If you start on US Stock Markets you will need to choose which Stock Quotes (Market Data) you will need. Below you will find explanations of all Day Trading Quotes for NYSE, NASDAQ and AMEX market that are available for traders.
I’m sure that after this article you will know exactly what is the difference in data on Level I and Level II. That will help you in your start in trading on US Stock Markets.
Day Trading Stock Quotes on NYSE, NASDAQ, AMEX
To have an access to NYSE, NASDAQ, AMEX – you need to pay for Stock Quotes. Then you will have access to Market Data (depends on your choice on Level I or full market depth Level II).
You have who choices:
- access to the best bid/offer – Level I
- access to full market depth – Level II
Which is better? In my opinion – Level II is required. Only then you will know exactly what’s going on the market. Of course this is my point of view. I’m a daytrader so I need this kind of data. It might looks a little bit different for long term traders – who do not a lot of traders yearly.
What is the difference between Quotes that you will see on Level I and Level II? You can check it on video below (to add subtitles just check “subtitles below video and choose in settings language that you would like it to be translated).
If you would like to have access only to Level I, charts and market (NYSE, NASDAQ, AMEX) you will need to buy this quotes:
- NYSE LEVEL I
- NASDAQ LEVEL I
- NYSE MTK AMEX LEVEL I
Then you can trade stocks listed on NYSE, NASDAQ, AMEX. You will see charts and best bid/offer on Level I.
Below you will find difference between particular quotes. I’ve bordered each quotes on Level I and Level II depends on data that I’m talking about.
NYSE Stock Quotes
To have an access to NYSE you will need to buy at least NYSE LEVEL I.
If you decide to buy NYSE Open Book (acces to LEVEL II) you will see NYB/NYSE quotes not only at best bid/offer price.
NASDAQ Stock Quotes
To have an access to NASDAQ you will need to buy at least NASDAQ LEVEL I:
If you decide to buy NASDAQ Total View (acces to LEVEL II) you will see NASDAQ quotes not only at best bid/offer price. NASDAQ offer two different package: NASDAQ LEVEL II (market depth only for stocks listed on NASDAQ) and NASDAQ TOTAL VIEW (for all stocks listed on NYSE, NASDAQ, AMEX):
AMEX Stock Quotes
To have an access to AMEX (NYSE MKT) you will need to buy NYSE MKT AMEX:
Additional Quotes – for BATS Book and Direct Edge Book
BATS Book: BATS and BYX:
Direct Edge Book: EDGA + EDGX
Non-Pro Fees and Professional Fees
You need to indicate whether you are Non-pro or Professional trader. Depends on that you will need to pay different rates for Quotes.
If you are trading in Proptrading Firms – you are always need to pay Professional Fees.
Difference between fees are quite big (based on Sterling Trader PRO platform that I use):
So as you can see access to Level I on NYSE, NASDAQ, AMEX wil cost you:
- Non-Pro: 13$
- Pro: 100$
If you need access to Level II you will need to pay:
- Non-Pro: 53$
- Pro: 276$
As you can see the difference is big. But if you are trading in proptrading companies you always pay much more lower commission. So when you are very active trader you will save tons of money on it. Then even more expensive market data it is not a big deal.
How to get access to Stock Quotes
All market data are provided by broker or proptrading firms. Also it is important to choose broker that offer Level I and Level II and of course good platform. You can check some brokers that I recommend here – Brokers.
Some brokers, i.e. Interactive Brokers, offer free access to market data (when you reach specified limit of monthly volume on your account).
If you have any question about choosing good Stock Quotes for you, ask below.