Which online brokerage firm offers no charge level 2 stock quotes. How to get free Nasdaq level 2 quotes.

How to Get Free Level II Nasdaq Quotes at TD Ameritrade

If you’re an active trader, Level I quotes don’t provide the full information you need to make accurate decisions. Level I provides just the current bid and ask prices on a security. While this may be good enough for buy-and-hold investors, day traders and other frequent traders need more than this.

In addition to the actual bids and asks, Level II quotes provide bid and ask sizes plus the ECN’s and market makers where buy and sell orders are arriving. This information can help traders gauge where large buy or sell orders are at in order to make compatible trades using direct-access routing.

The Cost of Level II Quotes at TD Ameritrade

Luckily, TD Ameritrade offers Level II quotes to its customers. Even better, the brokerage house does not charge anything for this useful service. Both professionals and non-professionals get Level II data free of charge, which is quite remarkable because professionals are charged at most brokers. TD Ameritrade provides the fifteen best ask and bid quotes from all Nasdaq participants.

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Turning on Level II Quotes

Accounts at TD Ameritrade have Level II data turned off by default. In order to turn them on, you’ll need to subscribe to them. If you have multiple accounts with TD Ameritrade and want Level II quotes turned on for each account, you’ll need to follow these steps for each account.

First, click on ‘Client Services’ in the top menu on the TD Ameritrade website. Then select ‘Subscriptions’ under ‘My Profile.’ On the page that appears, there will be four selections available. Two of these are free: streaming news and Level II data. Click on the ‘Subscribe’ link next to the package you want.

If you want the free streaming news package, now would be a good time to sign up for it. The service provides streaming news stories from Business Wire, Dow Jones Newswires, and PR Newswire.

Accessing Level II Information

Unfortunately, Level II quotes aren’t available on TD Ameritrade’s website. Moreover, the broker recently retired its browser platform Trade Architect. So Level II quotes can now only be accessed on thinkorswim and the TD Ameritrade mobile app.


Thinkorswim Level 2 Quotes


Level II Data on thinkorswim

thinkorswim doesn’t display a Level II window by default. To add the window to the trading environment, you’ll need to click on the ‘+’ sign in the bottom-left corner and then select ‘Level II’ from the list of available choices. Doing so will produce a small Level II window in the left column. After typing in a ticker symbol, the window will populate the relevant data.

The Level II window can be detached and moved around the screen. It’s also possible to force the detached window to always display on top of whatever windows are also detached. To do this, click on the pin icon, and the Level II quote box will always sit on top of whatever windows you have open.

Level II on the Mobile App

TD Ameritrade has three apps: a thinkorswim app, a regular app, and a trading app similar to the thinkorswim platform. Surprisingly, Level II quotes are available on the regular app, but not the other two.

To find Level II data on the mobile app, first you want to enter a ticker symbol in the search field. When you’re on the stock’s profile page, scroll to the right using the top menu. Eventually you’ll get to ‘Level II,’ which appears after the options tab and before the social tab.

Unfortunately, the app does not provide trading directly from the Level II page, although the quotes are there along with a trade button.

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