) orders. Higher values suggest more institutional or dark-pool-style activity.
Odd-Lot Rate
98.5%
33.8% since start
Share of trades in odd lots (fewer than 100 shares). Often elevated for high-priced or heavily retail-fragmented names.
Order-to-Trade Volume
389.6
1152.9% since start
Ratio of submitted order volume to executed trade volume — a measure of quoting intensity.
Hidden Volume Share
35.1%
79.4% since start
Share of trade volume executed against hidden orders.
History · 17 quarters
| Quarter | Cancel/Trade | Hidden Rate | Odd-Lot Rate | Order/Trade Vol |
|---|---|---|---|---|
| 2022 Q2 | 24.7 | 42.9% | 73.6% | 31.1 |
| 2022 Q3 | 7.6 | 62.0% | 91.5% | 30.1 |
| 2022 Q4 | 8.7 | 59.9% | 93.9% | 33.9 |
| 2023 Q1 | 8.3 | 58.2% | 93.6% | 31.9 |
| 2023 Q2 | 6.6 | 61.0% | 96.8% | 39.6 |
| 2023 Q3 | 9.8 | 54.4% | 93.8% | 45.3 |
| 2023 Q4 | 9.4 | 52.5% | 93.5% | 45.4 |
| 2024 Q1 | 14.8 | 46.1% | 98.1% | 103.8 |
| 2024 Q2 | 12.6 | 44.1% | 96.8% | 77.1 |
| 2024 Q3 | 16.2 | 47.2% | 93.9% | 76.4 |
| 2024 Q4 | 6.9 | 74.7% | 97.5% | 68.4 |
| 2025 Q1 | 11.9 | 54.5% | 99.2% | 156.3 |
| 2025 Q2 | 38.1 | 38.7% | 97.1% | 265.1 |
| 2025 Q3 | 22.7 | 43.0% | 95.6% | 98.2 |
| 2025 Q4 | 18.6 | 54.7% | 97.3% | 109.8 |
| 2026 Q1 | 21.8 | 54.1% | 96.9% | 121.2 |
| 2026 Q2 | 47.4 | 46.2% | 98.5% | 389.6 |
Forecast & Accuracy
Next-quarter estimate for each behavior metric, chosen by whichever simple model has been most accurate for this security in a walk-forward backtest. We show the historical error (MAPE) and how often the trend direction was right, so you can judge how much to trust each number. These forecast trading behavior, not price.
Cancel-to-Trade Ratio
34.5
next quarter · from 47.4
Trend: falling
Backtest accuracy: ±33.5% avg error · direction right 71% of quarters
model: ema · 14 test quarters
Hidden-Order Rate
49.2%
next quarter · from 46.2%
Trend: rising
Backtest accuracy: ±14.7% avg error · direction right 50% of quarters
model: ema · 14 test quarters
Odd-Lot Rate
98.5%
next quarter · from 98.5%
Trend: rising
Backtest accuracy: ±2.1% avg error · direction right 43% of quarters
model: naive · 14 test quarters
Unusual Activity Days
Days when CZFS's order-cancellation activity spiked well above its typical range for that quarter (more than two standard deviations). These often line up with earnings, news, or market-wide events.
Derived from the SEC's public MIDAS market-structure data. Describes historical order-flow behavior for informational and educational purposes only. Not investment advice and not a forecast of price or return.