TWS Level 1 versus Level 2 market data

Quick answer

Level 1 shows top-of-book prices. Level 2 adds market depth where supported and subscribed. Buying a top-of-book feed does not necessarily grant depth, and a depth display is not a complete picture of every venue.

Educational software guidance. Trading involves risk. Read the financial and information disclaimers.

Step by step

1 Identify whether you need the best bid and ask or several price levels.
2 In Mosaic, open New Window → Market Depth (Level II). Confirm the symbol and full contract. An empty book outside trading hours is not proof of a missing subscription.
3 Use Account → Subscribe to Market Data/Research to reach the account-management check. Read whether your feed covers top-of-book or depth for this product and venue before changing a subscription.
4 Compare the depth tool’s selected exchange and supported data with that subscription.
5 If depth is still absent, record the product, venue, and depth error for support.

A practical example

You can see a best bid of 10.00 and a best ask of 10.05. That is not proof that you can also see five price levels on each side. Open the depth tool for the same product and check the feed it uses. A top-of-book package and a depth package can grant different views. Compare like with like before you report a missing order book.

Illustrative scenario, not a record of a trade placed during this review.

Screen reference

TWS Market Depth window with empty bid and ask columns for an example stock — This closed-market paper session shows no depth rows. The image shows the tool, not a proven subscription error. A top-of-book quote alone does not establish depth access. Captured in TWS paper mode on 3 October 2026. Open the image for full size.

TWS New Window menu with Market Depth Level II and Time and Sales — In Mosaic, New Window opens these quote tools. Choose the exact contract before comparing their data. Captured in TWS paper mode on 3 October 2026. Open the image for full size.

TWS stock Description showing SMART route, NASDAQ primary exchange, currency, contract ID, minimum tick and frozen data status — This stock is an example of the fields to compare. SMART routing and Primary Exchange are separate fields. The observed feed is Frozen and the market is closed; this is not a live-price or trading recommendation. Captured in TWS paper mode on 3 October 2026. Open the image for full size.

How to confirm the result The tool should show the depth available for your selected venue and data access.

Mistake to avoid

Do not describe missing depth as a general TWS login failure when top-of-book data is working.

Common questions

Does a stock quote prove depth is enabled?

No. They can require different data access rights.

Is SMART depth the same as one exchange’s book?

No. Confirm the request mode and venues before comparing them.

TWS delayed versus live data: how to tell Paper TWS has no market data: what to check Quotes work in TWS but not through the API TWS 2104, 2106 and 2158: connection OK messages

Financial and information disclaimers

Financial disclaimer

These guides explain software. They are for education, not financial, investment, tax, or legal advice. No example is a suggestion to buy or sell a product or use a trading strategy. Trading can lose money, including all funds you put at risk. With margin, futures, short sales, or some options, losses can exceed your starting funds. Automation can fail, send duplicate orders, or act late. Stops do not guarantee a fill or a price. Review your orders and positions, and seek advice from a qualified professional for your own needs. Paper trades, examples, and past results do not predict live results or promise a profit.

Information disclaimer

This is general help based on the sources and check date shown on the page. Screens, settings, fees, data access, and product support can change or differ by app version, account, country, and broker. The content may contain errors or become out of date; accuracy, completeness, and continuous service are not guaranteed. Check current broker and app instructions before acting. Screenshots show where controls are; they do not prove that an order test passed. This guide does not replace broker terms or risk notices. References to IBKR and TradingView identify their products and do not imply their endorsement of this guide.