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Etrade Level 2 Quotes and Real Time Streaming Quotes (2020)


Etrade level 2 quotes (NASDAQ TotalView) and real time streaming stock quotes fees, cost, and account requirements. Does Etrade offer free NASDAQ level II quotes? How to access level 2 quotes on Etrade Pro.



Etrade Streaming Quotes


Investors at Etrade receive free real-time streaming stock quotes, also called Level I quotes.


Etrade Level II Quotes Cost


Day traders and other frequent traders need more than Level I quotes on Nasdaq securities. That’s why the exchange offers Level II quotes, which provide more information than just the bid-ask spread on a stock. Level II data also shows who the market makers are on a particular security and what size the orders are.

Investors at E*Trade who qualify for E*Trade Pro Elite status receive NASDAQ TotalView Level II quotes. This membership requires 10 commissionable trades every month or $250,000 in assets. Alternatively, clients can simply pay $99.95 per month for E*Trade Pro Elite.

Membership in E*Trade Pro Elite also comes with the broker’s flagship desktop platform, E*Trade Pro, which provides advanced charting, market data beyond Level II quotes, backtesting, and security research. Pro Elite customers also get free paper statements.

In comparison, TD Ameritrade offers Level II quotes without any requirements, and there is no charge for the service.


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How to Access Level II Quotes at Etrade


On E*Trade’s desktop platform, clicking on ‘Tools’ in the top row of the program’s menu will produce a drop-down menu. Now select ‘Market Depth’ under the sub-heading ‘Charts & Market Data.’ In the window that appears, type in a ticker symbol. The data that appears in the top portion of the window is Level I information, and below that is Level II data.

Level II numbers on E*Trade Pro are arranged by color. Some of the market makers include ARCA, NSDQ, PHLX, CBSX, BATY, EDGA, and CINN. The order sizes are displayed out to the ones place, meaning that they aren’t rounded. An order size could be for 359 shares or for 10,000.

There are five colors that E*Trade Pro uses to display Level II figures: green, red, yellow, blue, and gray. Green shows bids and asks that have the narrowest spread. These are possible trades that are nearest the last trade price. The next closest bids and asks are displayed in red, then yellow, then blue. And the orders that are furthest away are shown in gray.

On the right-hand side of the Level II data is a column of a stock’s most recent trades. This information shows the trade price along with the size of the order. In this column, data in green represents orders that were filled on the ask price, while red shows trades filled on the bid price. Level I quotes can also be hid on E*Trade’s advanced platform to make reviewing Level II information easier.


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Comparing to Other Brokers


Compared to other brokers, E*Trade’s Level II data policy is a little less generous. TD Ameritrade, for example, give the information to all customers free of charge; there are no trading requirements or account minimums.

TradeStation customers have to pay $10 every month for the market data; and the broker’s price for professional investors is even higher — a very steep $110. Some brokerage houses don’t offer Level II quotes at any price for any class of customer; Chase and Firstrade are two examples.


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