What is Level 2 Data on ThinkorSwim | Time & Sales and Level 2

Today we’ll be quickly covering Level II and Time & Sales within ThinkorSwim. These two tools will let us get a better look at a stocks liquidity and supply and demand in real time. Level 2 is essentially the order book. It’s simply a list of all the open orders out there to buy and sell the stock right now. Time and sales on the other hand is a list of all the trades that have already filled and the prices they filled at.