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I´m so greatful being part of this forum since it´s the forum containing the most expert traders out in this world and is way ahead of other trading forums. I want to make a thread about level 2 and time and sales since this is a very important trading concept.
* What platform would you guys recomend for level 2 trading. Tradestation looks good. But i would like to try it out on the simulated trading option before deciding, is it possible to get level 2 on their simulated platform and does the platform cost anything? If the simulated trading platform offer level 2, is it real time?
* Is their any free platforms/ways of getting real time level 2 or do i have to pay and if so what is the option that give me most value for my money?
Any sugestions would be highly appriciated Thank you fellow traders, and
happy trading from Sweden!!
The two I personally use are CQG QTrader and Jigsaw which is a NinjaTrader add-on.
QTrader costs 40 USD/month but there's a free trial available
Jigsaw costs 399 USD but NinjaTrader needed to use it is free (later on this year Jigsaw should also be available as standalone).
In terms of functionality Jigsaw is superior as it gives you the split volume of bid/asks, both for the short term timeframe and as cumulative. This is in addition to the volume profile, which is also included in QTrader.
QTrader on the other hand is faster in terms of info displayed. I also like that in QTrader the inside bid/ask are surrounded by a rectangle which helps with reading the pace.
In terms of tape, both are similar, but Jigsaw has a reconstructed function which pieces back together the trades that might be split at CME level.
Trading: The one I'm creating in the present....Index Futures mini/micro, ZF
Posts: 2,311 since Nov 2011
Thanks Given: 7,341
Thanks Received: 4,518
Glads to see you recognize the amazing value of FIO! Best in the industry by FAR.....
The issue I see is actually getting the level 2 market depth data to try. For example as @xplorer said NinjaTrader is a way to get hold of a platform without expense and you could do a trial of Jigsaw but the data is where you will run into an issue. It won't be free (as far as I know).
As as an example, here is what I pay for IQFEED....
Good to note as well....Jigsaw is also available for Sierra Charts, OEC, Multi Charts...here, this is from Jigsaw's website, it's just easier...
Huh...interesting I guess Jigsaw is no longer available for Sierra??? @DionysusToast is this so, out of curiosity?
Not sure regarding TradeStation, sorry.
Just know doing a short trial with level 2 data will most likely just confuse you as it's a skill you need to hone and craft over time.....think planting a seed...it's sometime before you realize a tree that produces fruit......ie you can understand order flow enough to be able to make a living off it.
Ron
...My calamity is My providence, outwardly it is fire and vengeance, but inwardly it is light and mercy...
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
I dont want to offend anyone using jigsaw, if it works for you than keep on with it. I feel like the good thing with jigsaw is that it has a function which detect iceberg orders for you automaticly and show an arrow on the chart which is very useful for beginners.
Personally though i think tradestations level 2 would be even better since i can see what kind of market makers that have limit orders on various levels, because then we can follow the market maker that dominate the stock volume vice.
If i´ve understand things correct tradestation is free for the first two months and than if i havent made any trades (or not enough) through them i need to pay 99 dollar each month for the platform? Does anyone know if i have to sign up to get the first two months or can i signup after the two month period and start paying? Because i would really try it out before deciding
I will try sending them an email but if anyone know i would love to hear. And hopefully it can help others aswell
Thank you
Trading: The one I'm creating in the present....Index Futures mini/micro, ZF
Posts: 2,311 since Nov 2011
Thanks Given: 7,341
Thanks Received: 4,518
Tougher to use a DOM like Jigsaws Depth and Sales on stocks because there is gaps in price levels between trades so much in stocks. The liquid futures don't really have this issue.
Good luck with everything and keep post here! Go nuts....lol
Ron
...My calamity is My providence, outwardly it is fire and vengeance, but inwardly it is light and mercy...
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
I´m not 100% familiar with jigsaw i have to admit since i´ve never used it. But i´ve been doing some research on jigsaw earlier. I want something looking like this
I cant post a picture yet since i´m new here but, institutions can put orders showing under their ID in the level 2 but they can also send orders through ECNs which can be used both by retail traders and institutions. Is this something you look at Ron or someone else who are familiar with these stuff?
Trading: The one I'm creating in the present....Index Futures mini/micro, ZF
Posts: 2,311 since Nov 2011
Thanks Given: 7,341
Thanks Received: 4,518
I stocks are not part of my business sorry....futures....forex.....I do use market internals VIX TICK ADD NYNETVOL 52 week total stock market new high new low.... but that's as far as I go into the stock realm.....
Ron
...My calamity is My providence, outwardly it is fire and vengeance, but inwardly it is light and mercy...
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)