By watching L2 you can see what retail or institutional traders are doing at the moment in time. For example, if you see a large firm like NITE repeatedly buying heavily, that could be considered a positive for your stock as opposed to seeing NITE on the sell side.
Watching a realtime chart in conjunction with L2, you may notice things like each time your stock hits a specific price, a certain MM comes in and supports it, but only when it drops to that price. This could be seen as quiet accumulation or support for the stock, which is a good sign.
Yeah, Yeah, Yeah...Im getting it now...but it also seems sneaky,, They put up a large ask order but the trades going through are buys.... and like another stock I was watching a mm had a huge bid in to look like there was a big demand to drive price higher but at the same time was actually selling in small chuncks on thier ask side !!! LOL Forget it !!!!! LOL LOL :))))))