Level II Quotes and Time & Sales

• Aggregate quotes show the number of shares being quoted at each price level. The size is the sum of all of the individual market maker/ECN quotes at that level.
• You can view/hide the aggregation by checking Display Aggregate Quotes in the Trading window menu Settings > L2 Data > Display Settings.
• Increase or decrease the number of aggregate levels shown by clicking and dragging the divider bar between the aggregate and Level II areas.

Shows the depth of all bids and asks in a symbol. The left column shows the Bids; the middle column displays the Asks. Each line shows:

• The four-letter Market Maker, ECN, or Exchange ID,
• Their best Bid or Ask price (while this is their best price, it may not reflect their entire book),
• The Market Maker will always be displayed in capital letters, while the ECNs will only display in capital letters if only their best Bid/Ask quote is displayed. Other non-NASDAQ quotes are noted with an asterisk (*).
• To change the display, go to Settings > General > L2 Data and click all available ECN books or exchanges.
  NOTE: The availability of book quotes from some ECNs is sporadic. If checked, the software will display these quotes when available.  
• Number of shares they are making available at that price.  
• Shares available are shown in actual amounts.  

Level II Tips

• Check Show Equity Quote Volume in 100s in the Settings > General > L2 Data window of your Trading window to display available shares at 1/100th of their real value (e.g. 10 means the participant has 1000 shares available). If there are parentheses ( ) around the number, it is for fewer than 100 shares and is the "actual" number of shares they are making available (For example: If you see (75), the participant has exactly 75 shares to buy or sell.)
• Direction Quote Change Arrow: Activates small up / down arrows in the Level II area of the Trading window indicating the direction a market participant just moved in relation to the inside price.
  EXAMPLE  If Market Maker ABCD is on the bid at 65.20, but backs off to 65.17, a down arrow will appear at the new price level. If ABCD moves back up to 65.20, an up arrow will appear.  
  
  To add this to your display, go to Settings General > L2 Data tab and click Show Directional Quote Change Arrow.  
• Show Status of Bid/Ask: You can view the Status of the bids and offers. Check Show Status of Bid/Ask in the Trading window Settings > General window to display:
  O = open, displays a current, valid quote for the participant;
  L = open for trading, but the quote has not been refreshed;
  K = closed for trading.

Shows every trade being reported through NASDAQ and NYSE plus some ECN book trades, as well as the share size and time the trade was reported.

Time & Sales is color-coded. These colors may be changed by going to Settings > Colors in the Trading window menu.

The default colors are::

• Green: Trades at the inside Ask
• Red: Trades at the inside Bid
• White/Gray: Trades in between the inside Bid/Ask
• Yellow: Trades above the inside Ask
• Purple: Trades below the inside Bid
• Grey Highlight: Inside quote change. Not a transaction.

Set the number of trades back to view through the Settings > General menu. To expand this view up to the last 1000 trades, right-click in the T&S window and select Request Expanded T&S.