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I've started chatting with an old school futures floor trader, just trying to learn. He can see the stops sitting at each price. I believe that's not available as part of a typical Level 2 package, right? How does one get visibility to that level of the market?
Can you help answer these questions from other members on NexusFi?
Yes and No. Yes because you can see the pending orders. No in the sense that you don't know if these are orders to close or new orders. [The above is all in reference to the level 2 depth]
Now you can also 'cheat' a bit, if the order shows up simultaneously the the order fill, e.g. I trade ES enter at 2300 and almost immediately the 2305 limit buy appears, then if my technology is good enough, I should be able to ascertain that that's your stop even with level 2 data only.
You can read more in depth about how the order book data is supplied on CME's website to see what data is available at level 3.
In the example picture, I just placed a buy order on CL. The stop is placed below and it's on the sell side. Since it's a stop it would be in a place where in that moment there are no resting sell orders there. So how could you see pending orders there?
Two questions: 1) is that order filled or just pending to be filled? 2) What order parameters do you have entry and exit orders set at? e.g. are they hidden, etc.
(And maybe as a subset of questions to answer the last one, which broker are you using?)
Firstly, it's a SIM trade. The order is filled. Note this is CQG (realistic fills), and I can say that the platform does not send the stops to the exchange anyway. They are local to a CQG host.
