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Are Level 2 quotes worth it??

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Old 03-12-2019, 05:37 PM   #1
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Are Level 2 quotes worth it??

Basically what I understand is that level 2 quotes allows you to see the queue of the buy/sell, but since it is in the queue means people can put up fake bids and cancel them before they are executed anyway.

So is this information worth the premium??
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Old 03-12-2019, 06:04 PM   #2
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u mean market depth ah...
how u even access it?
how much ah?

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Old 03-12-2019, 06:12 PM   #3
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Basically what I understand is that level 2 quotes allows you to see the queue of the buy/sell, but since it is in the queue means people can put up fake bids and cancel them before they are executed anyway.

So is this information worth the premium??
for me no. maybe time and sales
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Old 03-12-2019, 11:33 PM   #4
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Any day trader using l2 quotes?

Is it useful?
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Old 04-12-2019, 08:13 AM   #5
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L2 can be manipulated to show a lot of buy or sell orders to trick retail into rushing to buy or sell. There is however, techniques to interpret the information and to filter out if orders are genuine or otherwise.... eg if there is a large sell order, more so than the buy order que, but the sell orders keep getting hit, then you would probably guess that the market makers are playing tricks and if the intention of the market maker is revealed, it helps with my day trading.... These are very short term demand and supply factors that can change very quickly when there is a major market news or tweet.

As to whether this is worth paying for, it really depends on how you view things... There are various ways to interpret the information (look for abnormalities) ...if you know how to use it, it is worth it. If you do not know, then it is worthless. Personally, I find it as another tool that adds on to my edge in day trading.

btw, certain platforms provide this free and you need not pay for it.... I use TD Ameritrade and the information is free.

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Old 04-12-2019, 10:04 AM   #6
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Lvl 2 info in TD Ameritrade is free but it is 20mins delayed.
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Old 04-12-2019, 10:22 AM   #7
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Lvl 2 info in TD Ameritrade is free but it is 20mins delayed.
Are you on a trial or demo account? Mine is live.
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Old 04-12-2019, 10:54 AM   #8
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It is a live account. Always have the "delayed" tagged on the top left in thinkorswim software, so did not consider them as live data but anyhow I am using thinkorswim for charting not trading. holdings in td are long, like since 2000s long before they have the trading desktop software.
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Old 04-12-2019, 11:28 AM   #9
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Only if you can interpret it
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Old 04-12-2019, 12:25 PM   #10
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It is a live account. Always have the "delayed" tagged on the top left in thinkorswim software, so did not consider them as live data but anyhow I am using thinkorswim for charting not trading. holdings in td are long, like since 2000s long before they have the trading desktop software.
If you have funded it to the min size, then you need to call into the local office and asked them to turn on live feeds. I recalled that the live feed was not automatic after I funded the account and had to call in as well.
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Old 04-12-2019, 11:03 PM   #11
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If you have funded it to the min size, then you need to call into the local office and asked them to turn on live feeds. I recalled that the live feed was not automatic after I funded the account and had to call in as well.
Thanks Duke, I contacted support and they activated within a minute.
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Old 04-12-2019, 11:15 PM   #12
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Thanks Duke, I contacted support and they activated within a minute.
Most welcome. Ameritrade has one of the best platforms for analytics. Just hope that the acquisition by Charles Schwab does not alter their modus operandi.
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Old 05-12-2019, 09:41 PM   #13
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It is useful.

Used to be free for almost all brokerages sometime ago sponsored by SGX.

Too bad they stopped it.
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