Level 2 signals
Order book and tape context at the replay position.
The signals panel
The Level 2 Signals panel summarizes order book and tape context at the current replay position. It is available in replay and in the trainer, where level 2 data exists for the session.
At the top, Signal Interpretation gives a combined read with a directional bias (up, down, or neutral) and a confidence level (high, moderate, or low). Underneath sit the individual widgets.
When there is no data at that moment you see No Level 2 signals at this replay position.
These are descriptions of what the book and tape were doing. They are not predictions, and they are not entry signals. Their honest use in review is to answer a narrower question: was the context I claimed to see actually there?
The widgets
| Widget | What it shows |
|---|---|
| Signal Interpretation | The combined read: direction, confidence, and the reasoning behind it |
| Order Flow | Resting size on the bid against the ask, with the imbalance as a percentage |
| Spread | The current bid to ask spread in dollars |
| Tape Aggression | Aggressive buys against aggressive sells, with the net as a percentage of volume. Empty prints show as no aggressive prints |
| Hidden Liquidity | Bid support, ask supply, and volume that the visible book does not explain |
| Large Orders | Notable resting orders per side |
| Depth Visualization | The shape of the book, with badges for added, refreshed, filled, and hidden activity |
| Volume Momentum | Volume direction, with a churn figure |
The in-product Level 2 signals guide covers each widget in more detail, plus three sections worth reading before you rely on any of it: when signals support a potential entry, when to ignore signals or close a position, and the limitations of reading the book at all.