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Level 2 on DAS vs TWS

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I asked DAS what Depth of Books they provide:

NasdaqTotal View

Arca Book

IEX Deep

But they do not provide:

Nyse Openbook



These last two are not included in DAS.

Most people think that if you are trading nasdaq stock you only need nasdaq total view. This is not true. Most of the L2 liquidity will be from Nasdaq total view but there is also liquidity in the rest of the books.

I just wanted to throw this out there and see if someone subscribed to all of them that is using TWS in IB sees a difference with DAS.



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On 1/25/2020 at 1:16 PM, peterB said:

i never noticed the difference. i do not think it is so important and significant to have any effect on my trading. level2 is only one of the indicators and even if it shows you less data it does not cost you any money to miss a trade. there is always another trade around the corner

This is not what I am asking. Level 2 is not only an indicator. Level 2 also measures liquidity and helps specially for less liquid stocks. Knowing the liquidity is important consideration when taking a tread, not just the spread. Of course there are iceberg orders that you can't see but knowing liquidity helps manager risk better.

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