New IB account: What Market Data required for ES?

iBelgium

iBelgium

Hi,

I recently switched to Interactive Brokers what Market Data do I need to trade ES? The market data assistant gave me the following screen:
hmeaoLG.png
 
Depends if you are a professional or non-professional, and whether you want Level 2 or just Level 1. My guess is if you're not sure, then you probably don't need Level 2 so that's a whole $1.25/month. :)
 
I'm not a professional. Level 2 gives me market depth, how can I benefit from this? Can you clearly spot a support or resistance level with this? Or how do you guys use this?
 
iBelgium said:
Level 2 gives me market depth, how can I benefit from this?
More...

If you're placing orders with the intention of holding over multiple days, Level 2 isn't useful. Even on shorter time horizons, keep in mind that not all standing orders are disclosed there, and conversely that many of those you do see are actually fake. Not for the faint of heart.
 
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