Level I & Level II Quotes

In day trading you'll often here references to Level I and Level II quotes. Level I quotes provide basic information about a stock. The quote consists of: bid; ask; quote size; last trade; volume; high; and low. This information is available to everyone at no extra cost.

Level II quotes show real-time current quotes of individual market makers at different price levels. They show the market maker ID who is buying or selling the stock, the most recent prices combined with information on the size and time of current transactions. Level II quotes also display the executed price of a stock as soon as it is bought or sold. In addition, Level II data tells you: how liquid the stock is at any time; likely short-term price direction; and support and resistance levels.