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Ninja Trader Custom Order Book - 1LDom - Source Code
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Ninja Trader Custom Order Book - 1LDom - Source Code

  #171 (permalink)
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Swishy27 View Post
Can anyone assist me in rearranging the Constant Price Ladder to display the price ladder column firs and have the bid ask ladder shown side by side? I had posted this request earlier but didn't receive a response. I am not a programmer so I am not sure how difficult this may be to accomplish or if it would affect the performance of the indicator.

@1LotTrader, Thanks for your work. I have been using for a few weeks now and it has helped me to focus more on the volume at the bid ask price and the speed of the volume coming into the market as it hits the bid and ask and how price responds to the volume.

Correct me if I am wrong but so far my assumptions are that when high volume hits into the bid and price bounces up through the ask price there is a strong possibility that there are more aggressive buyers than sellers there is support at that level and price will continue its momentum up. When high volume hits into the ask and price falls through the bid price there are more aggressive sellers than buyers and there is resistance at that price level and price will continue its momentum down.

The next assumption is that the displayed volume in the bid ask columns are passive limit and stop orders for buyers and sellers to enter or exit the market at a specific price level. However, price does not move up or down unless a large market order is placed that is enough to absorb the passive entry and exit orders to move price up when there are aggressive market orders to enter or exit once a specific resistance or support level is reached.

In most cases these large orders are submitted by large traders with enough buying power to move the markets in either direction. Smaller traders try to get on board when they see the price reaction when large orders are passing through the market. Depending on whether or not traders with active trades are in or out of the money their stops or profit targets are triggered and causes price to move up or down to the next price level where there are market participants to repeat the cycle. The higher the total volume coming in and out of the market would determine the amount of volatility in price movement and the range of the market.

This may be overly simplified but would appreciate if you can confirm if I am headed in the right direction. This is very much a quick in and out strategy as the moves are usually brief and opportunities come and go quickly. I have been testing these assumptions on ES and ZB futures with market replay on SIM and the results have been somewhat successful compared to other strategies I have tried in the past.

As for stop and loss I have been using a 1 to 1 ratio for 2 to 3 ticks. Trades usually take 5-10 minutes to let me know if I am right or wrong.

I am continually hearing that the most successful traders don't use complex indicators and just watch price action. Lately, I have been trying to get to that point by watching the DOM and time and sales with a reversal chart for reference. Does anyone trade this kind of method and been successful with it on a consistent basis? Hope I am on the right track.

Can you please tell me, what is a reversal chart? Thanks

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  #172 (permalink)
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@TradingSebi, it works for all commonly traded markets including FDAX.

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  #173 (permalink)
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@flipper26, Its similar to a point and figure chart. It creates a new bar each time the price reverses by a fixed amount. For example if you set the reversal amount to 3 a new bar will be created whenever price pullsback by 3 ticks. If there is no pullback the bar will continue until there is a reversal. I use it instead of the NT point and figure chart because there are filler X and O's for each reversal. It helps to track the price action movement and better see support and resistance levels IMO.


flipper26 View Post
Can you please tell me, what is a reversal chart? Thanks


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  #174 (permalink)
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1LotTrader

Just wanted to say great job on this Dom. It is really a valuable tool.

I had a thought about something that might be a value to add . A ratio of standing orders from the bid ask. Example. 2:1 bid to ask. That way at a glance you could see the pressure of standing orders.
Anyways I just wanted to throw the idea out there if you find it interesting great if not no big deal..

Thanks again for sharing this great tool.

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  #175 (permalink)
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1LotTrader,

Thank you very much for your indicator and your tech support discussion. I'm learning your 1LDOM as well as the GOM indicator using my account with TD Ameritrade (TDA). Attached is an image of my NT DOM, Level II and your 1LDOM. Apparently TDA doesn't provide much market depth for Bid/Ask data or is there a way to adjust that? Also, in comparing the NT DOM and the 1LDOM, the values in the Bid and Ask columns are different. Anyway, I'm just learning about these indicators, trying to decide which time frame works best and what all the parameters in your indicator mean. You made a great indicator!!

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Ninja Trader Custom Order Book - 1LDom - Source Code-nt7-dom-level-ii-1ldom.png  
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  #176 (permalink)
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@PHXtrader your request is noted. I will see what can be done, at this point I'm a bit stuck for time, I'm buried 10 miles deep in a bunch of stuff with chart controls and I'm kind of in the zone at the moment. When time frees up I will look into it.

@winsor, is it consistently incorrect? Or sometimes, there is differing screen refresh rates depending on settings, they can appear out of synch if one is much faster than the other. If it's not this then i will need to dig a little deeper and see if I can get access to BAC, I've never tried it on stocks so could be some nuance I didn't account for.

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  #177 (permalink)
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1LotTrader View Post
@winsor, is it consistently incorrect? Or sometimes, there is differing screen refresh rates depending on settings, they can appear out of synch if one is much faster than the other. If it's not this then i will need to dig a little deeper and see if I can get access to BAC, I've never tried it on stocks so could be some nuance I didn't account for.

This is my first try; so I'll give it some time and I'll check out different instruments. I'll get back to you in a week or so. Thanks for your consideration. I still have a lot to learn about both 1LDom and GOM. I'm reading through all the discussion threads about them.

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  #178 (permalink)
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this got to be one of the best tools made for nt. actually the one thing I was really missing. thank you very much @1LotTrader.

is this thread just for the technical aspect of the indicator, or would you like some discussion on how to use it as well?

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  #179 (permalink)
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Yes I find it invaluable myself, you use it for some time and it starts to unlock some real mental doors, for me it helped really to move my understanding of market mechanics to a deeper level. If you watch particular markets on a daily basis you will also begin to build mental liquidity maps which for me are now a large part of what I base my micro trading decisions off of.

The thread is not specifically technical and anything related to using or trading with an order book I would encourage, in fact I would prefer. There is not a great deal of talk of order books in the privateer space and so when I released this it was with the intention of finding some other like minded traders that see the value of it and wish to engage in discussion, by all means please post your observations. I am not an expert by any means but have spent nearly 2 years on the book myself trading every single day full time so I can offer my take or try to provide some insights if it is helpful.

1Lot

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  #180 (permalink)
Market Wizard
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I think the basic and most obvious approach is to find signs of weakness for a possible reversal. trying to show an example what I'm looking for. lots of action on the bid side. but it seams endless demand on that level. you can see that with the ladder:

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now with your dom you can see the same thing plus you're able to see how the bid gets filled up again and again. you can see all the trades hitting the bid, but more and more buy orders are added to the bid.

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not saying that approach alone will generate only winners. I like to have some more evidence. but it certainly is a tremendous help. also great for exiting a trade.

the first step is like you said to get used to it and observe. and there're lots of other ways to use this great tool.

and here's a trade from this morning using that approach:

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thanks again and trade well

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