Ecn level 2 forex data
Consider linking Level II to a watch list so that clicking through the latter will immediately display the corresponding symbols in Level II. For stocks and options, Level II is a color-coded display of best bid and ask prices from a given set of exchanges. For futures, since they each trade on a single exchange, Level II displays first several layers of that exchange's book. When you specify the symbol in the symbol selector, you will see the real-time quotes in the working area.
The working area is divided into two sets of columns: bid-related to the left and ask-related to the right. In both ask and bid size columns, the numbers represent hundreds of available shares or contracts: for example, 3 in the bid size column means that there are shares or contracts ready to be bought at the respective bid price at the respective exchange.
Since the purpose of Level II is providing you with best bid ask prices, the columns are sorted accordingly. By default, the bid area of the gadget is sorted in descending order by the bid price column, so that highest prices are on top. Level 2 Versus Charts There is a very large distinction between level 2 and charts that traders must understand from the get-go. Level 2 illustrates the depth of market by displaying the bid and asks with sizes for multiple levels beyond the inside.
These are not actual trades but potential trades. For active traders, level 2 provides an additional tool which is point-and-click order routing and execution. This applies to trading platforms with direct market access DMA brokers. For some traders, the level 2 can be more of a distraction, especially if they have an affinity for impulse trades.
Swing traders and longer-term investors will likely prefer to use conventional retail brokers if there is no priority for lightening fast fills with an emphasis on speed and liquidity. Wide spreads can create a lot of slippage so the precision that comes with direct order routing and transparency control is paramount. Always play the role of a third-party analyzing the battle between the bulls and the bears supply and demand and who is in charge at the moment.
Many times, these stacked imbalances result in a climactic bottom or top as market participants are trying to shake the trees for the final hold outs. These blocks can be a sign that supply is diminishing. This is often accompanied by a jump in prices. Reserve or Iceberg orders display a small size on level 2 while hiding the real size. The reason for this is to disguise transparency so as not to trigger more sellers to step in front and stifle the momentum.
Is there a certain price level, ECN or market maker that continually acts as a support or resistance? Does a specific market participant continually cap the upside or downside price momentum? If so, make sure to also confirm it on the charts with technical indicators that validate price resistance or support.
A large seller that actually absorbs trades on the ask or gets taken out may be a real sign of demand. Whereas a large seller that continuously pulls the ask price may be someone just trying to manipulate the perception of selling pressure. What types of shares are being executed?
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Ecn level 2 forex data ref protection basics of investing
DAY TRADERS: How to Use Level 2 data and Time \u0026 Sales Trading to Predict Breakouts
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