IB TWS Book Trader question

B

BladeTrader

I'm new to IB...

Aimee from IB Customer Service informed me that book trader can only ever display Level 1 data (never L2 or OpenBook) and that the Level 1 data in book trader is only Level 1 from OTHER IB CUSTOMERS? Does this seems strange to anyone else besides me? Why would any trader at IB care to see market data which only consists of other IB customers?
 
Ok, well, that makes sense. Any idea why she said that book trader only shows IB customer quotes or is she wrong on that as well? And do you know if you subscribe to OpenBook if that is integrated into the book trader along with L2 quotes?
 
Quote from JangoFolly:

Are you asking what you see in BookTrader for a NYSE listed issue if you don't subscribe to NYSE's OpenBook data feed?
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I know you're trying to help, but I'm not sure how to respond. :)

All I've ever known is how CyberTrader shows market data and trying to relate it to IB and understand how it works here.

I'll just try to forget what that CSR said because it now appears it's worthless.

So, let me revise my question:

Assuming you subscribe to L2 data, Book Trader will show Level 2 quotes for NASDAQ-traded stocks, correct? If you don't subscribe to L2, then it will only show the inside ask/bid (the Level 1 Quote).

Assuming you subscribe to Open Book data, Book Trader will show Open Book quotes for NYSE-trades stocks, correct? If you don't pay for Open Book, then it will only show the inside ask/bid.
 
Quote from Stecchino:

Assuming you subscribe to L2 data, Book Trader will show Level 2 quotes for NASDAQ-traded stocks, correct? If you don't subscribe to L2, then it will only show the inside ask/bid (the Level 1 Quote).

Assuming you subscribe to Open Book data, Book Trader will show Open Book quotes for NYSE-trades stocks, correct? If you don't pay for Open Book, then it will only show the inside ask/bid.
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Correct on both counts.
 
Also, if you are mainly familiar with CyberTrader, then the comparable screen in TWS would be Level II/Market Depth. That is the one that is more common for Level II display. IB's book trader is a DOM interface, which is more common for commodities trading (though I do not see any reason why it can't be used for equities)
 
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