Nasdaq Level II (III, IV, V)?

Discussion in 'Trading Software' started by alosito, Jul 22, 2005.

  1. alosito


    I have an account at IB, and they charge $20 for Lelev II data. I saw today that CBOE offers not only Level II but also III, IV, V here:

    Would that be more useful for day trading? Also, as far as the price of these services is concerned, which service would you recommend? Or should I just stick with IB and their price of $20 per month?
  2. What III, IV and V do you see on the CBOE site? They just offer pretty much the standard datafeed choices, with data from
  3. alosito


    This is what I see:
  4. Yes, but you said "I saw today that CBOE offers not only Level II but also III, IV, V"

    There is no such thing mentioned on that page, nor are the things offered "Level III", "Level IV", "Level V". The offering is standard Level I quotes, Level II quotes and PowerView (which I think they forgot to relabel, since it is now TotalView)

    The IB data is comparable to the NASDAQ Level II. Don't think IB has TotalView, though in practice, you are not missing much since TotalView does not include ECNs! (No idea what NASDAQ was thinking on that one)
  5. alosito


    Oh OK. So CBOE's supermontage powerview is the same as's TotalView? Would you say that you don't recommend TotalView over standard Level II?
  6. well, it gives more info on the depth, but then you lose info on ECNs. So I guess it depends on what is important to you. And yes, it is the same as's offering.
  7. OHR


    I think you should definitely consider TotalView. It does include some ECN data (All BRUT orders) but it does not include ARCA and INET. But Level II doesn't either (you need to get that directly from them). What TotalView does give you is:

    - 100% more displayed liquidity within .05 of the inside market (Level 2 doesn't give you the whole picture)
    - Imbalance info for the Nasdaq Open & Closing Cross
    - The fastest data available

    TotalView has emerged as the standard Nasdaq feed for serious traders. IB doesn't carry it but wants to hear from customers who'd like to have it. Let me know if you'd like more info.

    Take care - Bill

    William O'Brien
    SVP, Market Data
    The Nasdaq Stock Market