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Glossaire du trading

Level 2

Market Structure

Ce que ça veut dire

A deeper view of the order book that shows multiple price levels and the size at each, plus which market maker is quoting. It reveals more than the top-of-book bid and ask.

Exemple

Level 2 for a stock might show five levels of bids ($100 x 500, $99.95 x 1,000...) and five levels of asks ($100.05 x 300, $100.10 x 800...), helping you see where large orders sit.

L'erreur des débutants

Beginners trade off Level 2 as if it is a crystal ball. It changes constantly, includes spoofing, and tells you nothing about hidden orders in dark pools.

Termes liés

  • Order Book — A live list of all pending buy and sell orders at different prices. It shows the depth of …
  • Market Maker — A firm that quotes both buy and sell prices and stands ready to trade on either side, earn…

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