The Data Feed information page lets you choose the feed you are interested in viewing as well as the latest consensus spot value for that feed. In the screenshot below, you can see the user has chosen to view the "ETHUSD" feed, which is the Ether price in US Dollars. The current spot value, denoted by the "@" symbol, is 12.1421
The Data Feed chart plots spot value over time, or more specifically, the spot value over the blockchain block number. Every point on the chart represents a new quote, a trade, or a quote update as the reference real-world value changes.
Hovering over a point or a trade on the chart gives more information on that data point or trade.
The buttons on the bottom allow you to select the time scale for the chart - 500, 1000, 2000 or 5000 blocks of history.
The Quotes and Trades section of the user interface gives you both a graphical and a tabular view of the "price" for a given quote. Recall that every quote on the feed can be priced as either a call or a put with a strike at the feed consensus value. This can happen because the quote's accuracy range, combined with the time duration, can be used to calculate an expected volatility. This volatility estimate can then be used to provide a fair price for a short-term "call" or "put" on the data value*.
To create a trade, choose the duration you are interested in and choose whether you want a call or put contract. A dialog will pop up asking you to choose whether you want to be long or short.
To enter a new quote and become an oracle, click on "Enter New Quote" and provide a spot value, accuracy estimate and a corresponding time duration for your accuracy estimate. Note: you will want to keep your quote updated!
Because the trader always has the choice whether to pay premium or receive premium, and whether they want a call or a put, this incentivizes the oracle to be as accurate as possible!
This is different from a conventional prediction market where market makers and traders oppose each other in expectations for market direction. In the latter case, this leads to extreme volatility at times. On a Microtick feed, the incentive is for the market maker (oracle) to place an accurate quote and keep it updated in order to collect as many commissions as possible.
Once a trade is placed, the chart will indicate the strike price (which is always equal to the feed consensus for the previous block) and it will shade the direction where price movement changes the value. For a call the shading will be above the strike and for a put, it will be below. For a long position, the shading will be green (indicating profit if the price moves in that direction) or red for a short position. In the trade to the left, the participant has a long call position that has moved into the money.
The account information section will also update with information on the new trade:
NOTE: While there is no "guarantee" that the actual spot value matches the real world value, with multiple market participants the price of entering an incorrect data value (or at least a data value that disagrees with the consensus) becomes high. With a handful of honest participants, the price will tend to track the real world value closely.