NASDAQ Level II
NASDAQ Level II provides a list of all buyers and sellers for a given stock. Buyers (Bid's) are arranged by price from the highest to the lowest price (best to worst) and sellers (Ask's) are arranged from lowest to highest price (best to worst).
NASDAQ Level II allows a stock day trader to determine the depth (size) of the market and thus, better control in executing his order. In order to use a level II system correctly, a trader must understand how each participating system and market maker in the level II screen operates. Without this knowledge, it will be difficult for a trader to know which participant to send the order to for the best execution.
Although not simple to use, a direct access trading system that incorporates NASDAQ Level II is essential for day trading stocks.
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