Free ARCA Level II data

[imstr8trippin]

Guys,

Is viewing Level II data via a source such as NYSE Arca :: Arca Web Book - Java version a waste of time?

Maybe it is my inexperience, but there are times when I just can't see why the stock is moving in either direction. My thinking is:

a) it's just inexperience
b) since it's only showing arca, there are almost certainly other market makers/ECNs that are pushing the stock price around.
c) BOTH!

I haven't really read too much on Level II data analysis. However, this is my thought process:
- if there is high volume on the bid side, buyers are coming in and the demand is rising.
- if there is high volume on the ask side, sellers are coming in and the demand is falling.
- orders with high volume on either side can indicate support/resistance.
- with this in mind, my current thinking is that if you can't see all the market makers on L2, then viewing the data is useless, as you can't judge who the ax is.

I'm sure that there is a lot more to it than that. Any advice or direction to reading material would be appreciated.

Comments anyone?

 

[bnaimy]

Guys,

Is viewing Level II data via a source such as NYSE Arca :: Arca Web Book - Java version a waste of time?

Maybe it is my inexperience, but there are times when I just can't see why the stock is moving in either direction. My thinking is:

a) it's just inexperience
b) since it's only showing arca, there are almost certainly other market makers/ECNs that are pushing the stock price around.
c) BOTH!

I haven't really read too much on Level II data analysis. However, this is my thought process:
- if there is high volume on the bid side, buyers are coming in and the demand is rising.
- if there is high volume on the ask side, sellers are coming in and the demand is falling.
- orders with high volume on either side can indicate support/resistance.
- with this in mind, my current thinking is that if you can't see all the market makers on L2, then viewing the data is useless, as you can't judge who the ax is.

I'm sure that there is a lot more to it than that. Any advice or direction to reading material would be appreciated.

Comments anyone?

You got it all right but that level 2 data is pretty useless since it dont show anyone else then arca, and the times when you seee price move is because there are other marked markers that are moving the price, but you are not able to watch that.

I suggest you get level 2 quotes that shows everyone, only then can you find it usefull.

But you got the basic idea correct , you just need to see everyone and you are in the green.

With kind regards
Bashir Naimy