Level II

Level II, also known as Market Data, provides detailed insight into the order book of a security. It shows real-time bids and asks from various traders, including the prices and quantities they’re willing to buy or sell at. This information helps traders understand the supply and demand dynamics beyond the best available prices, offering a deeper view of market activity and potential price movements. Level II data is valuable for active traders who want to see where other participants are placing their orders and gauge the market’s depth and liquidity.