Nasdaq Market Pathfinders


Nasdaq Market PathfindersSM (Pathfinders) is a direct data feed product offered by The Nasdaq Stock Market. Pathfinders covers the full range of issues including Nasdaq-, NYSE- and other U.S. regional exchange-listed securities.

Pathfinders provides aggregated real-time, intraday data based on trades from the integrated Nasdaq system. It measures the market sentiment based on the aggregated, real-time trading decisions of Nasdaq market participants. Market Pathfinders attempts to replicate the visible activity and audible noise that experienced floor traders use on a physical trading floor to detect changes in buying and selling interest, market direction, momentum and liquidity.

Market Pathfinders monitors the buying and selling of market participants (“pathfinders”) to identify those that are aggressively taking a position over an extended period of time.

Pathfinders are kept anonymous. It is the aggregation of their trading activity that is used to determine if these market participants are bullish or bearish on a particular issue.

Benefits and Features

Nasdaq Market Pathfinders is designed to provide real-time, intraday pre-trade data from the Nasdaq market center:

  • Traders can track the number of Market Pathfinders that are bullish versus bearish on the market.
  • Traders can view the ratio of shares bought versus sold by Market Pathfinders.
  • Market Pathfinders data is combined into three messages for dissemination, allowing for an easy to integrate, low latency feed.
  • Traders can create a portfolio of stocks and receive periodic updates of the Market Pathfinders values.
  • Traders can determine which stocks are hot and when to place buy or sell orders to secure the best prices.
  • Traders can determine the direction of the market by indicating whether post-trade interest is surging in buy or sell orders.

With its simple data formats, Nasdaq is able to use the same message structure for all of the equity exchanges.

Data Description

The Nasdaq Market Pathfinders data feed supports the following data elements for the full range of U.S. exchange-listed equities:

  • Market Pathfinders Indicators – disseminated at one minute intervals for three time periods: 1 minute, 5 minutes and 60 minutes.
  • Market Pathfinders are based on volume executed for market participants with at least 75% of traded volume in a stock on the buy or sell side during the covered time period at predetermined price threshold per time period.
  • Pathfinders covers Nasdaq-, NYSE- and US regional exchange-listed securities traded on the Nasdaq market center.
  • Nasdaq exchange event messages to signal specific events including, but not limited to market open, market close and halts.
  • Messages disseminate three times a minute, for each issue that meets the Pathfinder standard.

Data Delivery Options

Firms may connect directly to Nasdaq data centers via a dedicated circuit or extranet provider. Please refer to the Nasdaq Connectivity Provider List for details.

Nasdaq Market Pathfinders is offered in MoldUDP protocol only. For network capacity recommendations for the Market Pathfinders direct feed, please refer to the Nasdaq – U.S. Data Feed Bandwidth Report.


Please refer to the U.S Equities Price List for pricing information.

Agreements & Forms

To initiate this data on a data feed, firms must submit the appropriate documentation and receive prior approval from Nasdaq:

For the complete list of Nasdaq and UTP market data agreements and forms, please refer to the Nasdaq Global Data Products Agreements and Forms page.