Do you ever find yourself staring at a stock chart, wishing you had a crystal ball to see what's happening behind the scenes? What if I told you there's something that comes pretty close to that, offering a deep dive into market sentiment and order flow? That's exactly what Level 2 Market Data provides, and for traders on platforms like Webull, it's a game-changer.
This guide will walk you through everything you need to know about Webull Level 2, including its cost, how to get it, and why it's such a valuable tool for serious traders.
Understanding Webull Level 2: Beyond the Basics
Before we jump into the "how much," let's clarify what Level 2 data actually is and why it's so important.
 |
| How Much Is Webull Level 2 |
What is Level 2 Market Data?
Think of standard stock quotes (Level 1) as seeing only the highest bid and lowest ask price – the very best prices currently available. It's like looking at the top of an iceberg. Level 2 Market Data, specifically Nasdaq TotalView on Webull, is like seeing the entire iceberg, including what's beneath the surface.
It displays a comprehensive list of buy and sell orders (bids and asks) at various price levels, along with the market participants (market makers and their IDs) placing those orders. This gives you a much deeper understanding of the supply and demand dynamics for a particular stock.
Bids: These are the prices at which buyers are willing to purchase the stock.
Asks: These are the prices at which sellers are willing to sell the stock.
Depth: Level 2 shows not just the best bid and ask, but typically the best 50 bids and asks, providing a "depth of market" view.
Market Participants: You can see which market makers are placing orders, sometimes offering clues about their intentions.
Why is Level 2 Data Crucial for Traders?
For active traders, particularly day traders and scalpers, Level 2 data offers several significant advantages:
Identifying Support and Resistance: By observing large blocks of buy or sell orders at specific price points, you can identify potential support (buy walls) and resistance (sell walls) levels.
Gauging Market Sentiment: A large number of bids compared to asks at a certain price, or vice-versa, can indicate strong buying or selling pressure.
Predicting Short-Term Price Movement: Understanding the order flow can help you anticipate immediate price movements and make more informed entry and exit decisions.
Assessing Liquidity: Level 2 shows the volume of shares available at different price levels, which is crucial for determining how easily you can enter or exit a trade without significantly impacting the price.
Avoiding "Spoofing": While not always easy to detect, Level 2 can sometimes reveal large orders that are placed with no intention of being filled, designed to mislead other traders.
Step 1: Discovering the Cost of Webull Level 2
Alright, let's get to the burning question: How much does Webull Level 2 cost?
Webull provides Nasdaq TotalView Level 2 Advance US Market Data. For non-professional users, this valuable data feed comes at a very reasonable price.
Tip: Share one insight from this post with a friend.
Pricing for Non-Professional Users
Monthly Subscription: The current price for Webull Level 2 (Nasdaq TotalView) for non-professional users is $2.99 per month.
Annual Subscription: Webull also offers a more comprehensive "Webull Premium" subscription which includes Nasdaq Level 2 and OPRA data. The current price for Webull Premium is $3.99 per month or $40 per year when paid annually. This effectively makes the annual cost for Level 2 and OPRA data slightly cheaper than paying for Level 2 alone monthly.
It's important to note that pricing can change, so always double-check the latest information directly on the Webull app or website.
What About Professional Users?
For professional users (e.g., financial institutions, licensed brokers, etc.), the cost for Nasdaq TotalView Level 2 data is significantly higher, typically around $108.99 per month. Webull has a questionnaire you need to fill out to confirm your status as a non-professional trader.
Other Market Data on Webull
While Level 2 (Nasdaq TotalView) is a key offering, Webull also provides other market data:
Level 1 (NASDAQ Basic): This is free for all users and provides real-time transaction, order book (best bid & offer) data from NASDAQ for all US-listed stocks and ETFs.
OPRA Real-Time Data (Options Price Reporting Authority): This provides real-time transaction and order book information for all options. This is also included in the Webull Premium subscription.
OTC Market Data: Real-time transaction and order book information for OTCQX, OTCQB, and Pink markets is available for non-professional users at $2.99/month.
Step 2: Subscribing to Webull Level 2 Data
Now that you know the cost, let's walk through the steps to get your hands on that invaluable Level 2 data. The process is straightforward and typically done within the Webull application.
Sub-heading: Via the Webull Mobile App
Open the Webull App: Launch the Webull application on your smartphone.
Navigate to Market Quotes:
Tap on the "Menu" icon (usually located at the bottom center or top right, depending on your app version).
Look for and select "Market Quotes" or "Quotes" within the menu.
Find Level 2 Data:
Within the "Market Quotes" section, you'll likely see a list of available data subscriptions.
Look for "Nasdaq Level 2" or "Nasdaq TotalView."
Initiate Subscription:
Tap on the Level 2 option. You'll likely see a "Get Started" or "Subscribe" button.
Important: Webull requires you to complete a questionnaire confirming you are not a professional trader. This is a crucial step to ensure you get the non-professional pricing. Answer the questions accurately.
Confirm Payment:
Review the subscription details and pricing.
Confirm your payment method. Webull typically links to your account balance for this.
Activate Data: Once the subscription is confirmed and the questionnaire is completed, the Level 2 data should activate almost instantly. You can then navigate to any stock's detailed quote page and access the order book.
Sub-heading: Via the Webull Desktop Platform
Launch Webull Desktop: Open the Webull desktop application on your computer.
Access Market Data Subscriptions:
Look for a "Market" or "Quotes" section, often found in the left-hand navigation pane or a dedicated tab at the top.
Within this section, there should be an option to manage "Market Data" or "Subscriptions."
Locate Nasdaq Level 2:
Similar to the mobile app, you'll see a list of available data packages.
Find "Nasdaq Level 2 (Nasdaq TotalView)."
Proceed with Subscription:
Click on the subscription option.
You will be prompted to complete the non-professional trader questionnaire. Be sure to fill this out truthfully.
Finalize Payment: Confirm the subscription and payment details.
Enjoy Real-Time Data: Once approved, you'll have access to the detailed Level 2 order book for US-listed stocks.
QuickTip: Go back if you lost the thread.
Step 3: Utilizing Webull Level 2 Data for Trading Decisions
Subscribing is just the first step! The real power of Level 2 lies in how you interpret and use the information to make better trading decisions.
 |
Sub-heading: Interpreting the Order Book
When you view Level 2 data on Webull, you'll typically see two main columns:
Bids (Left Side):
Price: The price at which buyers are willing to purchase.
Size (or Quantity): The number of shares offered at that specific bid price.
Market Maker (MPID): The four-letter identifier of the market participant placing the bid.
Asks (Right Side):
Price: The price at which sellers are willing to sell.
Size (or Quantity): The number of shares offered at that specific ask price.
Market Maker (MPID): The four-letter identifier of the market participant placing the ask.
The data is usually sorted by price, with the highest bids at the top of the bid column and the lowest asks at the top of the ask column. The "spread" is the difference between the best (highest) bid and the best (lowest) ask.
Sub-heading: Key Insights to Look For
Large Orders (Blocks): Pay attention to unusually large bids or asks at specific price levels. These "walls" can act as significant support or resistance. A large buy order might prevent the price from falling below that level, while a large sell order might prevent it from rising above it.
Order Book Imbalance: If there are significantly more shares on the bid side than the ask side at nearby prices, it could indicate stronger buying pressure, suggesting a potential upward move. Conversely, more shares on the ask side might suggest downward pressure.
Movement of Orders: Watch how the orders change in real-time. Are large orders being pulled? Are new large orders appearing? This dynamic movement can provide immediate clues about market sentiment.
MPID Activity: While it takes experience, observing which market makers are active can sometimes provide insights. Some traders have preferences or patterns associated with certain market makers.
Sub-heading: Combining Level 2 with Other Tools
Level 2 data is most effective when used in conjunction with other technical analysis tools:
Charting: Always view Level 2 alongside a real-time chart. The order book helps explain the price action you see on the chart.
Volume: High volume often confirms the strength of support/resistance levels identified through Level 2.
Technical Indicators: Use indicators like Moving Averages, RSI, or MACD to confirm the signals you derive from Level 2.
News and Fundamentals: Never forget the broader context. Major news events or fundamental changes can override any Level 2 signals.
Step 4: Managing Your Webull Level 2 Subscription
You might want to check your subscription status or even cancel it at some point. Webull makes this easy.
Sub-heading: Checking Subscription Status
QuickTip: Repetition signals what matters most.
Open Webull App/Desktop: Access your Webull platform.
Go to Menu/Account: Navigate to your main menu or account settings.
Find "My Subscriptions" or "Webull Premium": There should be a dedicated section for your subscriptions or Webull Premium if you opted for that.
Review Details: Here, you'll see your active subscriptions, their renewal dates, and pricing.
Sub-heading: Canceling or Modifying Your Subscription
Follow Steps 1-3 above.
Select the Subscription: Tap or click on the Level 2 or Webull Premium subscription you wish to manage.
Cancellation/Modification Options: You should see options to "Cancel Subscription" or "Change Plan" (e.g., from monthly to annual if applicable).
Confirm: Follow the prompts to confirm your cancellation or modification. Remember that cancellations usually take effect at the end of the current billing cycle.
FAQs: Your Quick Guide to Webull Level 2
Here are 10 common questions about Webull Level 2, with quick answers to help you navigate your trading journey.
How to get Webull Level 2 data for free?
Webull does not offer Nasdaq TotalView Level 2 data for free to all users on an ongoing basis. It is a paid subscription. However, they occasionally run promotions where new users or those who meet certain deposit requirements might get a temporary free trial.
How to activate Webull Level 2 after subscribing?
After subscribing and completing the non-professional trader questionnaire, Webull Level 2 data usually activates automatically. You can then view it on the detailed quote page for any US-listed stock by looking for the "Order Book" or "Level 2" section.
How to interpret Webull Level 2 order book effectively?
Focus on the size of bids and asks at different price levels. Large quantities (blocks) indicate potential support (bids) or resistance (asks). Also, observe the movement of these orders – are they being pulled or added?
How to differentiate between professional and non-professional Level 2 fees on Webull?
QuickTip: Pause when something clicks.
Webull requires you to fill out a questionnaire to determine if you are a professional or non-professional trader. Professional users typically pay a much higher monthly fee (e.g., ~$108.99/month) for Nasdaq TotalView Level 2, while non-professional users pay a significantly lower fee (e.g., $2.99/month or included in Webull Premium).
How to use Webull Level 2 to identify liquidity?
Look at the quantity (size) of bids and asks across the various price levels. A deeper order book with significant volume at multiple price points indicates higher liquidity, meaning you can enter and exit trades more easily without causing large price swings.
How to combine Webull Level 2 with charting tools?
Always view Level 2 alongside a stock's chart. Use the order book to understand why the price is moving in a certain way, identify where strong buying or selling pressure is accumulating, and confirm potential support and resistance levels seen on the chart.
How to cancel my Webull Level 2 subscription?
You can cancel your Webull Level 2 subscription by going to the "Menu" or "Account" section in the Webull app or desktop platform, then finding "Market Quotes" or "My Subscriptions," and selecting the Level 2 subscription to cancel.
How to get OPRA real-time options data on Webull?
OPRA Real-Time Data for options is typically included as part of the "Webull Premium" subscription, which also includes Nasdaq Level 2 data. You usually activate it by completing a similar non-professional questionnaire within the options chain section.
How to tell if a stock has strong support or resistance using Webull Level 2?
Look for large, concentrated blocks of buy orders (bids) at a specific price level to identify strong support. Conversely, large, concentrated blocks of sell orders (asks) at a specific price level indicate strong resistance. These "walls" suggest where price movement might be halted or reversed.
How to utilize Webull Level 2 for day trading strategies?
Day traders use Level 2 to pinpoint precise entry and exit points, gauge short-term market sentiment, identify areas of high liquidity, and confirm break-outs or reversals by observing the clearing of order blocks. It's an essential tool for understanding the immediate supply and demand dynamics.
 |
