1. With respect to LMAX MultiCharts...
(Note: I am a LMAX client.)
I have not tested LMAX MultiCharts, because I already have a license of "normal" MultiCharts. I guess that they are exactly the same product, but I have not checked.
In my opinion, MultiCharts is a great tool.
The only problem for me is that I cannot display candles the way I want, in particular the space between the candles cannot be adjusted (refer to that message). So there is too much space between the candles according to my criteria, and it annoys me for visual chart analysis.
So I had to look for another tool for displaying chart. Apparently, eSignal, ProRealTime, NinjaTrader (and probably many others) were able to display the candles exactly as I wanted.
2. With respect to ProRealTime...
(Note: I will probably become a client in a few days.)
I am using it. It is fine to meet very specific needs but it could not be considered as a "standard" substitute to a data feed (eSignal, DTN IQFeed, etc.) or platform (MultiCharts, NinjaTrader, etc.). Why?
Data feed and charting tool are bundled. So it is not possible to use PRT feed in MultiCharts, NinjaTrader, etc. And it is not possible to plug another feed in PRT charting software.
It cannot be coupled with a broker. You need to enter your orders directly in broker's software. Of course, this prevents PRT from being used for algo trading. With discretionary trading, it could be a problem if the trader uses stop or limit orders (burden and risk of mistake to enter the levels in the broker's window). I use market orders, so it is not a problem: I just click on one button on the broker's software. I have posted a screenshot of my workspace (PRT on the left, LMAX on the right) on my journal : first pic of that message.
Its programming capabilities are less extended than MultiCharts or NinjaTrader.
To make your own opinion, PRT programming guide is available here: [PDF] www.prorealtime.com/en/pdf/probuilder.pdf
Personnally, I do not care, since I just use a 20-EMA
According to sam028 here-above, backtesting is possible but limited.
With all these limitations, why do I use PRT?
- I like the way it displays chart. With my style of trading, I just need a tick chart and an EMA. But the ways the candles are displayed plays a great role in the easiness of the visual analysis and in my... visual pleasure. I probably could have obtained similar result with NinjaTrader or other.
It may sound strange, but the strength of this feed is that it is rounded to the pip, whereas other (and possibly better) feeds are more precise and show increments of 0.1 pip. This "rounding to the pip" is very convenient for methods based on breakouts of horizontal levels. Whereas, with more "precise" feeds, it is less obvious to see prices bumping again and again on the same level. (With platform as MultiCharts or NinjaTrader, it is probably possible to obtain a similar result by acting on the feed from the platform.)
The last reason for using PRT is that my current methods are largely inspired by Bob Volman (breakout of triangles to put it short). I feel in sync with these methods and Volman uses PRT. So, for a start, it is easier to have charts with exactly the same look as in his book.
I do not know exactly.
I have searched on Internet.
In the last message of that thread in French and posted on 2004, the poster says that the feed is from GLTrade.
In that thread and that thread (in French, 2008), the posters say that the feed is coming from PAT(s).
I do not specifically trust the above. First, the messages are quite old. And the posters may be wrong.
I have asked PRT, but they just answered it was an aggregated feed, and unfiltered (real tick-to-tick).
No, I have not. But thanks for the idea.
3. As a conclusion, I do not recommend ProRealTime as an alternative to more "standard" combinations (feed + platform + broker). It all depends on the trader's needs.
If one just needs a chart with no highly complex indicators, with no sophisticated backtesting, and does not need a connection between the chart and the broker (no need to place stop or limit orders from the chart), why not?
Price shall be checked also. They are publicly available on their Web site. I have decided to give PRT a try for my own trading.
And the above obviously does not aim at being definitive. Just my opinion at this minute.
Last edited by Nicolas11; May 19th, 2012 at 04:11 AM.
Reason: correction of typo and clarification
The following 4 users say Thank You to Nicolas11 for this post:
I can understand your issue with the candle spaces. For me coming from Investor RT I'm a little disappointed with Multicharts thus far. I can live with most of it's short comings for now though and I think it is still probably the best charting solution for me while trading through LMAX.
I have not used the non LMAX branded Multicharts but from what I can tell there is little to no difference apart from the branding.
Regarding the rounding to the pip issue that you mentioned you can fix that in Multicharts by editing the symbol in the quote manager as below.
Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).
Anyway, it sounds like PRT suits your needs for now - the charts do like nice and simple. Good luck to you!
The following user says Thank You to fibfisherman for this post:
I used to use ProRealTime a while back through IG Markets and really liked the program. I found it easy to use and visually appealing. The one thing I didn't like was that it couldn't run continuously. The session would expire and the charts would save and close down. It was quite annoying if you had alerts set for certain triggers. Don't know if this was just something that happened with IG Markets. Can somebody please share their experience on this?