Which Level 2 should I pay for? Interactive Brokers or Equityfeed?

Discussion in 'Trading Software' started by Jayan16118, Mar 12, 2019.

  1. My broker is IB and they charge for level 2 quotes (as do Equityfeed).

    I will be paying for equityfeed but want to know if I should add their level 2 quotes to my package or pay IB for their level 2 data?

    Also on a sidenote, where can I go to see detailed historic quotes so that I can backtest a trading strategy?

    Thanks in advance
     
  2. I use QuoteStream for level 2's, market depth and all research related material... You deduct cost at year end taxes, so not bad.

    I would go for Equityfeed, although I didn't look into it
     
  3. Thanks for your reply, if you use QuoteStream for level 2 - is there much delay compared to the quotes you see on there and the Level 1 prices you see from whichever broker platform it is that you use? That's my biggest concern
     
  4. I'm in IB also, and i used the level 2 data, but after I found Bookmap I can see the depth of the market better and the real intentions of the buyers and sellers.
     
  5. cool thanks for your reply, so if you use bookmap for level 2 - is there much delay compared to the quotes you see on there and the Level 1 prices you see on IB? That's my biggest concern because obviously I want the same price I see on level 2 of bookmap or another platform when i actually place the order on IB
     
  6. there is no delay. I also was concerned about it and checked it out. the bid and offer I see on level 2 in IB is the same that appear on Bookmap. the advantage in Bookmap is that you can which beads and offers stay and which not in a more clearer look.
     
  7. that's awesome! so you mean in bookmap you can see which bids/ offers are new and which are existing? that's a cool feature and since I guess it helps figure out if people are sending 'fake' bid/ offers right?
     
    cornerstone likes this.
  8. exactly, you can see if the bids/offers stay or not. also there is the iceberg detector option which shows hidden bids/offers that don't show on the level 2
     
  9. MotiveWave

    MotiveWave Sponsor

    MotiveWave has a DOM history study which will show that.
     
    cornerstone likes this.