I was so accustomed to Level 2 data that I'd failed to remember the distinction between level 1 and level 2 (II). We received a support ticket asking about this and thought it would be useful to pass along how MOMO utilizes level 2 data to highlight daily high/low breakouts.
In a traditional desktop level 2 quote window you have a endless stream of data that display the bids and asks for the security, the time and sales of the trades, and the market/ECN that the trade is being bid/asked (BATS, ARCA, NSDQ, etc.)
Many of the level 2 views were designed in a time prior to automated trading when you could actually make some insightful decisions. Trades happen at such a rate you have to be very attuned to catch signals, especially since orders can be routed through multiple ECNs.
MOMO strips much of the level 2 data and shows the intraday last trade data across all US stocks. But to make the data easier to consume and more relevant, we only show the "print" if it is making a new intraday higher-high or lower-low. We think this approach, along with the alerts and unique MOMO features make MOMO a valuable companion for active investors wanting richer market insight without going into the level 2 rushing river of level 2 raw data.
//Profit from Momentum