Level 2 ScopeThe Level 2 Scope provides a realtime visual representation of the full Level 2 Order book as a histogram, overlayed on top of the chart. This updates whenever there is a change in the Level 2 price information. The colouring and prices displayed are the same as the "Summary" mode on the Level 2 order book.
The width of the bar corresponds to the volume of stock available at that level within the order book, and the price is the edge of the bar nearest the current price, i.e. the lower edge of the offers, and the upper edge of the bids. Obviously, the current spread is equal to the spacing between the two bars closest to the current price.
One can edit the maximum width of the bars, and also the total number of "positions" displayed.
Any stock to which the user has Level 2 access can be viewed with the Level 2 Scope study - if you do not have access to that information for that stock, or there is no Level 2 information for the stock, nothing will be displayed.
This study tracks the entire order book, and so uses more bandwidth than a regular chart. For watching a particularly active order book (eg, NASDAQ:GOOG) a broadband connection is recommended. It will also take a few seconds to display once selected, depending on your connection.
For MM stocks, the width of the bars displays the ratio of Market Makers offering to buy or sell at that particular point, so a wider bar indicates more MMs at that price.