Lesson Level 2 trading quotes

Level 2 trading quotes

Discover Level 2 trading quotes and the market information it provides.

Level 2 data shows in-depth market information for Canadian and U.S. exchange-listed securities. This feed allows you to carry out comparative analysis for securities by providing information on executed bid and ask prices, buy and sell orders, order sizes, market makers, and more.

The level 2 window lets you see who the buyers and sellers are at different price levels. This feature allows you to view the actual market action occurring between buyers and sellers in real time. For active traders, knowing who has an interest in a stock (buyers vs. sellers) can be useful in predicting price movements.

To start, get familiarized with the level 2 data terms:

 

Quote area Description
Venue Indicates the venues where the trades occur
Bid Indicates the current bid price
Bid size Indicates the number of shares/lots a buyer is willing to purchase at the quoted bid price. The format of this data is presented as it is received by Questrade from each specific exchange (shares or lots). Please refer to the exchange's website for up-to-date information.
Ask Indicates the current ask price
Ask size Indicates the number of shares/lots a seller is selling at a quoted ask price. The format of this data is presented as it is received by Questrade from each specific exchange (shares or lots). Please refer to the exchange's website for up-to-date information.
ID Indicates broker ID when viewing market-by-broker data for Canadian listed securities

You can view market data for symbols listed on any Canadian exchange by price, broker, or order (one at a time).

  • Market by price - all orders from each broker at a given price level are combined and shown as a single record
  • Market by broker - each broker is displayed separately at all of the price levels they currently offer for orders
  • Market by order - each outstanding order in the order books is sorted by bid or ask price and shown separately as a single record

When you subscribe to a level 2 data package for any Canadian exchange, the default display for your data is market-by-price. You can upgrade your subscription at any time to see market-by-broker or market-by-order.

You can view market data for symbols listed on U.S. exchanges based on price and broker (NASDAQ only). When you subscribe to a level 2 data package, the default display for your data is market-by-price.

  • Market by price - all orders from each broker at a given price level are combined and shown as a single record
  • Market by broker (for NASDAQ only) - each broker is displayed separately at all of the price levels they currently offer for orders.

Note: The information in this blog is for information purposes only and should not be used or construed as financial, investment, or tax advice by any individual. Information obtained from third parties is believed to be reliable, but no representations or warranty, expressed or implied is made by Questrade, Inc., its affiliates or any other person to its accuracy.

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