Still using Level 2? What is Nasdaq TotalView? Level 3?

One of the data feed options you have access to here at TraderEquity is Nasdaq TotalView.

If you're a serious or experienced trader it’s a must have feed. Some traders actually refer to it as Level 3 due to the sheer depth your able to see compaired to Level 2. If you're still using a basic Level 2 data feed your view of the market hasn’t evolved since 2007, as it's still reflecting the same depth of orders from over a decade a go.


Just to put the difference into numbers, TotalView has 20 x the depth of liquidity of Level 2 and it displays 3 x the liquidity within 0.05% of top-of-book compared to Level 2. This then gives you the ability to follow pockets of liquidity over time and to understand how the orders are distributed throughout the market. This gives you the chance to pursue new and unique trading opportunities based on what you’re now are able to see.

You won’t be able to see all orders from all market participants and all liquidity with just a level 2 feed, that is only possible with Nasdaq TotalView. It’s also an essential data feed for traders who have strategies that require the Net Order Imbalance Indicator (NOII) data for the opening and closing auctions. This gives those traders the ability to see order imbalance alongside indicative clearing prices and the real-time sentiment. This gives the ability for traders to see true Buy and Sell interest and hopefully to create new trading strategies of this data.

The cost difference is very small between Level 2 and TotalView data options, we are talking around $4 dollars at the time of writing but both require a level 1 feed. This option for the more sophisticated or experienced trader is vital. This is a data feed option that you will find alot of discount brokers simply won't offer. TraderEquity can also offers individual book data feeds depending on what is required. However if your not sure we will recommend and customized data feeds for each trader based on their level of experienced.


Happy Trading!

 

Published 03/06/2019

Please Note: We can NOT accept any US-based traders, this restriction is based on their location rather than their nationality and we can NOT accept any Canadian based traders directly.




 

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