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Best of the Best Order Flow Analysis add-on for Ninjatrader 8 x64(and for Motivewave)
I only need Futures Currencies (From CME/Globex) 6E e.g. 6EU1, 6B, 6A, 6N, 6J, 6S, 6C. And Spot Forex EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY, USD/CHF, and USD/CAD. Only in case it does involves not many extra costs, I may prefer to have cross currencies as well, EUR/JPY, etc.
In case if I can get these Spot Forex pairs Tick and Volume data feeds from Brokers, I prefer to register in some extra brokers and deposit with them to gain access to their data for the parts that are not offered on Rithmic, whether data that doesn't exist on Rithmic or limitations of maximum two connection for Rithmic data matter or both?
Thus in case e.g. I connect Motivewave Ultimate(+Add on's) + Bookmap Global(+Add on's) to Rithmic by the R trader(if this is possible), then I need a broker to provide accurate data for Jigsaw's DOM and do the Jigsaw part analysis with that data? But I'm not sure if Jigsaw's analysis without full market depth data, how much will it be accurate or not?
I can connect the Ninjatrader 8 x64 and Multicharts 14+ASP to accurate broker-based data feeds and do their analysis part on that data feeds?
I'm non-professional and I'm looking for a non-professional full market dept data package for CME.
or do I need to develop a custom solution that distributes the Rithmic full market depth data to the five platforms in real-time or near real-time on one OS?
?
Tnx and best of luck
Can you help answer these questions from other members on NexusFi?
If you are non-pro or not, the CME qualifies you as pro, as soon as you have more than 2 connections.
Bookmap doesn't work with Spot-Forex data, not sure if Jigsaw works with Spot-Forex, but I guess not.
And you will never get accurate Forex-data, because there is no exchange and you will always just get the volume from the broker you are connected and not the entire market, that's why Forex volume will never be accurate.
I had a long post here, but I thought I was being a little hard on the guy, so I'm replacing it with this.
@Blonde, let me just say that I think you're probably going to get overcommitted to too many tools and markets, and will find it difficult to handle all of them.
My suggestion would be to keep things simpler, and take things more one step at a time.
Good luck, and I hope your trading goes well.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
Thanks. I inquired about the CME and my understanding is the two connections limitations for Trading-Terminal that is in place for executing orders. And nowhere is written that charting applications is a trading terminal(as long as you only do the charting with them and they can't execute orders or you disabled the order execution on them) and thus I can connect five charting applications to CME data while my status remains as non-professional?
The question is from what company can I purchase the discounted non-professional CME data with full depth of market that company allow my five charting applications to be connected on a single trading-server/laptop/PC at the same time?
Note: I use IB for order execution.
As we already answered multi times, you have to have an futures-account with a broker who offers Rithmic data, to get non-pro data and if you connect this data-stream with more than 2 connections (if you have 2 connections, you have to pay the fees twice or you can use the second connection thru plug-in mode), the CME qualifies you as pro and you have to pay the pro-fees and a connection is trading and/or watching
Thanks. 1- Regarding '...or you can use the second connection thru plug-in mode'> I can only connect one R-Trader-Pro and one another platform that the second one can be either of Ninjatrader 8, Multicharts 14, Motivewave Ultimate, Bookmap Global (Plus), Jigsaw Independent as per my knowledge? Thus I have one platform from my five platforms that get connected in this method. Kindly is there a possibility to use two of my five platforms while using the plugin mode you mentioned, please?
2- What about if I try to find accurate data feeds that are offered by brokers and select a few broker's data feeds as data feeds candidate for either of my five platforms Ninjatrader 8, Multicharts 14, Motivewave Ultimate, Bookmap Global (Plus), Jigsaw Independent that from broker's offering CME connection through them? Is there any possibility to get full depth or market or top of a book or both from any broker in between of about 340 brokers that can get connected to the CME futures?
I have both nt8 and motivewave. I have OFA in both of them.
I also have bookmap lifetime. I also have run through a lot of orderflow programs, tpo, and footprint charts.
I only use nt8 and jigsaw currently.
1. do you even know how to use orderflow? what specific orderflow?
2. ofa is meh in forex. Understanding money is more important than orderflow in forex.
3. you must know more than orderflow in forex. orderflow is closer to the icing on the cake than the foundation of forex.
4. I think you want too much with not enough knowledge. If you trade ofa you need to know what it is doing and how it is doing it this includes ofa and non ofa data.
5. motivewave is a good platform, with lots of advanced features. If you already have it study it.
6. I agree with Bobwest... you got too much going on. simplify. When you get consistently profitable then expand slowly.
if is this OFA works in live markets(Futures currencies and Forex)? There are many negative reviews on the internet and all claiming this OFA only works on market replay? I don't have this OFA as there is no proof that this add-on can work accurately on live markets and show us an indication that helps us decide on the direction of order flow?
If you have OFA on both NT8 and Motivewave Ultimate(or whatever version do you have), could you demonstrate a live video of live Futures currencies markets that shows how this OFA can help us decide on the direction of order flow?
The matter of explaining a finished chart with any indicator is possible and that is what the OFA channels did, but there are no live videos of live trading that indicates what this OFA can show us on the live markets to decide on the direction of the order flow in the Futures currencies markets?
Could you demonstrate a live video of OFA on Motivewave on how this OFA can help us decide on the direction of the order flow on the live market?
The Motivewave Ultimate have the Volume Imprint indicator, and could you demonstrate on the live markets how the OFA can show us anything extra from what the Volume Imprint on the live Futures currencies market can show? And if OFA shows anything regarding Order Flow, if the output is accurate(if the market's order flow is really in that direction of OFA shows us on that timestamp)?
-If you have a Jigsaw platform, and if you know the Order Flow analysis, could you explain how shall we configure both Motivewave Ultimate and Jigsaw platforms to get synced results from both in the Order Flow Analysis?
Answer 1- The order flow is a sophisticated method, depends on how to use it. It depends on how to implement the order flow as well. The Jigsaw order flow analysis is different from Bookmap Global and its different from Motivewave Ultimate and different from Multicharts 14. The concept is the same but how its implemented and how the platform generally present it is different.
Because you have the Jigsaw and Bookmap and Motivewave(Ultimate?), you shall know how to sync these platforms to get a matching order flow analysis from them? May please explain it in this forum for users?
Answer 2- May please only explain the Order flow for the Futures currencies here for forum users?
Answer 3- I'm in this thread only concerned about Order Flow analysis on the Futures currencies currently. Could you explain this for this forum's users with reference?
Answer 4- I'm researching the order Flow on Futures currencies. If you want, you may please explain the order flow analysis on the Futures currencies for the forum users?
Answer 5- I have the Motivewave Ultimate. If you have materials beyond what its developers selling with the platform, please provide them for forum users? Also, if you are interested I have many Forex and Technical Analysis books, I can exchange a few books with you if you have something that I don't have?
Answer 6- I'm researching the Order Flow now. I do research on Technical analysis and estimation algorithms for Futures currencies and Forex as well. In Forex trading I'm in the black. I'm adding Futures currencies to my portfolio. I'm analysing the order flow for Forex and Futures currencies for Forex and Futures currencies trades accordingly to improve my trades accuracy separately on each asset class.
- If the Motivewave Ultimate, NT8, Multicharts 14 +ASP, Jigsaw Independent, Bookmap Global aren't the best of the best Technical Analysis platforms for Forex and Futures currencies trading and you know any other Technical Analysis platform that has something higher than all of these four platforms together, please mention it here and please mention why you believe these five platforms don't have that aspect and the technical analysis platform that you mentioned have some analysis options more accurate than these five?
-In the end, is the OFA for ~about 1744(AlgoX $1249 and Advanced profile add-on $495) worth the money? What about just the OFA core(candles) for 499USD will worth the price? And are you sure it's more accurate than the Volume Imprint indicator of the Motivewave Ultimate? Will, it shows anything more accurate than the Volume Imprint indicator or will it shows anything that Volume Imprint plus the order indicators in the Motivewave Ultimate couldn't present in that accuracy if you know what I mean?
I decided to purchase the OFA AlgoX($1249) to research it, but I can't decide if the OFA Advanced profile add-on of $495 is worth the money? May please someone who has experience with this OFA comment on this Advanced profile add-on of $495 worth the money or not?
You can try MZpack for NinjaTrader. In MZpack you can switch from calculations based on bid/ask to up tick/down tick such that it works in forex markets also. Here is a video as proof:
From my experience, in futures, switching from bid/ask to up tick/down tick calculations does not change TOO much in the structure of volume profiles / (cumulative) delta / delta at price / footprints. But make sure you have a big FOREX broker where you get a at least several ticks per second.
I don't see a way to get market depth for FOREX though. You CAN use futures (like 6E for EURUSD) and I have watched market depth there. It's alright, price DOES react to those levels. But the bulk of the volume is NOT traded on the futures market. So a big limit order in the book definitely won't technically "stop" the market, it's more like the big order is placed at a position where the buyer / seller knows the market will turn.
When I analyze daily net delta, I can see that there is a lot of hedging going on. So when price went up that day, delta is negative, when price went down that day, delta went positive. It's like a clockwork and has little predictive power. So you will have to filter delta.
If you want "the best" order flow software, then I have to say: Most professionals that are really picky and make their decisions heavily based off order flow and probably know almost all the software out there, they use often several pieces of software at the same time. Often one of them is Sierra Chart. There is no software that has ALL the features of all others combined. And sometimes you want a feature that's just not available i exactly your software, even though you already HAVE the best.
That being said: here is my current (2021) rank ordered list of what I personally consider the best order flow software for retail:
1. Volumetrica (both VolSys and VolBook with all the add ons)
2. ATAS
3. Sierra Chart (Service Package 12)
4. Investor R/T
5. Motivewave (Order Flow Edition)
6. Ninjatrader with tons of add-ons (MZpack, Discotrading)
* Jigsaw: is very limiting. It has a somewhat nice DOM, but not much that can't be reproduced with for example Motivwave. If you get jigsaw, It should definitely not be your only software
* Quantower: I am not sure about that, you should check it out. Last time I checked it only works with CQG data, but i might be wrong (That was AMP futures)
* Multicharts: This piece of software is probably one of the worst you can get for order flow. You will completely limit yourself with this. To be honest, i think this software is a joke if you want to get serious about order flow. Like Sierra Chart and Multicharts are worlds apart.
* Bookmap with MBO bundle
Bookmap beats all other pieces of software with their order heatmap. It has a reliable iceberg detector, assuming you get the MBO bundle, because it analyzes MBO. So whatever you get from the list above, if you want the best of the best you should ALSO get Bookmap with MBO bundle, ideally the global plus edition, because that one has the absorption indicator.
This is all assuming you are analyzing futures and use RITHMIC data (except for Sierra Chart). You pretty much need Rithmic data if you really want to have the best of the best, because it's essentially the only feed currently (2021) that offers MBO data. Acurate order reconstruction is not possible without Rithmic and seeing individual orders in the limit order book / filtering the limit order book by order size is not possible without it either as far as my knowledge goes.
If you use R-Trader Pro, you can connect as many other pieces of software to that data feed as you want though the plug in mode. If you can't manage to do that, then either you are doing something wrong, or you should call up your broker.
Your cheapest solution to get started is probably: Buy Bookmap Global (without the MBO bundle) and get Sierra Chart (you have to rent it). But if you want the best of the best you will have to put down some cash every month, because you can't buy the MBO bundle and you can't buy Volumetrica.
I looked at this AlgoX and to be honest I wasn't impressed. MZpack and some additional stuff from Discotrading (swing analyzer and DOM bricks catcher for example) should be much better.
Overall i think you should get more education. You can't just get a software like those mentioned above and then rock the boat. Those indicators / tools that are in those pieces of software are often complex with a lot of knobs to adjust and all depends on the instrument and the candle settings. Often time based charts are not ideal, so you end up fiddling around with chart types also. With respect to indicators: maybe that one check box in the same indicator that doesn't exist in the other software makes all the difference, and you just don't realize that because you are not experienced. With every indicator you will need a lot of hours of screen time in order to understand it's dynamics.
The fact that you thought that Sierra Chart wasn't good, just shows me that you don't know what features matter and which ones don't. Also the "must have" list that you put down shows me that you aren't even aware of the really powerful tools. A lot of that stuff on your list is obscure stuff that nobody uses because it's not useful. Trading with order flow requires a lot of experience so you KNOW what you are actually looking, how to optimally tune your indicators, what you should concentrate on and what the underlying market-dynamics is. You should also know a little bit about market microstructure, like what order types exist and how the matching engine works at the CME.
Let's compare it with a car: If you put your grandmother into a Ferrari F40, she is probably not gonna like it, because it's loud, uncomfortable to sit in, there are no heated seats or climate control. In a certain sense that car is pretty basic. But it fulfills one task really well: driving fast and accurate, but only IF you are an experienced race car driver. THEN you appreciate the car and understand why it costs so much.
And to be honest: you should be trading futures instead of forex.
