When it comes to using Level 2, I avoid using buy stop orders personally, I instead manually enter orders BEFORE the stock breaks a level. That way I'm getting an early entry. If you use buy stop orders, you're always going to get filled INTO the slippage of the break over resistance if you set the stop in the case at like .50 or .51. Or worse, you'll have your order trigger when there is an iceberg sell order and if you'd been watching the Level 2, you probably wouldn't have sent that order in the first place.
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You're also going to have some traders who use buy stop orders. So a buy stop order is an order that will trigger when a stock crosses a certain price. So that's that may be something that someone would use if they're taking more of a five minute long trade probably with smaller share size for a longer hold time. If they put that order at 12.50 it's going to execute Market long as soon as it breaks 12.50 So let's go back to this example here.
So let's again, reorient ourselves. So we've got 1242 on the ask. We've got green on the tape and right there. All of a sudden, look at this green.
Now we're at 12.50 and with all of that green, it's going to propel it through this level and it's going to snap immediately to 76.75 and I put the order out right there to take half off the table. Okay.
some missed that
This needs a new title… IMHO, this is ab buy stop orders and not focused on using L2 like it sounds.