Quotes & Stock Lists in Scottrader
The Level II window of Scottrader Streaming Quotes offers you access to NASDAQ's order book, where you can see the best bid and ask from each NASDAQ market participant and combined market maker quotes in an aggregated price view. Level II can help you quickly spot imbalances on the bid or ask side and identify market participants offering the lowest bid-ask spread.
You will need to activate the Level II tool before it can be used.
To activate Level II:
1. Click the Level II icon at the top of the Quote Grid window and read the Terms and Conditions page that appears.
2. If you agree to the terms of use, enter the last four digits of your account number in the space provided.
3. Click I Agree.
To use the NASDAQ Level II tool:
1. Click the Level II (L2) icon at the top of the Quote Grid window.
2. Enter a symbol in the field provided and click Go.
A quote for the symbol you entered including the security's last, bid, ask, high, low and volume information will display at the top of the Level II window.
The main screen of the Level II window will display the best current bid prices in the left column and the best current ask prices in the right column. The following information will be provided in the Current Bid Offers and Current Ask Requests columns:
MMID (Market Maker ID) - The four-letter abbreviation used to indicate a market maker is MMID.
Bid - The bid price is the price a market maker or broker is willing to pay for a security or commodity. The price at which another market maker or broker is willing to sell that security is called the ask price, and the difference between the two prices is called the spread. Bid and ask prices are typically reported to the media for commodities and over-the-counter (OTC) transactions.
Ask - The ask price is the price at which a market maker or broker offers to sell a security or commodity. The price another market maker or broker is willing to pay for that security is called the bid price, and the difference between the two prices is called the spread. Bid and ask prices are typically reported to the media for commodities and over-the-counter (OTC) transactions.
Size - The total number of shares offered at the best bid or ask price will be noted in the Size column.
To place a trade from the Level II window, click Quick Trade.
Use the Linker Tool to connect the Level II window to other windows throughout Scottrader.
Level II is available for an access charge of $10 and is free to accounts with 10 or more commissioned trades per calendar month. A $10 charge will be billed to your account at the end of every month, but the $10 will be rebated back if you completed 10 or more commissioned trades by the end of trading on the last market day of the month.
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