TD Ameritrade Level II with TotalView
September 27th, 2006 by Grant in: Brokers, Investing 
TD Ameritrade has a new feature coming out for Apex customers called Level II with TotalView.
Level II quotes show the market liquidity and if used correctly, can give you a very short term direct to the market sentiment of a stock. Orders are shown for both the bid and ask (buy/sell) along with the order sizes.
The new TotalView features will include:
-All the liquidity for NASDAQ-listed securities at each price level from every market participant, not just the top prices from each participant.
-A timeline showing the best bid/ask prices from individual market participants, making it easier to see interest in a given stock depending on its level of liquidity.
-The actual buy and sell interest, with data from specific price filters that may help reveal potential trading opportunities.
-Indications of possible opening and closing market prices sent out by NASDAQ in the minutes leading up to the market open and market close.
I like using the Level II quotes when I’m placing a trade so I can see trends among the market makers. While it only gets me a few extra pennies per share, every little bit counts.
Additional Resources
Level II Definition
Introduction to Level II Quotes
Electronic Trading Tutorial
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September 28th, 2006 at 12:07 am
Grant,
I am curious to know who’s level 2 are you using? I think at most brokers, level 2 costs money unless you are a frequent trader. Do you happen to know a free one?
September 28th, 2006 at 7:31 am
indexfund: I use the LII quotes through Ameritrade. I have an APEX account with them, and they throw in the LII for free, along with some other tools. Some of them are useful, others are worthless (like the market motion detector in my opinion).
I don’t know of any free real time LII quote services, but I’ll keep my eyes open.
-Grant