As a new or even established investor, one thing you must have discovered is that speed is necessary for the market. A great factor in effective trading can be real-time quotes. As a TD Ameritrade customer (or an intending one), getting delayed information could cause you to miss vital market moves. So, Are TD Ameritrade quotes shown in real-time?
Yes, TD Ameritrade offers real-time quotes. But keep in mind that the default setting is Level I quotes. If you want to have Level II quotes, you’ll need to activate them yourself.
In this article, I am going to talk about the following:
- Whether TD Ameritrade also provides level II quotes,
- How you can enable level II quotes on TD Ameritrade, and
- The difference between level I and level II quotes.
Does TD Ameritrade Offer Level II Quotes?
And what’s more? Non-professional customers do not have to pay extra to get level II quotes. With the TD Ameritrade level II tool in Thinkorswim, you can also add orders instantly.
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How Do you Enable Level II Quotes on TD Ameritrade?
First of all, this is not a technical process. Luckily, you can subscribe to real-time and Level II quotes at the same time.
However, you first need to be sure that your quotes are displaying in real-time. To check if you have real-time quotes enabled, select “more” on the mobile app, proceed to your “settings” from there, and then “permissions”.
From there, you can scroll to the bottom of the page, and if “Real-Time” shows next to NASDAQ NYSE OPRA, you have real-time quotes displayed on all your platforms. However, if it says “Delayed” instead, you will need to change that…
- First of all, go to the TD Ameritrade website and log in to your account.
- From there, go to “Client Services” (under My Profile) and then click on “General”.
- You can then proceed to “Exchange Agreements” where you will see your “Status”, NYSE, NASDAQ, and OPRA.
- Make sure your status says “Non-Professional”, and if not, change it.
- The NYSE, NASDAQ, and OPRA options should all read “Unsigned”.
- Click the boxes there to sign them.
- Log out of your TD Ameritrade account and log back in to allow the changes to reflect (optional).
- Once again, go to “Client Services”, and then click on “Subscriptions”.
- Under your “Available Subscriptions”, you should see “Real-Time Nasdaq Level II Quotes” and the option to subscribe.
- Click on “Subscribe”.
Now, you are subscribed to the data that provides real-time and Level II quotes. But how do you access this data on your trading platform?
- Go to your “Watch List” or “Positions” page and put your cursor over a stock symbol
- A pop-up is going to appear showing “Additional Options”. Click on this.
- You will then find an option for “Level II Quotes”. Select this.
- You will get a window showing the bid and ask prices from market makers, and there you have your Level II quotes.
If you use TD Ameritrade’s Thinkorswim trading platform, trying to display the level II quotes might require a different process.
- Go to the “Trade” tab and then proceed to “Trade Grid”
- Type in a symbol, and the level II quotes will then appear.
Once you follow all these steps, you should have no problem accessing Level II quotes while you trade.
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Level I vs Level II Quotes: What are the Differences?
Level I quotes gained popularity with online trading. They display the most basic information, which is the best real-time bid/ask price for a security. To put this in context, the quotes you are most familiar with are Level I quotes. They are usually displayed at the top of your trading screen, most likely right next to the symbol.
Unlike Level I quotes that only display the best bid/ask price, Level II quotes give you real-time quotes for each market maker. This way, you can gain more information on the price levels.
Another difference is that for long-term investors, Level I quotes are often sufficient. However, for active day traders looking to capitalize on slight changes in the price, the short-term support and resistance levels (which could be more accurately determined with Level II quotes) are very important.
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As I already told you, TD Ameritrade, fortunately, offers real-time quotes. You just need to ask yourself what type of quotes you will be needing; Level I or Level II.
Level II quotes aren’t the default ones, but as I showed you in this article, it’s fairly easy to enable them. It sure is worth it if you are looking for some extra information on bid and ask prices.
Now, I want to thank you for reading this article and I hope it answered your question. If it did, please consider sharing it with others. If it didn’t or you need more help, drop a comment below and I’ll get back to you!
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