Level 2 Quotes

A real-time display of the full order book for a security, showing all bid and ask prices along with the size at each price level and the market makers or ECNs posting them. Unlike Level 1 quotes that show only the best bid and best ask, Level 2 data reveals the depth of supply and demand. Day traders and scalpers rely on Level 2 to read order flow, spot large hidden buyers or sellers, and time their entries and exits with greater precision.