Below is an example of the Ensign Windows Nasdaq Level II screen. The Level II screen is available for eSignal and DTN IQFeed users and requires that you subscribe to Level II data with your data vendor. The market maker quotes are sorted by Best Price, with the Bids listed on the left and Asks listed on the right. The best prices are colored in yellow, and the 2nd best prices are colored in green, etc.
Click on a market maker to view how many times the market maker has had the best (lead) bid price and ask price.
Any of the market makers can be plotted or overlaid as plots on another chart. For example, one might be following a tick chart of MSFT, and overlay the BRUT market maker's bids and asks. Display the MSFT.0 chart, and select the Overlay study from the study dropdown list. Enter as the overlay symbol MFST-BRUT-A to overlay the BRUT asks. Select the overlay study a 2nd time and enter as the symbol MFST-BRUT-B to overlay the BRUT bids. For both, be sure the chart scaling is set to HOST. And, you would want to use different colors for the bid and the ask plots.
The overlay symbol is the combination of: stock symbol - market maker - A or B.
These symbols for the market maker data can be plotted as stand alone charts in any time frame and have studies applied to them. Price alerts can be set on these symbols. In fact, anything you do with a regular stock symbol, you can do with the symbols for the market maker data.
There is one limitation and that is the requirement that a Nasdaq Level II quote page must be open for the stock symbol. This form engages the eSignal Level II Server for continuous update of the market makers for the selected Nasdaq symbol. Our Level II symbols will not update unless a Level II quote page is open for the stock symbol. You can have any number of these Level II quote pages open simultaneously, and they can be minimized.
Market makers
Stocks that trade via the NASDAQ dealers are bought and sold by Market Makers. Market Makers are companies that buy and sell stocks that they choose to represent. Each Market Maker competes for business from traders by presenting Bid and Ask prices to the general public. The prices are also accompanied with a guaranteed number of shares. There are often dozens of Market Makers presenting Bid and Ask prices for a specific stock at any given time. There are over 500 Market Maker firms.
The Market Maker that presents the BEST BID price is usually filled by the next customer Sell order, since the BEST BID price is the highest available price for customers to sell their stock. The Market Maker that presents the BEST ASK price is usually filled by the next customer Buy order, since the BEST ASK is the lowest available price for customers to buy the stock.
Nasdaq Level II quotes allow traders to view all the Market Makers, and the prices and sizes that they are offering to the market. Knowing who the Market Makers are, and what they are doing, gives stock traders an added advantage.
Market Participant Legend
M - Market Maker
O - Order Entry Firm
C - ECN
E - Exchange
P - Service Desk Participant
N - Non-Member
MPID | MP Type | Name | Location | Telephone
AAGI | M | ALLIANCE ASSET GROUP, INC. |NASDAQ TRADING|516-979-4200
AANA | M | ABN AMRO INCORPORATED |NEW YORK, N Y|800-323-1225
AANA | M | ABN AMRO INCORPORATED |CHICAGO TRADING|800-624-5585
AANA | M | ABN AMRO INCORPORATED |BANK STOCKS|312-855-7858
AANA | M | ABN AMRO INCORPORATED |INSTITUTIONAL|800-621-6026
AANA | M | ABN AMRO INCORPORATED |INACTIVE/PINK SHEETS|800-621-1674
INCA |C|INSTINET CORPORATION |LISTED DESK|212-310-9547
INCA |C|INSTINET CORPORATION |ORDER DESK|N/A
INCA |C|INSTINET CORPORATION |(NON SUBSCRIBER)|212-310-9564
IOWA| M|SECURITIES CORPORATION OF IOWA |TRADING|319-368-2610
IOWA| M|SECURITIES CORPORATION OF IOWA |CHICAGO, IL|N/A
IOWA| M|SECURITIES CORPORATION OF IOWA |MUNICIPALS|312-332-2131
ISLD | C|ISLAND ECN (THE) |PHONE ORDERS|212-231-5000
ISLD | C|ISLAND ECN (THE) ||732-744-9187
ISLD | C|ISLAND ECN (THE) |SUBSCRIBER INFO|212-231-5000
ISLD | C|ISLAND ECN (THE) |TECHNICAL SUPPORT|212-231-5000
ISLO | M|MOMENTUM SECURITIES, INC. |HOUSTON, TX|713-339-2101
ISRC | M|ISRAEL SECURITIES CENTER CORPORATION |NEW YORK, NY|212-692-9577
ISRC | M|ISRAEL SECURITIES CENTER CORPORATION |TRADING|800-586-7026
Last modified 12/3/08 1:56 PM
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