I personally feel that lvl 2 data is not useful for a retail Investor but my opinion of what a retail investor differs from others. to me a retail investor is someone who really just is trying to buy and hold some stocks usually don't know much about the market or charting or how to use Indicators. then there's a breaking retail investor which is someone who could benefit from lvl 2 datat trying to break into the Investing world, learning a little more on when to get in and out on long term stocks or options. then there daytraders I know the big guys look at us with these small pdt accounts call us retail investors but we are just beginners just as they where and that firm they are at was doing at one time gotta start somewhere...
Mcsnacks H Tupack : Level 2 Data is mainly beneficial to day traders and high-volume traders. It's basically for technical traders.