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Level 2 best platform?
Started: by davethetrade Views / Replies:1,036 / 32
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Level 2 best platform?

  #1 (permalink)
Trading Apprentice
Gothenburg
 
Futures Experience: Advanced
Platform: ninjatrader
Favorite Futures: currency
 
Posts: 12 since Mar 2016
Thanks: 11 given, 8 received

Level 2 best platform?

Im so greatful being part of this forum since its 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!!

Dave.

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  #2 (permalink)
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  #3 (permalink)
Trading Apprentice
Tampa florida usa
 
Futures Experience: Advanced
Platform: NT
Favorite Futures: CL
 
Posts: 14 since Jan 2017
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Tradestation should work.

Sent using the futures.io mobile app

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  #4 (permalink)
Market Wizard
London UK
 
Futures Experience: Beginner
Platform: CQG
Favorite Futures: Futures
 
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davethetrade View Post
Im so greatful being part of this forum since its 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!!

Dave.

Hi Dave

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.

Hope this helps.

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  #5 (permalink)
Risk--->0 $--->∞
Chicago, IL
 
Futures Experience: None
Platform: NinjaTrader, TWS, FXCM's
Broker/Data: InteractiveBrokers, NinjaTrader Brokerage FXCM, IQFeed
Favorite Futures: ZF, ZN, ZB, ES, FX pairs
 
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Futures Edge on FIO

Which products do you trade?

 

davethetrade View Post
Im so greatful being part of this forum since its 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!!

Dave.

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....

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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...


Quoting 
Jigsaw Trading software is a plug-in for

MultiCharts.NET & MultiCharts.NET Special Edition (versions 9.1 and above)
NinjaTrader (version 7.0.1000.4 and above), NinjaTrader 8 FREE and paid versions of Ninja!
S5 Trader and all other OEC Trader supported software (Alpha Trader, Apex Trader, ATC Trader, CTG Pro, DT Pro, G-Force Trader, Global Zen Trader, High Ground Trader, Index Trade Launcher & Zaner 360). It will run on the Free/Demo versions of the platforms as well as the live versions.
Tradovate Latest version (updates automatically).

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

We must be like the fountain or spring that is continually emptying itself of all that it has and is continually being refilled from an invisible source

Quoting 
The steed of this Valley is patience; without patience the wayfarer on this journey will reach nowhere and attain no goal.

Buy Low And Sell High (read left to right or right to left....lol)
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  #6 (permalink)
Trading Apprentice
Gothenburg
 
Futures Experience: Advanced
Platform: ninjatrader
Favorite Futures: currency
 
Posts: 12 since Mar 2016
Thanks: 11 given, 8 received

Thank you so much for all the answers

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 ive 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

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  #7 (permalink)
Trading Apprentice
Gothenburg
 
Futures Experience: Advanced
Platform: ninjatrader
Favorite Futures: currency
 
Posts: 12 since Mar 2016
Thanks: 11 given, 8 received

Forget one thing in my last reply If i pay for tradestation 99$ month do i also need to pay for data or is it included, anyone knows?

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  #8 (permalink)
Risk--->0 $--->∞
Chicago, IL
 
Futures Experience: None
Platform: NinjaTrader, TWS, FXCM's
Broker/Data: InteractiveBrokers, NinjaTrader Brokerage FXCM, IQFeed
Favorite Futures: ZF, ZN, ZB, ES, FX pairs
 
Blash's Avatar
 
Posts: 1,211 since Nov 2011
Thanks: 3,216 given, 1,644 received
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davethetrade View Post
Thank you so much for all the answers

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 ive 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

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

We must be like the fountain or spring that is continually emptying itself of all that it has and is continually being refilled from an invisible source

Quoting 
The steed of this Valley is patience; without patience the wayfarer on this journey will reach nowhere and attain no goal.

Buy Low And Sell High (read left to right or right to left....lol)
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  #9 (permalink)
Trading Apprentice
Gothenburg
 
Futures Experience: Advanced
Platform: ninjatrader
Favorite Futures: currency
 
Posts: 12 since Mar 2016
Thanks: 11 given, 8 received

level 2

Im not 100% familiar with jigsaw i have to admit since ive never used it. But ive been doing some research on jigsaw earlier. I want something looking like this

I cant post a picture yet since im 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?

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  #10 (permalink)
Risk--->0 $--->∞
Chicago, IL
 
Futures Experience: None
Platform: NinjaTrader, TWS, FXCM's
Broker/Data: InteractiveBrokers, NinjaTrader Brokerage FXCM, IQFeed
Favorite Futures: ZF, ZN, ZB, ES, FX pairs
 
Blash's Avatar
 
Posts: 1,211 since Nov 2011
Thanks: 3,216 given, 1,644 received
Forum Reputation: Legendary



davethetrade View Post
Im not 100% familiar with jigsaw i have to admit since ive never used it. But ive been doing some research on jigsaw earlier. I want something looking like this

I cant post a picture yet since im 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?

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

We must be like the fountain or spring that is continually emptying itself of all that it has and is continually being refilled from an invisible source

Quoting 
The steed of this Valley is patience; without patience the wayfarer on this journey will reach nowhere and attain no goal.

Buy Low And Sell High (read left to right or right to left....lol)
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