RE: Alpha groupNo they do not have to be equal .
Alpha is a favorite for institutional and the banks.
It is always good to monitor Alpha if you are trading on a banks basic platform as most do not reflect Alpha activity. Just the TSX on delay unless you have as I do live trades.
Seriously you do need Alpha tracking with level 2 to keep up with the volume traders.Otherwise you are just left guessing on your bids and asks.