Making the Most of Level 2 Quotes

Now more than ever, you need the right tools and resources to help inform your investment decisions. If you've bought or sold securities like stocks and exchange-traded funds (ETFs), chances are you've referred to a detailed quote; it's one of the best tools you have at your disposal.

To enhance the level of information you get, all RBC Direct Investing clients now have access to free level 2 quotes for stocks and ETFs listed on the Toronto Stock Exchange and TSX Venture Exchange. A level 2¹ quote lets you do a deeper dive into a security's order book, giving you extra insight when it comes to trading.

With the newest addition to the quote lineup, you'll now find real-time² level 1 and level 2 quotes, plus real-time streaming³ quotes. Which type you choose to use really depends on what you're trying to achieve and the level of information you're looking for.

Here's a breakdown of each type of quote and how you might use it:

Real-time level 1 quote

• Consider this your bread and butter quote. It's the detailed quote that appears when you search a keyword and select a symbol for a stock or ETF. It shows you the best available bid/ask price for a given security and the number of shares available to be traded at that price.
• This level of information may be all you need for large cap securities with high trading volumes. 

Real-time level 2 quote

• A level 2 quote gives you what's known as market depth information, straight from the security's trade order book. At RBC Direct Investing, you can see the number of shares for each of the top 10 bid and ask prices to get a feel for market activity.
• This may be useful when you want to assess the interest for a thinly traded security or you want to set a price (or prices) for a large amount of stock you want to buy or sell. Find out more in How Level 2 Quotes Might Help You Trade.
• On the RBC Direct Investing site, level 2 quotes can be found in the middle of your detailed quote page (for TSX and TSX Venture-listed stocks and ETFs only).

If you want to watch stock fluctuations more closely, you can check out streaming quotes. They're helpful when you want to watch price movements in-the-moment.

Real-time streaming quotes

• Streaming quotes mean that data is sent continuously so that prices on your screen update automatically in real time, tick-by-tick with the market. This allows you to watch stocks and ETFs move up and down without refreshing your page.
• Streaming quotes are great for monitoring securities you own, or to spot a trading opportunity.
• RBC Direct Investing clients can find real-time streaming quotes for stocks and ETFs on their Trading Dashboard.

Other Helpful Tools and Resources

Looking for more resources to support your investment decisions?

Check out the Guide to Investing in Stocks in the Investing Academy.