Hi Trade Futures orderflow used to having full book all data is on exchange, now trading stocks and not sure what data to populate my Level II with for small caps trading mostly, Nasdaq. Nasdaq Total View Arca Book Bats Book EdgA Book EdgX Book Dark Pools Here are the question, if I get total view is there point to adding Arca/Bats/Edge books do they overlap? Does total view give broadcast of LULD/LUDP levels if not how do I get those on my level II ? In the case of multi-listings or if I want to trade AMEX/Nyse what do I need for full info? Do brokers typically charge for Level I and Level II Nasdaq data separately, if I get total view does that not have Level I in it ? Please let me know, I am quite new to this but can trade without a full book and would really appreciate you guidance. Big Thx!
Some of the online free brokers provide LL2 with plenty of depth. Should a new trader be running up $500 a month in data fees if they can use a E-Trade or AMTD platform(free to cheap) with plenty of LL2 freebies depends on your skill level for Amex, Nas,s NYSE and OTCC small and nanocaps.
Jesse, lots of free LIIs this is true and for some traders styles might not matter much . My trades are orderbook driven, when I trade futures the feed is centralized hence no issue but with stocks it is complicated. With my style I always pay for good tools X_trader (TT), CQG IC and I need them, with stocks I don't mind to pay but want to make sure I get what I need without overlap and am billed correctly. I am good with Sterling, maybe LS but nothing else really in terms of platform. The only thing I need to sort is data feed, hope someone chimes in on he original question.