Level 2 trading quotes

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:

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 streaming for any Canadian exchange, the default display for your data is market-by-price.

When you subscribe to level 2 data streaming, you can view market data for symbols listed on U.S. exchanges based on price level.

• Market by price - all orders from each broker at a given price level are combined and shown as a single record

Note: The information in this blog is for educational purposes only and should not be used or construed as financial or investment 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.