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Do you need level 2 Data to trade?

10 752 views | 31 Jan. 2020

Exploring this topic as

Exploring this topic as there is a lack of readily available information out there.

⚠️View part 2 here! -- https://youtu.be/dGHeJGsGtRA

Market depth can help you in some cases but in most cases, the tick chart (time and sales) is the best thing to accompany your chart with.

Many brokers make enormous amounts of money on data fees and as an individual, you need to know exactly which data subscriptions you need for your markets. I don't think lots of data subscriptions are necessary if you are a smaller trader, stick to trading the most liquid instruments.

With IBKR there is a basic options liquidity you are able to see without any data subscriptions. unless you trade over 500-1000 contracts a day, this data will be enough.

Do you need to subscribe to Level 2 on the NYSE, ARCA and NASDAQ?

If I had to choose only one it would be the NASDAQ.

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Disclaimer: The content that this channel provides is intended for educational purposes only. Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. The risk of loss in trading commodity interests can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition.

CDoubleUU Trades

Well said!

Max Profits

You provide more support thank IBKR ever does, I was on hold for 1 hour, and then the call hung up

Amit Yadav

Hi can u make a video on booktrader stop limit order and order execution fast

Akarsu25

I think not.....only the audience does.
But the image is beautiful :))))

Danny H

I been learning daytrading for about a week now and they all say on utube level 2 is a must and its like driving with your eyes closed.
Its nice to see you think different. From what ive seen so far it seems to give the traders a edge on where the price is likely to go.
Ill find out for myself in the coming weeks through paper trading.

yannic ophorst

Hey Verrillo, do you know if its possible to get the LULD signal in the level 2 from TWS?

Breakout Trading

Can you make a video on how to read the tape better on TWS? thanks

Max Profits

Thanks for the videos, btw you look like Spider from Goodfellas

Hassan Hamamreh

how can i subscribe nasdaq stocks only as a beginner? Thx alot

MrLeadVideo

i see you have options lvl I and real time quotes for stock itself - so what exactly you subscribed for? Could you elaborate your subscription setup if i'd like to have same data?

Daniel Senff

How do I increase the number of lines at level 2, in my only appears two, thanks!!

Vlad Wanderer

Hi, Can you tell me which market data should I subscribe to get level II ( Market Depth data) for all American stocks ( Nyse,Nasdaq, etc.)?
Thanks!

Felix Lo

Hi @VerilloTrading, What's the difference between having that Market Depth (Level II) Data (and the Window) vs the T&S (Tape, Level I) Real Time? Since there's a lot of Level II market data options in IB, which one is the crucial one if I was to look at Level II

My understanding for Level II, it may be helpful to see big players (Goldman Sacks) with limit orders at various prices to be able to determine if you're up against big size resistance up or down to help dictate targets, for sell or buy. Thoughts? Which is to identify the positioning by the big players and "liquidity?" How does this differ to identify liquidity through real time tape reading T&S?

Do you have a video on how to read Tape (T&S Level 1)?

I am also getting started with trying to day trade Options using IB TWS and TradingView (just CBOE BZX data), would it be sufficient to look at the price action for the underlying (Chart, T&S Tape, and/or Level II Depth) as oppose to the Options T&S/ market depth?


Thank you.

Amit Yadav

Also split filling order with IB is good or bad

Danilo Albuquerque

Hey Verillio. You have a similar style of trading as I. Check out Umarashraf on Instagram. The Stock Market Lab can help improve your tradings just based on the content he posts for free on Instagram. If you do like I can refer to more references.

Shihab's Blog

Check one two

Lola San

Hi there, I have a technical question. The chart on your right with a blue background is a tick chart you mentioned in the video, correct? How do you set numbers in green/red/yellow colors there? I can't figure that out in Settings on my TWS Time & Sales chart (I can only set small triangles in red/green next to the numbers but not the numbers itself).

Kab

I'm SO confused about subscribing to market data on IB, I need HELP

Verrillo Play

Thanks for clearing that up. I think level 2 is essential for trading small caps or instruments with thinner liquidity. If you only trade large caps, the tape tells a story on it's own.

Brandon

You need L2 data, it's important to have to find big buyers around support levels and sellers around resistane because that is confirmation of a techinical level. For Pennys stocks I need L2 and time and sales for bounce plays on uptrend dips.

Anthony Pauwaert

Great video. Finally I found someone explaining properly what level 2 is

Ramas Dauksas

Hey Verrillo, is it posible to have mulltiple levels 2's on tws platform?

Daniel Carvalho

Thank you for all the reviews on TWS IB, it helps a lot

Newf_GG

I'd be very careful trusting his information about watching orders come in. As a day trader I'd much rather lean on the side of caution if it looks like there's a potential catalyst for a reversal such as a huge order. You can always buy back in if it was a ghost order.

Adrian S

hi, thanks for the videos on TWS, its been very helpful getting it configured properly. I wanted to know how you get access to the tick charts which are on the left side of your video? do you need to buy level 1 data from IB to get that?

Andy

at 7:30 why big market order on options is riskier than limit order?

Tradingview level 2

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TradingView | DOM (Depth of Market)

10 248 views | 29 Jul. 2016

In this video you will

In this video you will learn how to use the Depth of Market function within Trading View with AMP Futures

www.ampfutures.com

Tradingview level 2

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First Time Using Tradingview Part 2- Best Day Trading Platform Basics for Beginners: Charts

5 305 views | 31 Mar. 2020

Is this your first time

Is this your first time using the TradingView Platform? TradingView is the best day trading platform for beginners. In this Tradingview Basics Tutorial, we will guide you on how to master & set up the charts and indicators. You will learn how to customize the settings to your liking. Learning a new trading platform can be overwhelming especially if you are a beginner. Tradingview is one of the best trading platforms, especially for beginners and first-time users.

We will cover the most important charting features Trading View has to offer. This video will help you master the TradingView charting features and indicators in less than 20 minutes. You will learn how to configure TradingView to your personal style.

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Emanuelly Sandre Paula

I watched the part 1 and I love it. Keep an awesome work

Gene Krasko

I am a novice Tradingview user and I have searched for and watched a number of videos/tutorials on the subject to help me understand the platform and I am glad I've found this particular series of videos. Very informative and easy to follow and understand. Thank you and please keep posting more tutorials for Tradingview platform.

tom yang

I enjoy your presentation a lot. Got one question for you: I would like to put a horizontal line in MACD chart, and save it as a template. So every time I load the chart with a MACD indicator, it will automatically pop out. How to do it? Or any other alternative way? Thanks.

Abdirahman Mohamed

I watched a lot of videos on trading view. this is the best video I have ever seen. thanks for helpful and informative tutorial. please make more videos on fx trading

arielaw4

Hi, thank you for your tutorials. Do you know how to turn off "Auto fit data to screen". I can only find old tutorials that show how to do this, but tradingview has changed since then so it's not there.

tom yang

Hi Wish you can give me some help for the question I have. The active trader pro (Fidelity) allows you to choose which "lot" of the shares from the same stock you want to sell (let's say purchases the same stock at different times). I know TOS does not allow this. By any chance, do you know whether this is available for tradingview (I can not find this piece of information on their website).

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Harry Gordon

Love your lessons and easy to understand style.
I also appreciate your personal help to me.
However I have a new problem.
I have begun screening potential daily trades using finvix.
This a.m. I screened for potential day trades and found 4 stocks.(ATXI, BOSM, BNTC, and GRTX)
My candle of choice is hollow candles. Today when I manually transferred those names to Trading View rather than the candles + wicks all I got was a series of either red or green very short dashes. This occurred with every name yet when I pulled up my “litmus test” AAPL back came the fully formed candles with wicks
What happened and how do I fix it.
Thank you.

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