richard.hall...@gmail.com

Example   Here is the Level II quotes at noon PST Jan 1

  Level ll Quote for APT SATELLITE HOLDINGS LTD (ATS: New York)
                         Bid
Ask
Price     Total Size    # of Orders     Price    Total Size   # of
Orders

$2.24          0                 1             $2.50
0          1
$0.01          0                 8             $199,000.00
0          1
                                                    $199,999.99
0          7

(total size 0 is rounded.  It is a small number)

So if you wanted to buy and didn't set a limit you could get it at
$2.50.  Most accounts would not let you purchase at the other prices.
On the other hand if you wanted to sell you could get $2.24 {and that
is a good deal} but once that is gone you would get $0.01 for your
shares.
Moral of the story.  Put a limit price on any trade of a lightly
traded stock, in fact on all stocks.