Level II

Market data on real-time bids and asks at the top of the order book during a stock trading session. This type of data offers some buy limit order and sell limit order insight. It also enables visibility into the size of lots at the top of the book. Though, this insight theoretically offers retail traders perspective on the weight of buy/sell positions, “fake” orders are common. Additionally, Level II is affected by hidden orders. In contrast, market-makers have access to Level III due with much greater visibility.