Level 2 and the tape
Reading the order book and the prints: what Level 2 and time and sales show, who the market makers are, what the book hides, and which depth feeds are worth paying for.
How to read Level 2: a plain guide for day tradersHow to read Level 2 step by step: the spread, stacking and thinning, reading the book against the tape, what depth hides, and why pre-market books mislead.April 10, 2026, 13 min read
Dark pool prints and hidden orders: what Level 2 does not showDark pool prints and hidden orders: why half of US volume never shows on Level 2, how off-exchange trades reach your tape, and what it means for a trade.October 7, 2026, 8 min read
Nasdaq TotalView vs Level 2: do day traders need it?Nasdaq TotalView vs Level 2: what TotalView shows, how much of the market it covers, its NOII auction data, what it costs on IBKR, and who should buy it.September 21, 2026, 7 min read
Spoofing on Level 2: fake walls, layering and what you can seeSpoofing on Level 2 explained: the legal definition, real SEC, CFTC and DOJ cases with the amounts paid, what a fake wall looks like and how to trade it.September 3, 2026, 8 min read
IBKR Level 2: which subscription, what it costs and how to read itIBKR Level 2 explained: which depth feeds to buy and what they cost today, the TWS limit on books at once, and how to read the book, pre-market included.August 14, 2026, 10 min read
The bid-ask spread on small caps: the cost you pay twiceThe bid-ask spread on small caps in real numbers: why you pay it twice, how to convert it to percent and R, and why pre-market spreads cost you the most.August 10, 2026, 9 min read
Market maker IDs on Level 2: NSDQ, ARCA, EDGX and who they areMarket maker IDs on Level 2 explained: the MMID list of venue codes, why IBKR shows exchanges not firms, where wholesalers went, and what you can infer.July 17, 2026, 7 min read
Tape reading for scalpers: speed, size and what the prints sayTape reading for scalpers: judge tape speed and print size, spot absorption, read a breakout on the prints, and see where the research says it falls short.June 23, 2026, 8 min read
How to read time and sales for day tradingHow to read time and sales: what each column means, the green, red and white colors, odd lots, condition codes, dark prints, and a worked read of the tape.May 22, 2026, 8 min read
Level 1 vs Level 2 market data: what the difference means for a tradeLevel 1 vs Level 2 market data: top of book vs depth, a worked example of what your size really costs, IBKR prices, and who actually needs Level 2.April 30, 2026, 7 min read