What is Robinhood's Level 2 market data?

This feature has been around since 2019 and is available to Robinhood Gold members. In addition to showing bid and asking prices for particular stocks, Robinhood's level 2 market data displays: Aggregated quantities at individual bids (a "bid" is a limit buy order that other investors have open)

What is Level II market data?

Level II data is unique because it shows more than just the best bid and best ask on the market. It also shows the full depth of displayed orders on the market, including quantities at the individual bid and ask prices. Note: Level II market data only includes orders from Nasdaq stock market participants.

Is Robinhood Markets Inc affiliated with NASDAQ TotalView?

Nasdaq Totalview and Robinhood Markets Inc. are unaffiliated entities. Margin trading involves interest charges and greater risks, including the potential to lose more than deposited or the need to deposit additional collateral in a falling market.

What is a Level 2 stock's spread?

The difference between these prices (and remember, in level 2 market data, can see more than just the highest and lowest prices) is known as the spread. Generally speaking, the smaller a stock’s spread, the more liquid you’d consider it. TL;DR: Level 2 quotes show you a stock’s depth, liquidity and bid-offer spread.