Investment friends who are interested in watching the market will generally notice the two indicators of "internal market" and "external market" on the market display software, and think that when the external market is greater than the internal market, it is strong, and vice versa, it is weak, but in fact It's not that simple.

The two statistical indicators of internal market and external market are calculated by the software itself and are not calculated and transmitted by the exchange. When the software receives a new piece of data, it will compare the transaction price with the last displayed buy and sell. If the transaction price is less than or equal to buy, then the corresponding transaction volume will be added to the internal indicator. If it is greater than or equal to Sell, then the corresponding trading volume will be added to the external market indicator. If it is between the two, the internal and external markets are divided into half, so that the internal market plus the external market equals the total trading volume. Since the signals received by each communication site are different, the internal disk and external disk calculated by different software are different.

According to the calculation method, we seem to believe that if the internal market is large, the stock price will fall, while if the external market is large, the stock price will rise. However, this understanding is still relatively one-sided. For a small-cap stock with a small trading volume, the following case is very illustrative.

Hypothesis: The market fell by more than one percentage point that day.

Hypothesis: The stock price rises by more than one percentage point that day.

Hypothesis: The internal market is significantly larger than the external market.

Scenarios that satisfy these assumptions often appear intraday. Since the internal market is obviously larger than the external market, we often think that there is a lot of active selling and the stock price will fall. This is indeed the case in many cases, but we should still carefully observe the changes in pending orders. This is the focus of our market reading.

Because the order is small and the volume is small, the price difference of the pending order is relatively large. It is worth noting that although the internal market is increasing, the stock price has not fallen significantly. We must give a reasonable explanation for this.

For example, the current buying and selling prices of a certain stock are 10.46 yuan and 10.50 yuan. There were selling orders one after another. The buying price became 10.43 yuan but the selling price remained unchanged. These selling orders were naturally included in the internal trading. Then there was a larger buy order at 10.44 yuan, and the buy became 10.44 yuan. Then there were several selling orders, and the buying price was 10.43 yuan. Naturally, these amounts continued to be added to the internal market. Later, a large buy order appeared at 10.45 yuan, and the buying and selling prices returned to 10.45 yuan and 10.50 yuan.

The above changes in pending orders often appear in the day's trading. It has given a reasonable explanation, that is, there are large orders that are absorbing the loose orders that were sold as the market fell, and they are relatively small. High price. Therefore, the conclusion of this case is exactly the opposite. The stock price is likely to rise recently, although the internal market is significantly larger than the external market.

For small-cap stocks with small trading volume, as long as the above three assumptions are met, the conclusion of large-scale fund-raising can be established, but based on this, it cannot be determined whether it will rise immediately.