Unlock Free US Stocks Level 2 Data

1. Overview

Level 1 data (BBO) shows the best bid and ask price for U.S. stocks.

Level 2 data (Order Book) provides 60 levels of the best bids and asks for U.S. stocks.

2. BBO (Level 1 data)

BBO is short for "best bid and offer." You can switch two types of BBO by tapping the 'house' button.

3. Order Book (Level 2 data)

3.1 Multiple order books

The Moomoo Indepth Order Book consists of data from multiple exchanges. You can select order books from different exchanges as you wish by tapping the 'house' button.

Orders with the same price may occupy several data levels. After aggregating by price, traders can acquire more data levels and information.

3.2 Price aggregation

Orders with the same price may occupy several data levels. After aggregating by price, traders can acquire more data levels and information.

3.3 Depth chart

To help investors quickly grasp the relative strength of buyers and sellers when dozens of orders are displayed, we present prices and order quantities in a chart to help investors better understand supply and demand.

●X-Axis indicates the price distribution of all orders.

●Y-Axis indicates the cumulative order numbers up to or down to a certain price (i.e., the number of orders currently needed to be filled for the stock to reach a certain price level).

Where the line is steep, it indicates that orders are concentrated at certain price level.

4. FAQs

4.1 Requirements to access US Stocks Level 2 data

After signing up for a moomoo account, you will receive complimentary 30-day access to US Stocks Level 2 data (NYSE ArcaBook).

For continued access after the complimentary period is over, you will need to have a funded brokerage account.

4.2 What happens if I don't meet the requirements? 

After this free 30-day access ends, if you don't meet the account requirement, you will only have access to Level 1 data, which shows the current bid and offer for U.S. stocks. Level 2 data provides multiple levels of bids and offers that have been made for U.S. stocks.

4.3 When will my Level 2 benefits be credited to my account?

Once you have successfully deposited funds into your account, you will have access to Level 2 market data for US stocks within one business day.

4.4 How to use Level 2 data?

Level 2 data shows market demand (bids on the left) and supply (asks on the right). As Level 2 market data represents orders that are waiting to be executed, it may signal future price movements. A bid for a large number of shares tends to push the stock price higher as it signals higher demand. Conversely, an ask for a large number of shares tends to push the stock price lower as it signals that supply > demand.