What is a Level 2 order book?

Level II shows you the order book for Nasdaq stocks, including the best bid and ask prices by various market makers and other market participants. Level II shows you who the market participant is that is making a trade, whether they are buying or selling, the size of the order, and the price offered.

What is Level 2?

Level 2 (or Level II) is theelectronic order book for listed stocks, which can be accessed by traders and investors through subscription-based services. Level 2 shows a ranked list of the best bid and ask prices, orders from all market makers and market participants, and order sizes.

What is Level II market data?

Level II market data shows a broader range of market orders outside of basic bid, ask, and market prices. Namely, it extends on the information available in the Level I variety. So what are level II quotes?… Level II data is also known as “market depth” by showing the number of shares, contracts, or lots available at each individual price.

What are hidden orders in a Level 2 quote?

Once they have identified hidden orders from L2 quotes, traders can place similar orders because institutional investor action will help support and resistance levels for that stock's price. There are six important columns in a Level 2 quote for a given stock. The first one is MMID.