Section 2 · Market Mechanics
Level 2 Quotes
See the full order book — not just the tip of the iceberg.
Level 1 shows you the tip. Level 2 shows you the whole iceberg.
Bid/ask depth, share sizes, market maker axe, walls of supply and demand. Level 2 is the real-time order book — where the buying and selling pressure actually lives.
3 things to know
Level 2 shows all orders at every price, not just the best bid/ask.
A large block of shares at one price is called a "wall" — real-time support or resistance.
Watch for sellers stepping away (asks disappearing) — that signals a breakout is near.
Key vocabulary — tap each card
Practice
Level 2 order book
Green = bids (buyers), Red = asks (sellers). Large orders = walls.
Did you know?
Level 2 data was proprietary — only market makers could see the full order book — until the SEC mandated public access in the 1990s. Before that, retail traders were literally blind to where supply and demand was stacked.
🧠 Knowledge Check
1 / 3Answer all questions correctly to unlock the next lesson
What does Level 2 show that Level 1 does NOT?