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which market data needed


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which market data needed

  #1 (permalink)
Justine4
Cologne Germany
 
Posts: 11 since Jun 2021
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A friend of mine just said I need level 2 data for the RSI and the momentum indicator in SC. I was sure that level 1 data was sufficient !? I don't trade with order flow indicators or a DOM.
What is true? L1 or L2?
Many thanks in advance.

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  #2 (permalink)
 
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 matthew28 
United Kingdom
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I don't know those specific indicators or use that platform, but the friend is almost certainly wrong.
Level 2 just gives the depth of market for heatmap charts or DOMs and is unnecessary for standard charts and indicators which work with Level 1 data.

You do not win as a trader, you just get to play again the next day. If that game doesn’t appeal to you then you should not trade. Gary Norden
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  #3 (permalink)
Justine4
Cologne Germany
 
Posts: 11 since Jun 2021
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matthew28 View Post
I don't know those specific indicators or use that platform, but the friend is almost certainly wrong.
Level 2 just gives the depth of market for heatmap charts or DOMs and is unnecessary for standard charts and indicators which work with Level 1 data.

Hi Matthew, that's what I thought.
thanks for your quick solution.

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Last Updated on July 1, 2021


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