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Learn How to Use Level II Quotes for Day Trading - Plus a Day Trading Formula that Works
Level2StockQuotes.com - How to use Level II Quotes for day trading, day trading tips that give you an advantage, track the market makers and brokerage firms, track the big picture, track the total stock shares traded by the market maker or specialist. Each Market Maker competes for customer order flow by displaying buy and sell quotations for a guaranteed number of shares.
How to use Level II Stock Quotes for Day Trading:
Info: Plus Day Trading Tips that give you an advantage for decision making in the stock market.
Day-Trading Tips: A Day-Trading Formula that works with any Stock - Helps you predict your stocks movement and price for the next trading day. See Below..

NYSE, NASDAQ or OTCBB Level II stock quotes gives you an advantage for decision making in the stock market. It gives day traders split second changes in the marketplace while tracking brokerage firms and electronic communication networks' buying and selling activity.

Step-1 See the three separate boxes within the one Level II screen. These vary according to your service provider and are distinguished by color. The details are the same.

Step-2 Notice the current bid/ask or buy and sell price with total daily volume if available.

Step-3 Watch the time/price/number of transacted shares for each trade. This is the time stamp box. 

Step-4 Look at the list containing number of shares, bid prices from highest to lowest with corresponding ask prices from lowest to highest. This box contains the market makers, brokerage companies and ECN's lined up for trades.
Observe the Upper Box With General Information

Step-5 Track the big picture in this box. Each stock has an average daily trading volume so compare that number with the current amount in this box to determine any increase or decrease in the volume. A lot of volume might mean news is out. Better check for news.

Step-6 Observe the total shares traded and current bid/ask prices that lets you know real time status of the equity.

Step-7 Use your favorite website to see the average trading volume. This information is found on many sites, such as yahoo.com. Compare average with current total amounts. Check Real Time Stock Quotes and Charts for trading volume.
Keep an Eye on the Time Stamp Box

Step-8 Watch each trade noting time, price and number of shares for each transaction. Every trade for an individual stock is published in Level II stock quotes. 

Step-9 Apply this information to see which way the price is moving and the share size of each trade. If the trades are large in size and the price is moving up then there is greater demand than supply.

Step-10 Notice closely this momentum of price and share amount. Day trading skills involve quick execution. The market turns when price levels stall out. The time stamp is a good indicator for direction of price. If the price rises to $10 but is unable to move higher then watch for lower price sales signaling a possible downturn. See the Market Movers in the Main Box

Step-11 Study all the bids / asks or buy and sell order prices and number of shares listed for each participant. One column contains bidding share price and size. The other column has asking price quotes and size.

Step-12 Track the market makers, brokers and ECN's next to these orders if available. The advantage is that the day trader sees if the sellers are lining up or the buyers are lining up moving the stock up or down. Remember the side that has the most shares is a good indicator of which way the price will move.

Step-13 Know the market makers and brokerage firms that are active. It's good to realize who is moving the market. They are listed by letters and not full names. For example: Lehman Brothers (LEHM). All brokerage companies trading on the exchange have symbols. Observe over time to pick out the market maker wanting to unload a large amount of stock. This usually means a downward price movement. Remember the reverse is also true!

Step-14 Know the ECN's. Many times individual trading activity is routed by a broker or service provider to these automated trading systems. A quick glance indicates who is buying or selling in real time with the direction of price based on volume. See your list to get a feel of which market is active.

Step-15 Make the trade or decide the risk is too high based on the activity.

Tips and Warnings:
Use Level II stock quotes with other available resources. News, quarterly and annual reports, upgrades/downgrades by brokerage companies should all be part of the trader's arsenal.

Many brokerage and service firms offer Level II stock quotes free for active traders while others charge a fee.

Usually a margin account is used for day trading so be very careful when buying on margin. Study the risks and rewards before an account is open.

Remember this is a skill. Practice makes perfect applies!

Don't look to Level II quotes as an exact science because the market moves quickly and orders are constantly changing as you watch.

Day-Trading Tips – A Day-Trading Formula that works with any Stock:
The daily formula to determine the shortest support and resistance you only have to add H+L+C=? divided by 3 = the daily average.

Take your stock for instance, you just Add the High Price + The Low Price + The Closing Price and divide by 3 = (The Daily Average Price)

Example: Your Stock
Your stocks High for the day was… $15.20
Your stocks Low for the day was.… $14.80
Your stocks Closed that day at…… $15.05
---------
Added together = $45.05 divided by 3 = $15.02 The Daily Average Price of your stock for tomorrow.

Generally if the last price or closing price is higher than the average price today you will usually see the stock following through going higher the next day providing there is no bad news overnight or in the early morning pre-market open.

Same in reverse just run the numbers on a stock if you are going long and if the closing price is below the daily average I would wait a bit to see.

Note: All you are trying to do is to make an educated estimate to what direction a given stock is moving. The market makers use this formula and most day traders use it all throughout the day to keep a sharp eye on stocks they have.

Note: Some stocks pullback or dip in the morning if your stock does that's in your favor so have three prices figured out on paper so you can make a quick decision.

If you are going to day trade you need to be quick and confident with a plan and know your exit before you enter and visa versa.

For More Information: See our What are Level I, II and III Quotes Section.
Note: The NYSE, NASDAQ or OTCBB level I, level II and level III stock quotes data, stock market quotes, stock market charts and information provided here is for informational purposes only and is not for investing, day-trading, swing-trading, market analysis or technical indicators.