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Originally Posted by Myst
what are level 2s?
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Basicly, the stock market is a big auction. A "Level 1 quote" on Nasdaq stocks shows you two prices: the most anyone's willing to pay right now (called the bid price) and the least anyone's willing to sell for right now (called the ask or offer price). A "Level 2 quote" will also show you everyone who's got an open buy or sell order at the moment and at what price. It shows the highest bidder, then next highest, then next highest, etc. And it shows the lowest seller, then next lowest, etc.
It is NOT something a beginner needs. If you want to know more, there's a book about using an online broker at lulu.com/content/150253 - yes I know the author.