Robinhood Level II market data is a view of displayed Nasdaq order-book depth. Compare the bid prices and sizes on the left with the ask prices and sizes on the right. The highest bid is the most a buyer currently offers. The lowest ask is the least a seller currently accepts. The difference between them is the bid-ask spread.
Robinhood's Level II data is powered by Nasdaq TotalView. It displays multiple price levels and aggregated share quantities from Nasdaq participants. It shows more order-book depth than a standard quote, but it does not show every order across every U.S. trading venue.
Robinhood Level II Market Data at a Glance
| Level II item | What it means | How to interpret it |
|---|---|---|
| Bid price | Highest displayed price a buyer wants to pay | The nearest bid is the immediate displayed buying interest |
| Bid size | Shares available to buy at that price | A larger size may indicate more visible support |
| Ask price | Lowest displayed price a seller wants to accept | The nearest ask is the immediate displayed selling interest |
| Ask size | Shares available to sell at that price | A larger size may indicate more visible resistance |
| Bid-ask spread | Best ask minus best bid | A smaller spread generally indicates more liquidity |
| Depth | Additional bids and asks beyond the best prices | Shows where visible buying and selling interest is located |
| Depth chart | Visual display of order sizes by price | Larger bars represent more displayed shares at a level |
How to Open Level II on Robinhood
In the Robinhood Mobile App
- Search for a stock.
- Open the stock's detail page.
- Select the arrow next to the current trading price.
- Open the Level II market data view.
On Robinhood Web
- Open the stock's detail page.
- Select Advanced, shown with the double-arrow icon.
- Under Level II Market Data, select +Add.
- Add the Order Book or Depth Chart.
In Robinhood Legend
In Robinhood Legend, add the L2 indicator from the indicator menu on a chart widget. The indicator displays live bid prices, ask prices and order sizes on the chart. You can adjust the number of displayed levels, the aggregation method and whether exact order sizes appear.
The Legend Ladder widget shows available price levels and lets you place orders. Buy actions appear on the left side of the ladder, while sell actions appear on the right.
What the Bid and Ask Mean
A Level II screen may show displayed quantities like these:
| Bid size | Bid price | Ask price | Ask size |
|---|---|---|---|
| 1,500 shares | $99.98 | $100.02 | 600 shares |
| 800 shares | $99.95 | Not specified | 1,900 shares |
| 2,400 shares | $99.90 | Not specified | 3,000 shares |
In this example:
- Best bid: $99.98
- Best ask: $100.02
- Bid-ask spread: $0.04
- Visible buying interest at the best bid: 1,500 shares
- Visible selling interest at the best ask: 600 shares
The bid side shows displayed buying interest. The ask side shows displayed selling interest. Robinhood describes Nasdaq bids as similar in function to open limit buy orders and asks as similar in function to open limit sell orders.
How to Calculate the Bid-Ask Spread
Use this formula:
Bid-ask spread = best ask price - best bid price
For example:
- Best bid: $25.40
- Best ask: $25.45
- Spread: $0.05
A narrow spread generally means buyers and sellers are closer together. A wide spread can indicate lower liquidity, higher volatility or less active trading. Robinhood notes that wider spreads are generally associated with fewer people trading the security.
How to Interpret Order Size
The number beside each bid or ask is the displayed number of shares available at that price level.
For example:
- Bid: $50.00 for 10,000 shares
- Ask: $50.05 for 500 shares
This shows more visible buying interest at $50.00 than visible selling interest at $50.05. Some traders may view the large bid as a potential support area because a significant number of shares would need to sell into it before the price moves lower.
A large order does not guarantee support or resistance. Traders can cancel or modify orders, and hidden orders may not appear in Level II. Robinhood states that its L2 indicator shows only the visible portion of the order book and may not reflect hidden orders or rapid intraday changes.
What a Bid Wall and Ask Wall Mean
Bid Wall
A bid wall is a relatively large group of buy orders at or near a particular price.
Example:
- $19.90: 2,000 shares
- $19.85: 15,000 shares
- $19.80: 1,200 shares
The large order at $19.85 may act as visible support if it remains in the book and executes. It does not guarantee that the price will hold because the order can disappear before execution.
Ask Wall
An ask wall is a relatively large group of sell orders at or near a particular price.
Example:
- $20.05: 1,000 shares
- $20.10: 12,000 shares
- $20.15: 900 shares
The $20.10 level may act as visible resistance because buyers must absorb the displayed shares before trading can move higher.
Robinhood's Level II indicator can help users identify possible support and resistance areas, including large bid and ask concentrations.
How to Read Level II Step by Step
1. Start With the Last Traded Price
The current market price is based on the most recent trade. Level II shows resting limit orders that have not executed yet. When a resting order executes, it leaves the Level II display and becomes a trade on the main price chart.
| Display | What it shows |
|---|---|
| Main price chart | Completed trades |
| Level II order book | Currently displayed buy and sell interest |
| Depth chart | The size of displayed interest at different prices |
2. Identify the Best Bid and Best Ask
The best bid is the highest displayed buy price. The best ask is the lowest displayed sell price.
Together, they form the inside market. They generally matter more for immediate execution than orders several levels away.
3. Check the Spread
A tight spread may make it easier to enter or exit without giving up much price. A wide spread increases the cost of crossing from the bid to the ask.
For a buy limit order, placing the order at the ask generally makes execution more likely than placing it below the ask. For a sell limit order, placing the order at the bid generally makes execution more likely than placing it above the bid.
4. Compare Several Levels
Review three to five displayed price levels when liquidity allows.
Look for:
- Several large bids clustered below the current price
- Several large asks clustered above the current price
- Gaps with few displayed shares
- Large orders that repeatedly appear and disappear
- A book that is balanced or concentrated on one side
A group of bids may indicate an area where buyers are visibly interested. A group of asks may indicate an area where sellers are visibly interested.
5. Watch Whether Levels Hold or Disappear
Level II changes constantly. A bid that remains in place while trades occur nearby may provide more information than a bid that disappears as the price approaches it.
An order that repeatedly appears and disappears is difficult to interpret. Treat the order book as a live snapshot, not a forecast of the next price movement.
6. Compare Level II With Price and Volume
Level II works best alongside:
- Recent price action
- Trading volume
- Candlestick patterns
- The bid-ask spread
- Support and resistance from the price chart
- The broader market and sector trend
Robinhood also recommends using Level II with other technical analysis and the regular price chart rather than treating it as a standalone signal.
A Practical Level II Example
Suppose a stock is trading near $100:
| Bid size | Bid price | Ask price | Ask size |
|---|---|---|---|
| 4,000 | $99.90 | $100.05 | 700 |
| 2,500 | $99.85 | $100.10 | 6,000 |
| 1,000 | $99.80 | $100.15 | 1,200 |
A trader might observe:
- The best bid is $99.90.
- The best ask is $100.05.
- The spread is $0.15.
- There is a large visible ask at $100.10.
- There is a larger visible bid at $99.90 than at the lower levels.
This shows visible buying interest near $99.90 and selling interest near $100.10. It does not prove that $99.90 will hold or that $100.10 will stop the price. The orders may be canceled, executed or replaced before the stock reaches those levels.
Level II Limitations on Robinhood
Robinhood's stock Level II data is not a complete view of the U.S. market.
Important limitations include:
- It covers orders from Nasdaq stock market participants.
- It does not include orders from other stock exchanges, trading venues, brokers or Robinhood itself.
- It shows displayed orders, not necessarily hidden or reserve orders.
- The order book can change quickly during volatile markets.
- It does not show each trader's identity or intention.
- A large displayed order can be canceled before it executes.
- It is more useful for short-term market structure than for determining a company's long-term value.
Robinhood's consolidated real-time quote can include the best bid and ask across U.S. exchanges, while Level II focuses on Nasdaq order-book depth. The two displays can therefore show different information.
Level II Versus the Regular Robinhood Quote
| Feature | Regular quote | Level II |
|---|---|---|
| Best bid | Yes | Yes |
| Best ask | Yes | Yes |
| Last traded price | Yes | Not its primary purpose |
| Multiple price levels | Usually no | Yes |
| Share size at each level | Limited or no | Yes |
| Completed trades | Reflected in price | Resting orders are separate from completed trades |
| Market coverage | May use consolidated sources | Nasdaq participant orders for stock Level II |
| Main use | Quick quote and order entry | Short-term liquidity and order-book analysis |
When placing a securities trade, Robinhood provides National Best Bid and Offer, or NBBO, data at order entry. NBBO represents the best available displayed bid and ask across eligible U.S. exchanges. That is different from Nasdaq-only Level II depth.
How to Use Level II When Placing an Order
For a Buy Order
- Check the best ask.
- Review the spread.
- Decide whether price or immediate execution matters more.
- Use a limit order if you want to control the maximum purchase price.
- Review the order summary before submitting.
For a Sell Order
- Check the best bid.
- Review the visible bids below it.
- Decide whether price or immediate execution matters more.
- Use a limit order if you want to control the minimum sale price.
- Confirm the order details before submitting.
A marketable limit order may execute quickly, but it can fill across multiple price levels if the available size at the first price is insufficient. A limit order can also remain unfilled if the market does not reach the specified price.
The Most Important Rule
Treat Robinhood Level II as a real-time view of visible Nasdaq liquidity, not as a price prediction.
Use it to understand:
- Where displayed buying and selling interest is concentrated
- How wide the spread is
- Whether a stock appears liquid enough for your order size
- Whether nearby price levels contain meaningful displayed size
- How the order book changes as the price moves
Do not rely on one large bid, ask, bid wall or ask wall to make a trading decision. Level II is more useful when it confirms what the price chart, volume and current market conditions are already showing.