Level II data shows a ranked list of the best bid and ask prices, orders from all market makers and market participants, and order sizes, level II information could help active traders to make on time trading decisions.
moomoo offers free NYSE ARCABook Level II data to funded accounts
Market depth and intraday shifts in momentum. Since Level II Data shows pending orders that haven’t been executed yet, it shows market sentiment throughout the day as price and volume shifts from bid to ask or vice versa.
A large market cap and high trading volume signal stock liquidity.
Level II data shows market demand (bids) and supply (asks). As Level II data represents orders that are waiting to be executed, it may signal future price movements. A bid for a large number of shares tends to push the stock price higher as it signals higher demand. Conversely, an ask for a large number of shares tends to push the stock price lower as it signals that supply is bigger than demand.
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