I use ThinkorSwim. The Level 2 / T&S isn't the best as it lags a little sometimes.
I figured that to overcome this potential issue when it comes to getting the best execution, I could pay for some Market Data Service to get a better quality Level2 and tape that doesn't come with TOS. That way I can see the correct data in the moment.
Unfortunately I don't have a huge account, so I can't change brokers yet. Especially to one that offers the best in terms of data and execution.
Now the question is this: Let's say I see the Ask at a price that I am willing to pay for on the non-TOS (more accurate) Level 2 data. The TOS level 2 shows a different price on the ask due to lag, but I send a Limit order for the best ask right at the moment I see the better price on the non-TOS Level2.
Would I be more likely to get executed at the price displayed on the more accurate Level2? Would I have "beat" the TOS level 2?
Hopefully I am making sense. I am trying to see if paying for more accurate data would allow me to send the order at the right time to most likely get filled at that price I want even though the data the broker's depth provides is lagging by a few seconds.
thanks in advance!
If you're able to afford $208.95 per month, get Stocks to Trade. It's $179.95 monthly and now they charge $29 as an add on for Level II data, but it's worth it. You can also try it for a week for $1. As for answering your question about what you'd get executed at, I believe that would depend on how good the execution is with your specific broker. To my knowledge, there's no guarantee of any displayed price being locked in to your order other than maybe a limit order or stop loss, but someone e
lse can hopefully answer your question better than I did. Hope that helps some...
@SFKrystal The level II on STT carries data for OTC
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