Level 1, Level 2, and Level 3 Information in the Stock Market

Quick video for those of you who might want to know the difference between the level 1, 2, and 3 information in the stock market. Hope this helps. Please do note that there are times when information can be classified into multiple categories.

[TheJesp]

Not sure if this level 3 information is accurate. Anyone can hide their order without having level 3.

[retn]

I think following the groupthink could actually make the volatility move.

[somguimtl]

Important part the video should have included for clarity:
- will the large orders be visible for all traders after they executed? If we look at the ACB screenshot and if at the point an institution places 2M shares buy order at $6.62 it will obviously take out that 1.3M sell order and all orders (visible or not at $6.62). Imagine then the buy order buys only 1.5M shares and 0.5M remain to be bought. Then effectively L2 will look like there are little sale orders and lots of buy orders, and all of those buyers will be unaware then no trades will execute until that invisible/magical 0.5M wall consumes all sale orders?
- Will these "invisible" orders be reflected in volume chart? E.g. if there was 2M buy and 2M invisible orders matched exactly without affecting all L2 visible orders, will there be a spike of volume visible even though L2 table didn't move?

[mattdathew]

you've not really shown what level 3 is

[ShopperPlug]

Interesting never knew Level 3 existed...

[kunnudev]

great awesome thnaks plz cont....gr8 work

[letsgosurfingdude]

Is NASDAQ TOTAL VIEW LEVEL II or Level III?

[hechter]

On some FUTURE like FGBL or ES you can see hidden ticks on volume. But sometimes if you see it, it is too late 😁

[memoryrinehart]

Statement ending @2:11....I couldn't have said it better myself!

[mbm]

So how do we use level 2 quotes information? And how can we get level 3 information?

[wdyalien]

IB offers L1 and L2 only... so how to get L3 if wanted?