How to get free Nasdaq level 2 quotes data? Which broker offers free level 2 order book stock quotes app or platform?

How to Get Free Level 2 Nasdaq Quotes

If you need Level II quotes to amp up your trading routine, thinkorswim from Charles Schwab may have exactly what you’re looking for. On its flagship trading platform, the brokerage firm offers Level II data on U.S.-listed futures, stocks, ETFs, closed-end funds, and options free of charge. In addition to the great price, Schwab requires no minimum level of trading or account balance to gain access to these useful quotes, so even the smallest of traders can benefit from them.

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Enabling Level II Quotes

Level II quotes are enabled on thinkorswim by default, so there’s really nothing you need to do to access them. The thinkorswim platform is now available at Schwab for any brokerage account; simply log into the platform with the same login credentials you use for Schwab’s website.

Free Level 2 Data

Get Thinkorswim and $0-fee trades at Charles Schwab.

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Finding the Level II Window

Locating the Level II window on thinkorswim might be a little more difficult. By default, it does not show up. So you’ll need to find the launch point, which varies by the specific thinkorswim platform being used. The software comes in three versions: desktop, mobile app, and browser platform.

On the desktop program, there is a plus sign (+) in the bottom-left corner. Click on the plus sign to pull up a menu of various tools. In the menu, there is a link for Level II quotes. Click on this link to create a window in the left-hand vertical pane with Level II quotes; you will need to enter a ticker symbol.

The Level II window can be customized in various ways. A drop-down menu has three sets of data: Level II, NASDAQ Full Book, and BATS/EDGE Full Book.

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An order ticket can be filled straight from the Level II window. Simply click on a bid or ask price to fill thinkorswim’s order ticket. A small icon of three horizontal bars can be used to create a custom multi-leg order at that price. The default is 100 shares, although this can be modified.

Besides a Level II window, the plus sign contains a link to Market Depth, which is similar to Level II data.

On the mobile app, Level II quotes will be found, not surprisingly, on the Level II tab on an asset’s profile. To get to the profile, enter the ticker symbol in the search field (accessed through the magnifying-glass icon) or head to a watchlist and tap on an entry. Either route produces the same profile. Scroll to the right through the main menu to get to the Level II tab. Tap on a price to fill the app’s order ticket. Color-coded histograms on either side show bid and ask volumes; these can be turned off if desired (look for the gear icon).

On the web-browser platform, click on either the Trade or Charts tab that appears in the vertical left-hand menu. In the middle of the screen, you’ll see another vertical menu with some tabs, one of which is for Level II. Click on this tab to pull up a vertical list of bid and ask numbers across several ECNs. Histograms appear again, although this time, gray is the only available color. As usual, clicking on a bid or ask price fills the order ticket with a limit order at the price selected. Near the Level II tab is a tab for time & sales data.

Free Level 2 Quotes

Get Thinkorswim and $0-fee trades at Charles Schwab.

Open Thinkorswim Account

Practicing with Level II Data

Because thinkorswim offers simulated trading, it’s really easy to practice with Level II quotes on any one of the three thinkorswim platforms. A fake currency is used in this mode, so there is no risk.

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Updated on 11/11/2023.

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