It's only recently that I've started to think about using NL2 and I'm still scratching around trying to find the best compromise between cost, quality and not buying the same thing twice.
For example, Pointdirex looks good until you realise that to get decent charting you have to subscribe to Quote.com - then you are paying twice for the same data. E-Signal looks as though it provides good charting and will plug into IB but it seems V. expensive and one of these days I'm going to get caught by the lack of IB phone support when my system goes down.
If you don't mind me asking, what setup do you use?
No I dont trade UK markets, I used to trade UK futures but not any more.
I use esignal with IB. If you have an IB account you get a good discount at esignal and level II data is only an extra $10 on top of the subscription.
As far as phone support for IB goes I have tested this out and would have been able to close a trade in around 60 seconds from first identifying the problem. This was by dialling direct to the US and being put through to the order desk although it does cost you $30 to close a trade if the problem is not of their making. When I trade I have my telephone that has the IB number programmed in at position #1 and I also have my mobile with the same setup. I think that you just cannot be too careful as I also have a UPS so that if there is a power cut I can close my trade without sudden loss of power to my computer and modem.
To be honest though the most likely problem for me would be that the NTL broadband would go down and so I also have the ability to us dial up which I have also tested and would get me back online and able to close a trade in about 90 seconds.
I have IB and want Level 2 but don't want to pay $79 to IB for it....
Do you and/or ANYBODY else out there who use L2 have any suggestions what the cheapest way to get L2 is. I use the free version of medved's quotetracker. Connected to IB at the moment, I can only get market depth information.....
Check out the data feed options from the quotetracker site. It looks like signing up from there gets a discount. I have been with money.net for a couple of months, but am considering switching to IQfeed. There have been too many interruptions lately, and they don't seem to give quotes in the pre- & post-market times.
Also, remember that you also really need another quote source for charting. IB doesn't handle backfill, and it only allows 40 tickers at a time.