A two-way price refers to a quote given by a market maker or a dealer that specifies both the bid price and the ask price for a financial instrument. The bid price represents the highest price that a buyer is willing to pay for an asset, while the ask price represents the lowest price that a seller is willing to accept for the same asset. The difference between the bid and ask prices is called the spread, and it represents the profit for the market maker or dealer. The two-way price allows traders to buy or sell an asset at the best available price in the market.