Can someone explain to me what a bundled trade means? I was under the impression that any trade with the same tickID is part of the same market order.

As you can see in the trade list below, all the trades occurred at or above the offer at the same time, but the tickID changes when the price goes from 6232.00 to 6232.25. The offer price stays at 6232.00 during this time so no updates to the level1 bid/ask feed occurred. I am unable to find any bundled trades that occur across two prices so I am wondering whether this is correct.

1,2017-11-02 15:01:54.992,6232.00,3,304623,6231.50,6232.00,231013797,C,43,01
1,2017-11-02 15:01:54.992,6232.00,4,304627,6231.50,6232.00,231013797,C,43,01
1,2017-11-02 15:01:54.992,6232.00,1,304628,6231.50,6232.00,231013797,C,43,01
1,2017-11-02 15:01:54.992,6232.00,2,304630,6231.50,6232.00,231013797,C,43,01
1,2017-11-02 15:01:54.992,6232.00,1,304631,6231.50,6232.00,231013797,C,43,01
1,2017-11-02 15:01:54.992,6232.00,1,304632,6231.50,6232.00,231013797,C,43,01
1,2017-11-02 15:01:54.992,6232.00,4,304636,6231.50,6232.00,231013797,C,43,01
1,2017-11-02 15:01:54.992,6232.00,1,304637,6231.50,6232.00,231013797,C,43,01
1,2017-11-02 15:01:54.992,6232.00,1,304638,6231.50,6232.00,231013797,C,43,01
1,2017-11-02 15:01:54.992,6232.00,1,304639,6231.50,6232.00,231013797,C,43,01
1,2017-11-02 15:01:54.992,6232.00,1,304640,6231.50,6232.00,231013797,C,43,01
1,2017-11-02 15:01:54.992,6232.00,1,304641,6231.50,6232.00,231013797,C,43,01
1,2017-11-02 15:01:54.992,6232.00,1,304642,6231.50,6232.00,231013797,C,43,01
1,2017-11-02 15:01:54.992,6232.00,1,304643,6231.50,6232.00,231013797,C,43,01
1,2017-11-02 15:01:54.992,6232.25,1,304644,6231.50,6232.00,231013798,C,43,01
1,2017-11-02 15:01:54.992,6232.25,1,304645,6231.50,6232.00,231013798,C,43,01
1,2017-11-02 15:01:54.992,6232.25,1,304646,6231.50,6232.00,231013799,C,43,01

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Stephen Shockey | Telvent DTN LLC | Trading Markets | United States |Customer Service Technical Support
Email: support@iqfeed.net

After reading through the CME spec more, trades are only bundled at the current price. If it moves to a different price, that starts a new tick id.

In looking at the exchange record, the two trades were received as part of the same bundle and in a single message from the exchange, but the message did include both of the tick IDs that you see. Hence the lack of bids and asks between them.

Tim