Level 3, also known as TotalView, shows the complete order book depth on Nasdaq, including every single quotation and order at every price level in securities that are listed on Nasdaq, NYSE, NYSE American, and regional exchanges. A trading service will offer pricing data on a securities as a level III quote. Level 3 includes the current bid price, ask price, quote size, latest trade's price, size, high price for the day, and low price for the day. Institutions are permitted to send information, execute orders, and enter quotes at Level 3. Since level 3 provides a high level of market depth, the service is only available to registered Nasdaq market makers and subscribers.
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