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Level 2

By Luca Moschini
Level 2 is a subscription-based service that offers immediate access to the NASDAQ order book. Level 2 quotes, first established in 1983 as the Nasdaq Quotation Dissemination Service (NQDS), show traders and investors the depth and momentum of the market. The service offers price quotes from market makers authorized to trade every security listed on the NASDAQ and the OTC Bulletin Board. The ask prices and sizes are displayed on the right side of the Level 2 window, and the bid prices and sizes are displayed on the left. Level 2 quotes are very useful to active traders, especially scalpers and day traders.


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