Introduction to US Stock Level Quotes
01-08 18:15uSMART

US Stock Level 1 (NASDAQ Basic) Concept:

Level 1 refers to the most basic real-time stock market quotes, providing the best bid and ask prices available in the market. It offers a snapshot of market dynamics, including the highest buying price, lowest selling price, and various essential stock information.


Components of US Stock Level 1 Quotes:

  1. Best Bid and Ask Prices (Bid and Ask):The highest buying price and lowest selling price in the current market.
  2. Best Bid and Ask Quantities:The quantity of stocks corresponding to the best buying and selling prices.
  3. Last Price:The most recent transaction price.
  4. Change:The percentage change in the current stock price compared to the closing price of the previous trading day.
  5. Volume:The total number of traded stocks.
  6. Open:The opening price for the day.
  7. High:The highest trading price of the day.
  8. Low:The lowest trading price of the day.


Purpose of US Stock Level 1:

  • Real-Time Quotes:Provides the current best bid and ask prices, including the highest buying price and lowest selling price.
  • Trading Dynamics:Displays the latest transaction price, trade volume, and stock price change, helping investors track real-time trading conditions.
  • Basic Price Information:Offers fundamental price data such as the opening price, highest price, and lowest price, aiding investors in understanding price trends over a period.
  • Market Reference:Serves as a foundation for investment decisions, allowing investors to understand the current market price level for formulating trading strategies.
  • Volume Information:Provides the number of stocks traded, assisting investors in assessing market activity and trading pressure.

In summary, Level 1 quotes provide investors with a fundamental framework for quickly understanding market conditions, serving as a crucial reference for investment decisions.


US Stock Level 2 (Arcabook) Concept:

Level 2 refers to real-time order book data from exchanges, offering up to 40 levels of buying and selling quotes. It allows users to view the best bid and ask prices for 10, 20, or 40 levels. Level 2 provides more detailed information, making it more valuable for investors.


Components of US Stock Level 2 Quotes:

Level 2 quotes typically include more in-depth market information, covering:

  1. Multiple Bid and Ask Prices (Bid and Ask):Provides prices and corresponding quantities for multiple levels of buying and selling orders.
  2. Market Depth:Shows additional buying and selling order levels beyond the best bid and ask, usually up to 40 levels.
  3. Electronic Communication Network (ECN) Information:Displays data from electronic communication networks, offering more details about order flow.
  4. Order Book:Contains investors' outstanding orders, allowing a view of impending market orders.
  5. Time & Sales:Shows recent stock transaction details, including price, quantity, and time.


Advantages of US Stock Level 2:

  1. Deeper Market Insight:Compared to Level 1 quotes, more in-depth market order book data helps investors better gauge market sentiment.
  2. Comprehensive Market Understanding:By using Level 2 quotes, investors can gain a more thorough understanding of market depth and liquidity, observing more buy and sell orders to analyze market activity and price changes, leading to more accurate trading decisions.


Differences Between US Stock LV0, LV1, and LV2:

Quote Feature

LV0 Basic Quotes

LV1 Standard Quotes

LV2 Advanced Quotes

Bid/Ask Order Book




Time & Sales




Quote Data




Depth of Data Levels


Best Bid/Sell (1)

Best Bid/Sell (40)

Price/Volume Chart




Large Order Alerts






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