OK, dumb question 454.78. A few years ago Level II was all the rage. Wow! We have market depth. We can see when a heavy hitter is setting up a trap.
Then I start reading about Level III. MMs can see the stop orders lining up, drive the market down to hit those stops, therefore buying low, then bring the price back up again.
Now I see Scott Trade and others are starting to push NASDAQ's Total View. Is this just another crippled view that still gives the MMs an advantage or is there a real benefit to it?
Enquiring minds want to know.