Summary
Avg Level Volume is the average displayed quantity per visible price level on the bid and offer sides of the Orderbook.
How to Calculate it
Avg Level Volume = Total Visible Volume ÷ Number of Visible Price Levels
How to read it
Compare the average with the total Market Depth Volume and the number of visible levels. A higher average can indicate more quantity per displayed level, but it does not show how quickly that quantity may trade.
Things to keep in mind
The calculation uses the levels currently displayed and can change as the Orderbook updates. It should be considered alongside the spread and the age of the market data.