It is not talked about much. Understanding it is very helpful. You can also open a small box in the left where the watch list is. At the bottom choose the plus + then choose the level 2 . Then you can detach that and move it where you want. Hope that helps . No one told me I had to learn on my own. ALSO. Level 2 is what they say they will do. But the order can be removed whereas the time and sales is the real price that just went through.
Thank you! Also a tip for speech patterns in videos-sometimes it’s helpful to insert pauses in your script so that it gives the listener a chance to process the information. If it’s a continual stream of words, it can be an overwhelming amount of input. I have a high IQ, so it’s not a matter of intelligence, but the brain needs moments of silence. I know I could just pause the video every 20 seconds, but I notice with other TH-camrs I don’t need to do that because they naturally have pauses as they are teaching. It could just be a personal thing, but wanted to pass it along in case it helps your channel grow. You put out really awesome information, so if the delivery is easier to digest, it could help! I understand the impulse to cut out pauses when editing so that you don’t have dead space, but as a viewer it can be too much.
Red and green on time and sales is showing the direction from the previous transaction. Green is higher price, red is lower. It's not focused on which side of the trade has taken place, both sides take place at the same time.
Great video, this is my first time coming across your videos. I’ve been day trading stocks and options for the last 6 months, I’ve been becoming consistent following short trends and following patterns and using a couple indicators. I’ve been told I could be dangerous using level 2 data since I’ve never came across it and you explained it very well. Thank you
Sorry if this was already asked or I missed in the video. Within the level II, what is the significance of the color of font (red/green) in both the prices and share size?
I guess it can depend on the speed of your computer processor, and how fast your internet connection is. Alternatively there are other trading platforms that are faster, but cost a fair bit on a monthly basis.
Looks like red/green is just indicating whether the last sale is higher or lower than the previous price. Other platforms actually distinguish whether it's a bid/ask/market sale. Also, the data in ToS Level 2 is incomplete. If you compare to other platforms (e.g. Fidelity) you'll see prices and markets missing from ToS. Other platforms also give you more than just the highest bid and lowest ask for each market - which is very helpful.
I was wondering this too because sometimes I’ll be trading options and will see something like the ask at .55 and the Bid at .30. And then when I put a sell order somewhere in between, like say, .49, it immediately gets filled as if someone had a bid there. This happens like 90% of the time and I don’t understand why. The reason here can’t be attributed to large orders to keep the market from jolting either, because I’ll be trading on low volume options when this happens.
Thanks for your comment! To change this, open ThinkorSwim. Then click on the far righthand side of the application where there is a cog it says 'Setup' In the dropdown menu here, clck the first option which should be 'Application Settings..' It will open a pop up. From here, along the top menu of he pop-up, select the 3rd tab that says 'Order defaults' This is where you can choose what increments the order sizes are. *Maximum quantity is up to you - this will be how large the maximum amount of shares you can buy or sell at one time. *Default quantity will show the tabs you saw on my settings, which I have set at 100. *and then Order quantity increment, which is how many the overall quantity changes when you press the plus or minus button where is shows your actual quantity - I have this set to 10. I hope this helps!
I don’t understand why I get pushed down the bottom on the level 2 bid whenever I outbid everyone first, and then everyone else follows with the SAME bid. Shouldn’t I be first? I only ever stay first on the Ask side but never the bid side and I don’t get it. Again, I’m talking about everybody having had matched my bid but only after I put it in first. They should be falling in line after me but instead I just get pushed down last. Can someone explain why?
I think so, although Ive never changed them myself. I got this from the Thinkorswim website: 'For stocks and options, Level II is a color-coded display of best bid and ask prices from a given set of exchanges. Use the toggle in the upper right corner of the working area to switch between the pre-defined sets (books): Level II, NASDAQ Full Book, and BATS/EDGE Full Book. For futures, since they each trade on a single exchange, Level II displays first several layers of that exchange's book' Hopefully this helps!.
Why does Level 2 on the phone app show study indicator data? Never seen that with traditional level two so I’m curious if there is any advantage to merging this information. I haven’t been able to figure out how to shut this feature off.
Is there any way to get full level 2 on TD rather than just the top bids and asks for each exchange? Virtually every other platform has it and I am puzzled as to why TD wouldn't.
It blows my mind how many Americans do not know what TD Ameritrade actually stands for. The acronym stands for Toronto Dominion Ameritrade which is a true oxymoron. It is a Canadian bank That is how to make money on the much more highly populated USA. If you want to stay with a USA company I don’t recommend TD Ameritrade. Many people don’t ever think about it but the TD as I say means Toronto Dominion
What does X mean in times and sales, can it be added in settings (not shown in this case)? In case it is less than 100 shares, which number will be displayed, 1 or decimal? Can it happen that on one stock exchange the price is lower than on the other and the seller who placed the market sale order gets a lower price than the bid on the other stock exchange? ps. investment community needs tutorials like this, thank you for your effort!
Thanks for your question, From what I understand the ’X’ stands for Exchange (which is shown here in this link - tlc.thinkorswim.com/center/howToTos/thinkManual/Miscellaneous/Exchange-Codes) To remove it, there is a tiny cog in the upper left hand corner of Time & Sales, click that and click ‘customize’ Then if you have the ’X’ on the ‘Current Set’ you can just remove it and then click ok. Please let me know if this helps?
@@dannyshep Thnx! It is off by default, but I will turn it on to check something related to the last question. For example, I set the limit sell order to $9.98, and I see that the price has dropped below, on times and sales orders are filled at $ 9.96 and below, but my order isn't filled. The price (bid) returns over $10 and my limit orders stay open until the end of the day.
@@DarkoPrizmic This should help, Its from TD Ameritrade and explained how limit orders work - tickertape.tdameritrade.com/trading/basic-stock-order-types-16082 Please let me know if this helps to answer your question!
It is possible but unlikely, quite often it is a huge order that is intended to try and change the sentiment of traders.And It does happen, you will see a massive order show up on Level 2 and then disappear.
Hi Daniel, just found your channel and really liked your explanation of tape) I didn't understand one thing - i noticed that on level 2 the prices are changing the colors from green to red, what that means? Thank you 😊
Instead of using the level II window in TOS, I keep my eyes on the price ladder which also displays the bid, ask, and order size at each price level. This is easier on my eyes than the level II window. Is this an ok practice? Am I correct to say that the level II data is available on the ladder also?
On the ladder it shows just a few orders close to the market price (3 or 4 level of price max), on level 2 it goes way deeper. On very liquid stocks it goes more than 20 levels of pricing.
You're the first youtuber I came across that actually shows how to find level 2 Thank You
Im glad I could help!
It is not talked about much. Understanding it is very helpful.
You can also open a small box in the left where the watch list is. At the bottom choose the plus + then choose the level 2 . Then you can detach that and move it where you want. Hope that helps . No one told me I had to learn on my own. ALSO. Level 2 is what they say they will do. But the order can be removed whereas the time and sales is the real price that just went through.
Thank you! Also a tip for speech patterns in videos-sometimes it’s helpful to insert pauses in your script so that it gives the listener a chance to process the information. If it’s a continual stream of words, it can be an overwhelming amount of input. I have a high IQ, so it’s not a matter of intelligence, but the brain needs moments of silence. I know I could just pause the video every 20 seconds, but I notice with other TH-camrs I don’t need to do that because they naturally have pauses as they are teaching. It could just be a personal thing, but wanted to pass it along in case it helps your channel grow. You put out really awesome information, so if the delivery is easier to digest, it could help!
I understand the impulse to cut out pauses when editing so that you don’t have dead space, but as a viewer it can be too much.
Thank you for your recommendation! I will make sure to introduce a bit more pause in my videos
Red and green on time and sales is showing the direction from the previous transaction. Green is higher price, red is lower. It's not focused on which side of the trade has taken place, both sides take place at the same time.
Best explanation,, great job
Thank you!
Great video, this is my first time coming across your videos. I’ve been day trading stocks and options for the last 6 months, I’ve been becoming consistent following short trends and following patterns and using a couple indicators. I’ve been told I could be dangerous using level 2 data since I’ve never came across it and you explained it very well. Thank you
Thank you for your comment and thanks fo watching the video
very clear and straight forward explained! love it
Thank you! I appreciate it
Hey . How can I add that bar on the right to my charts. I know I removed time ago and I can not turn it back on . Thank you
Sorry if this was already asked or I missed in the video. Within the level II, what is the significance of the color of font (red/green) in both the prices and share size?
I believe Red is a sell or short and Green is a buy or long
How can you Make the time and sales faster ? Cause I don’t like how it’s coming through the tape and level 2 slow it feels like it’s delaying
I guess it can depend on the speed of your computer processor, and how fast your internet connection is.
Alternatively there are other trading platforms that are faster, but cost a fair bit on a monthly basis.
Thank you for the information and making it easy to understand
Anytime! thank you for watching the video!
Would you suggest using level 2 in swing trading?
Thank you for the time, and help.
No problems!
Looks like red/green is just indicating whether the last sale is higher or lower than the previous price. Other platforms actually distinguish whether it's a bid/ask/market sale. Also, the data in ToS Level 2 is incomplete. If you compare to other platforms (e.g. Fidelity) you'll see prices and markets missing from ToS. Other platforms also give you more than just the highest bid and lowest ask for each market - which is very helpful.
Yes, I think ToS could be better, I guess it's a good entry level trading platform with room for improvement.
So you said people can "hide" their orders? Could you explain more? Why doesn't everyone hide their orders then? What advantage does that provide?
It is more common for large orders to be hidden so the market doesn't react to seeing a huge sell or buy order go through.
@@dannyshep oh OK that makes sense, thank you so much for the response and great work!
@@twistplusfriends Thank you!
I was wondering this too because sometimes I’ll be trading options and will see something like the ask at .55 and the Bid at .30. And then when I put a sell order somewhere in between, like say, .49, it immediately gets filled as if someone had a bid there. This happens like 90% of the time and I don’t understand why. The reason here can’t be attributed to large orders to keep the market from jolting either, because I’ll be trading on low volume options when this happens.
Can you use it for Forex sir ?
You can trading Forex on ThinkorSwim
@@dannyshep the tape reading and level 2 are important for forex sir can I use it
Great video Daniel! I have a question! How do you change the QTY side as you have 100,300,500,1K,2K sizes ETC. Thank you!
Thanks for your comment!
To change this, open ThinkorSwim.
Then click on the far righthand side of the application where there is a cog it says 'Setup'
In the dropdown menu here, clck the first option which should be 'Application Settings..'
It will open a pop up.
From here, along the top menu of he pop-up, select the 3rd tab that says 'Order defaults'
This is where you can choose what increments the order sizes are.
*Maximum quantity is up to you - this will be how large the maximum amount of shares you can buy or sell at one time.
*Default quantity will show the tabs you saw on my settings, which I have set at 100.
*and then Order quantity increment, which is how many the overall quantity changes when you press the plus or minus button where is shows your actual quantity - I have this set to 10.
I hope this helps!
@@dannyshep Got it! TY so much for the video. Cheers!
I don’t understand why I get pushed down the bottom on the level 2 bid whenever I outbid everyone first, and then everyone else follows with the SAME bid. Shouldn’t I be first? I only ever stay first on the Ask side but never the bid side and I don’t get it. Again, I’m talking about everybody having had matched my bid but only after I put it in first. They should be falling in line after me but instead I just get pushed down last. Can someone explain why?
Perfect... thank you sir! I hope many profits come your way!
Thank you!
This was great. Thank you. Question. Do you use Active Trader with Time and Sales and Level 2?
Yes, I have it all open
@@dannyshep do you have beginner level videos on how to set up and use Active Trader?
@@dannyshep if you can buy and sell from level 2, when would you use the active trader ladder?
@ I dont sorry, but will make some videos soon
@ I dont use the active trader ladder as It doesn't help me for my trading. It can be helpful though, just a personal preference
Please explain what is the "PRICE" stands for in TOS in Options Time &Sales; Like Price - 17.60 but underlying is 980 (SMCI example)
I dont trade options so I'm not sure to be honest. Sorry
Very helpful indeed chap! thanks a lot matey!
Any time, Thank you!
1:23 so selling into the bid?
yes
Is there a way to reduce the number of exchanges shown on level 2. Only interested in major exchanges.
I think so, although Ive never changed them myself.
I got this from the Thinkorswim website:
'For stocks and options, Level II is a color-coded display of best bid and ask prices from a given set of exchanges. Use the toggle in the upper right corner of the working area to switch between the pre-defined sets (books): Level II, NASDAQ Full Book, and BATS/EDGE Full Book. For futures, since they each trade on a single exchange, Level II displays first several layers of that exchange's book'
Hopefully this helps!.
thanks for the video, was very helpful.
Thanks for your comment and for watch the video!
Great video! Thanks!
Anytime, Thank you!
Why does Level 2 on the phone app show study indicator data? Never seen that with traditional level two so I’m curious if there is any advantage to merging this information. I haven’t been able to figure out how to shut this feature off.
I'm not sure to be honest, I'll have to check it out.
Does TD have 10second charts
Is there any way to get full level 2 on TD rather than just the top bids and asks for each exchange? Virtually every other platform has it and I am puzzled as to why TD wouldn't.
It blows my mind how many Americans do not know what TD Ameritrade actually stands for. The acronym stands for Toronto Dominion Ameritrade which is a true oxymoron. It is a Canadian bank That is how to make money on the much more highly populated USA. If you want to stay with a USA company I don’t recommend TD Ameritrade. Many people don’t ever think about it but the TD as I say means Toronto Dominion
Even at the time of this post, this was bizarrely inaccurate. Were you just screwing around with people?
What does X mean in times and sales, can it be added in settings (not shown in this case)? In case it is less than 100 shares, which number will be displayed, 1 or decimal? Can it happen that on one stock exchange the price is lower than on the other and the seller who placed the market sale order gets a lower price than the bid on the other stock exchange? ps. investment community needs tutorials like this, thank you for your effort!
Thanks for your question,
From what I understand the ’X’ stands for Exchange (which is shown here in this link - tlc.thinkorswim.com/center/howToTos/thinkManual/Miscellaneous/Exchange-Codes)
To remove it, there is a tiny cog in the upper left hand corner of Time & Sales, click that and click ‘customize’ Then if you have the ’X’ on the ‘Current Set’ you can just remove it and then click ok.
Please let me know if this helps?
@@dannyshep Thnx! It is off by default, but I will turn it on to check something related to the last question. For example, I set the limit sell order to $9.98, and I see that the price has dropped below, on times and sales orders are filled at $ 9.96 and below, but my order isn't filled. The price (bid) returns over $10 and my limit orders stay open until the end of the day.
@@DarkoPrizmic This should help, Its from TD Ameritrade and explained how limit orders work - tickertape.tdameritrade.com/trading/basic-stock-order-types-16082
Please let me know if this helps to answer your question!
Perfect video, thanks.
Thank you for watching!
How are they able to spoof a stock. if a order is placed isn't it possible to have it filled
It is possible but unlikely, quite often it is a huge order that is intended to try and change the sentiment of traders.And It does happen, you will see a massive order show up on Level 2 and then disappear.
Hi Daniel, just found your channel and really liked your explanation of tape) I didn't understand one thing - i noticed that on level 2 the prices are changing the colors from green to red, what that means? Thank you 😊
Thanks for your comment! I believe the red and green is just indicating whether the last sale is higher or lower than the previous price.
@@dannyshep 👍 oh I see! Thank you so much for taking the time to reply 🙏
Great video!
Thank you!
Is there anything special about the box that shows [Bid: 10.05x3 and Ask:10.10x7], or is it just marking the latest bid ask on the board?
It should be showing the exact bid and ask at the given time. (is that what you meant?)
@@dannyshep Yes! Thanks!
🙏 thank you!
Anytime!
Well explained, thanks alot
Thank you!
Great 👍 video bro
Thank you very much!
I subscribed ill be following your videos from this point forward
@@jaybavis5896 Thank you!
Daniel, I wish you would talk more about the changing colors on each side. You missed that.
Hi Cindy, Thanks for your comment. I will make sure to do an updated video and include that.
Banging video. Thank you so much.
No problems, I hope it helped!
Thank You!!
Any time!
very informative. thanks
Thank you for watching the video!
I don’t see how this helps you there’s just various trades running through it per second how is that meant to mean anything?
Your spoof orders raised and then lowered the price. Right there shows you how much it’s manipulated
There is definalety a lot of order spoofing that goes on!
NICE VIDEO
Thank you very much!
Think you
Thanks for watching the video!
Thanks 🙏!
Thanks for watching and commenting!
what does the red and green mean on the level 2
I believe it goes red when there are sellers selling into the bid and then it goes green when buyers are buying into the ask.
thank you ^_^
Thank you!!
Instead of using the level II window in TOS, I keep my eyes on the price ladder which also displays the bid, ask, and order size at each price level. This is easier on my eyes than the level II window. Is this an ok practice? Am I correct to say that the level II data is available on the ladder also?
I wasn't aware that it was, I've never used that view on ToS
On the ladder it shows just a few orders close to the market price (3 or 4 level of price max), on level 2 it goes way deeper. On very liquid stocks it goes more than 20 levels of pricing.
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