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
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
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
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.
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
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.
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?
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
Hi @MotiveWave Thanks. Thus this DOM history replaces the Bookmap in IB's platform, but what about the Iceberg detector feature, is there anything to replace this in MotiveWave-Ultimate? Best regards