Questions and answers

What should I look for in a Level 2 quote?

What should I look for in a Level 2 quote?

Level 2 stock quotes show the full order book for a given stock — or the price action. It’s basically a ranked list: The best bid and ask prices from market participants (more on market participants in a bit). Level 2 quotes give you detailed insight into the security’s price action, including the market depth.

How important is level 2 in day trading?

Level II will show you a ranked list of the best bid and ask prices from each of these participants, giving you detailed insight into the price action. Knowing exactly who has an interest in a stock can be extremely useful, especially if you are day trading.

Where can I get level 2 stock quotes?

Real-Time Level 2 Quotes, which includes all broker-dealer bid/ask prices and sizes, are displayed on a company’s quote page on and can be integrated onto your corporate site.

What is the best level 2 trading platform?

Best Level 2 Trading Platforms 2021

Stock Broker Minimum Deposit for Real-Time Quotes Trading Platform Rating
tastyworks $2,000 4.5/5
TD Ameritrade $500 4.5/5
Interactive Brokers $10,000 4/5
Firstrade $500 3.5/5

What is Level 3 in stock trading?

What Is a Level III Quote? A level III quote is pricing information about a security provided by a trading service. It includes the real-time bid price, ask price, quote size, price of the last trade, size of the last trade, high price for the day, and the low price for the day.

Do you need Level 2 to day trade?

Level 2 can be a very valuable tool to have as a day trader. When you are looking at breakout setups like a Gap-and-Go, and you see a lot of sellers on the ask, then you can reasonably assume that if those sellers get bought up, prices will likely pop higher.

Where can I get free level 2 quotes?

So Level II quotes can now only be accessed on thinkorswim and the TD Ameritrade mobile app.

Is Level 1 or Level 2 better?

Level 1 quotes provide basic price data for a security including the best bid and ask price + size on each side. Level 2 quotes provide more information than Level 1 quotes by adding market depth. These are primarily used by brokers and market makers.