A bird smacked me on the forehead last night. I had completely forgotten about level 3's. I don't trade nearly as much as I use to so maybe a couple things slipped. The difference between level II's and level III's is night and day. Level 3's show EVERYTHING, so if something isn't showing on LII, even for a few seconds, it's been clear as day on the LIII as soon as you click the confirm order button. Many may suggest that something doesn't show on the LII because the lot size isn't large enough, or some MM is hiding it (i.e. my suggestion of ghost trading orders), but no, they're there. Maybe not on LII, but they are on the LIII. The average Joe can't see LIII.

I just did a quick search for Level 2 and level 3, nada for level 3 popped up (IT'S A GHOST!), many for level 2. Because I don't trade that much I don't subscribe though I did like quotemedia and now I use bats but I'm delayed.


So mystery solved a little. Why an order would show on LII Vs. LIII I really don't know. But this isn't a fair game, that much we do know.