Newbie Help with Level @ screens..?

G

gohstrader

I've tried to find a book or website with ansers for weeks now anad can't get any help. I thought I'd try that first instead of getting spanked in here for asking a questions I guess I should know.
Anyway, here goes...

On a level 2 screen or on a market depth screen (I use IB) -what is the significance of the colored blue, read and green bars on the ASk and Bid sides. Is there any way I can determine which way the actions is going to go other than depending on the candlesticks on my daily chart? I use 1 and 3 minute to help but it just seems so hard to hit it right.

Thanks.


Click to enlarge
 
Quote from gohstrader:

I've tried to find a book or website with ansers for weeks now anad can't get any help. I thought I'd try that first instead of getting spanked in here for asking a questions I guess I should know.
Anyway, here goes...

On a level 2 screen or on a market depth screen (I use IB) -what is the significance of the colored blue, read and green bars on the ASk and Bid sides. Is there any way I can determine which way the actions is going to go other than depending on the candlesticks on my daily chart? I use 1 and 3 minute to help but it just seems so hard to hit it right.

Thanks.


Click to enlarge
More...

Get a screen capture video program like Camtasia Studio at http://www.techsmith.com

Use that program to record your level II or market depth screen while at the same time recording your charts.

You should be able to figure out on your own after recording and studying about 1-3 months worth of data.

Mark
 
imo you should spend more time concentrating on last price on the print and work on using limit orders... i would discourage using L2 as a primary tool in developing a strategy, judging from your post.
 
Quote from diligent:

imo you should spend more time concentrating on last price on the print and work on using limit orders... i would discourage using L2 as a primary tool in developing a strategy, judging from your post.
More...

Are you reffering to this as "the last print price" ?


Thanks
 
no he isn't. He is talking about the "time and sales" window. It is called "time and sales". Sometimes called "prints".

The colored strips that you are talking about can be changed in your settings to whatever color you want. They are not set colors. You can make them purple, green, blue, or any color you want - whichever makes it easier for you to understand. Each color is a different price level that the stock is selling at. You need to get a video on "level 2" to undertand. I think there is one video that teaches about level 2. Yes, you can tell a little bit of what direction the market is going by watching level 2. But not very good. Level 2 is not accurate. The prints are accurate. Prints are the "real" trades that took place and are "printed".
 
You must log in or register to reply here.
Back
Top