Level 2 data, often called Market Depth or the Depth of Market (DOM), is a powerful tool that gives you a behind-the-scenes look at the supply and demand for a specific futures contract.
Think of it like an auction. While a standard price quote only shows you the current highest bid and the current lowest offer, Level 2 shows you the full list of all other bids and offers waiting in line at different price levels. It essentially shows you the entire "order book."
Level 1 vs. Level 2 Data: A Simple Comparison
To understand Level 2, it helps to first understand Level 1.
📈 Level 1 Data (The Standard Quote): This is the basic price information you see everywhere. It shows only the best available prices to buy and sell right now:
Best Bid Price: The highest price someone is willing to pay.
Best Bid Size: How many contracts they want to buy at that price.
Best Ask Price: The lowest price someone is willing to sell for.
Best Ask Size: How many contracts they are offering at that price.
📚 Level 2 Data (The Full Order Book): Level 2 includes all the Level 1 information plus the orders waiting behind it. It shows you the depth of the market by listing the number of contracts (size) waiting to be traded at multiple price levels above and below the current market price.
🛒 How to Get Level 2 Data: Step-by-Step Purchase Process
You can add a Level 2 data subscription to your account directly from your Dashboard by following these steps:
From your main Dashboard, select "Account Metrics" for any of your trading accounts.
Click on the button labeled "Upgrade to Level 2".
A new window will open, allowing you to select the specific exchange(s) for which you want to receive Level 2 data.
Follow the prompts to complete your purchase.
Subscription & Billing
Please note that the Level 2 data feed is a recurring monthly subscription. You will be billed automatically each month until the subscription is canceled.
Pricing
$14.95 / month per exchange
$45.00 / month for all 4 exchanges (CME, CBOT, NYMEX, COMEX)
If you have any questions, please reach out to our support team.