I think there are several reason they dont always show. This is jmo. Sometimes I think the MMs intentially don’t show a buy or sell order if I works in their benefit. That’s why u sometimes see a spread between the buy and sell and then suddenly a price in between gets hit. I’m not sure they always show them if there isn’t a matching buy/sell order. Their way of controlling/manipulating the price action. I have heard people with many different brokers say their orders don’t show at times. I also think they grab the near top buy/sell orders with largest shares (their share size isn’t always showing accurately either) counts and show those. A small order doesn’t always show on the L2 even if it is higher than other bidders or lower than other sellers. There’s probably not enough MMs to show all the bids/asks being offered. If u look at the big board stocks, they have a ton of MMs compared to most OTC stocks. Again, this is my opinion just from watching and trading.
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