Level III quotes provide the most comprehensive pricing information available for financial markets. Level III is the highest level of market data and is exclusive to registered Nasdaq market makers. Being able to obtain and use Level III data is a privilege reserved for market makers, as the data provided is a vital tool for executing complex trading strategies and for making informed decisions.

A Level III quote is a real-time snapshot of the market conditions of a security, which contains the following information: bid price, ask price, quote size, price of the last trade, size of the last trade, high price for the day, and low price for the day. The bid price is the highest price a potential buyer is willing to pay for a security, while the ask price is the lowest price a potential seller is willing to accept. The quote size is the number of securities a potential buyer or seller is willing to transact. The price of the last trade is the price at which the last transaction occurred, and the size of the last trade is the number of securities traded in the last transaction. The high and low prices for the day represent the highest and lowest price the security traded at that day.

Level III offers a robust platform, giving traders the ability to enter quotes, enter orders, and send information. The data provided by Level III enables traders to perform detailed analysis of the market, providing them with the tools they need to make informed and profitable trades.

Due to the extensive data and extensive capabilities Level III provides, it’s reserved exclusively for registered Nasdaq market makers. It is not exposed to the general public and is only available to accredited professionals. By restricting access to Level III data, Nasdaq ensures that only experienced professionals are able to utilize this powerful tool.

Level III is an invaluable tool for financial professionals, providing the most comprehensive real-time and historical market intelligence available. By accessing the data provided by Level III, final users are granted a detailed overview of what’s happening in the market and are given a huge advantage when it comes to trading.