I have recently switched from TOS to IB this past week. I love the customization of everything although it will take some time to get everything lined up the way I like it. I have a question about their level 2. I noticed it is aggregate. I am subscribed to Total View which is in there but then there are some other order books that I am not subscribed. When I removed Total View it does not coincide with TOS level 2 quotes. What does TOS have as far as data compared to IB's level 2. Should I be subscribing to all the order books on IB to see as much information as possible? Thank you. I am continuing to paper trade until I am comfortable with the new platform and broker.
What gave you this impression? IB level 2 is not aggregate (if you mean levels are summed). What do you mean "all the order books"? IB limits their users to subscribing to order books for only 3 symbols per account.
I just want to be looking at the most liquidity as possible. Most stocks I am looking at traded on the NASDAQ or NYSE. I have subscribed to Total View so I can see what is going on that given ECN. Is it worth subscribing to ARCA's book and NYSE Open Book? I guess my main question is whether ARCA's book and NYSE Open book are included on TOS level 2? Also, what order books are on IB that are included in the non-professional bundle.
For some stocks, especially premarket, open, or after hours (when things are moving quick/relatively low vol) you can find some good arb opportunities. If you aren't interested in that or you don't do massive volume it probably won't matter.
One contingency on the arb is if you can't find a way to automate it you might move too slow and get burned on it for commissions or a tick.