Core terms
Time and sales (the tape)
A chronological list of reported trades showing the time, price, size and trade conditions. Traders call it "the tape."
Where Level 2 shows orders waiting to trade, time and sales shows trades that happened. Many platforms color each print by whether it traded at the bid, the ask or in between, which traders use to judge whether buyers or sellers were the more urgent side.
Trades reported from off-exchange venues are reported to FINRA facilities, generally within seconds, so a print can arrive slightly after it happened. Condition codes mark odd lots, late reports and other special trades that may not count toward highs, lows or volume on every platform.
What traders should verify
Filter by size and condition. A run of small prints at the ask looks different from one large block, and a late-reported print is not a new trade.
Do not conflate
Trader usage for "the tape." Platforms differ in which prints and conditions they show.
Primary source
Trader usage: there is no official definition, and platforms and tools may calculate it differently.