Trading

Level 2 Data

By Ryan Silk & Lawrence Polatchek · Reviewed April 2026 · Options Trading Glossary

Full order book showing all bid/ask levels

What is Level 2 Data?

Level 2 Data Real-time order book data showing all bid and ask prices with their quantities from various market participants. Unlike Level 1 data (best bid/ask only), Level 2 shows the full depth of the market. In options trading, Level 2 data helps identify hidden liquidity and potential support/resistance at specific option strikes.

Complete Definition

Real-time order book data showing all bid and ask prices with their quantities from various market participants. Unlike Level 1 data (best bid/ask only), Level 2 shows the full depth of the market. In options trading, Level 2 data helps identify hidden liquidity and potential support/resistance at specific option strikes.

Related Terms

Market Depth Bid Price Ask Price Market Maker

Written by

ApexVol Research Team

Quantitative options research

All calculations use live ORATS institutional data — the same source used by professional volatility desks.

Technical reviewer

Ryan Silk, ApexVol Founder

Reviewed for technical accuracy

10+ years trading options. Built ApexVol's pricing engine, Greeks model, and IV-rank methodology.

This guide is updated as market conditions and ORATS data change. Last revised 2026-05-12. How we research →

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