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order flow data
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order flow data

  #1 (permalink)
Elite Member
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order flow data

Hi I recently bought ninjatrader and I'm looking to download the Gomi indicators to use order flow analysis. I'm just wondering after I download Gomi, do I need to purchase order flow data from a vendor? Which one would be right for me(I prefer one time purchase)? The ones I know are rancho dinero, fin-alg and ofa. I particularly like the delta momentum indicator, the rest of the volume analysis stuff I'm still trying to learn. I'm currently using IB, I read that their data is not good enough for volume analysis, and if I want to stay with them, I would have to purchase another data feed like IQFeed/Kinetic for an extra $50+/month, which I'm not ready to pay since I'm still learning. My next choice is to go to amp futures/mirus futures(leaning more to mirus). Is their data good enough for volume analysis? Also is IB's data good enough for volume analysis in a longer time frame(eg. swing trading) Thanks for any suggestions.


Last edited by strike333; September 21st, 2013 at 08:24 AM.
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  #3 (permalink)
Banned: Negative attitude, troll
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I too am interested in Mirus Futures. Their zen-fire realtime data stream, which is free to active users, seems like a great deal compared to ~$100/month data streams from ESIGNAL and Kinetick.

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  #4 (permalink)
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strike333 View Post
Hi I recently bought ninjatrader and I'm looking to download the Gomi indicators to use order flow analysis. I'm just wondering after I download Gomi, do I need to purchase order flow data from a vendor? Which one would be right for me(I prefer one time purchase)? The ones I know are rancho dinero, fin-alg and ofa.

I think you've got some stuff confused. You don't 'purchase order flow data.' When you use the GOM indicators, you have the option to have all the bid and ask data written to a separate file, which then allows that instrument's chart (for all timeframes) to load up this stored (on your harddrive) buy and sell data, to build you the order flow or volume footprint type charts which I believe you are referring to. Rancho Dinero and the others you mention are basically commercial offerings (indicators) that offer similar features and abilities to display the same type of charts. Most of them don't need the bid ask data (which NT does not store), thus producing charts that approximate these chart views (yet are still very very close.)


strike333 View Post
I particularly like the delta momentum indicator, the rest of the volume analysis stuff I'm still trying to learn. I'm currently using IB, I read that their data is not good enough for volume analysis, and if I want to stay with them, I would have to purchase another data feed like IQFeed/Kinetic for an extra $50+/month, which I'm not ready to pay since I'm still learning. My next choice is to go to amp futures/mirus futures(leaning more to mirus). Is their data good enough for volume analysis? Also is IB's data good enough for volume analysis in a longer time frame(eg. swing trading) Thanks for any suggestions.

I don't use IB, but because their data is stripped of what they feel is redundant, and, because their goal is just to visually 'display' a chart on your screen, it will be sorely missing detailed buy/sell info which is present to you in raw and unfiltered format by datafeeds such as Zenfire, CQG, Kinetick, etc. You can still load up the GOM indicators on your machine and try it. If you are looking for specific buyers and sellers at a certain level, I do not believe IB would display that appropriately. In brief it is purposefully flawed and lacking, thus volume footprint charts will not be representative of all market transactions. I do not know it's exact impact on tape (ie., using Time & Sales, or, vvAggretated T&S), but I would expect it to not reflect reality.

The CQG 'free' datafeed via Amp Futures is exactly like the one that can be subscribed to, with the difference being that when you request historical data via your NT7 chart, it comes from Ninjatrader housed and run servers. I believe Amp has a Zenfire offerring that is free as well, but has a $25 monthly inactivity fee. Both are available with a $5K account deposit (might be a lower amount).

Thus, you can give the IB datafeed a spin in the GOM environment. You could also compare it to a CQG demo from Amp - I think they give 10 days, will without grief extend it by another 10 days, and I know they make it available for 30 days too - assuming you need the time, or are a genuinely prospective customer.

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  #5 (permalink)
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Thanks, I think I will transfer to mirus and amp to first test which datafeed gives better result(cqg vs zenfire). Do you have any idea which one is better? I also want to swing trade stocks on my Questrade account(tfsa and rrsp). Do you know if ninjatrader's stock scanner is a good one? Too bad Questrade can not connect to ninjatrader, I will have to scan stocks through IB or another broker that has better data feed and no inactivity fee(if you can help me think of another one).

Thanks fellow torontonian you're very helpful

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  #6 (permalink)
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strike333 View Post
Thanks, I think I will transfer to mirus and amp to first test which datafeed gives better result(cqg vs zenfire). Do you have any idea which one is better? I also want to swing trade stocks on my Questrade account(tfsa and rrsp). Do you know if ninjatrader's stock scanner is a good one? Too bad Questrade can not connect to ninjatrader, I will have to scan stocks through IB or another broker that has better data feed and no inactivity fee(if you can help me think of another one).

Thanks fellow torontonian you're very helpful

I've read many times from users of either/both that CQG and Zenfire are equal in the eyes of mere mortals: they are both unfiltered and up time is 99.9x%. You will not be able to tell any difference. Pick one based on other criteria, and save yourself some time and move on to the really important part of trading, the part of doing it profitably.

I sampled Questrade and their platform for some time, and quickly determined their charting and entire application was a honkin' piece of crap. Alas, it is one of the nary few that will allow you to execute actual trades, and hold things within a TFSA or RRSP.

NT does not have a stock screener, unless you write something via the Market Analyzer, which basically requires decent programming skills. I'm not sure what type of scanning you have in mind, but that's a fairly tall - if broad - order.

I hope you don't mind me saying so, but ... you sound very, very ambitious in your planning, yet I sense you don't have 1) many of the tools basics under your belt and 2) historical trading success. I note these things because if you are just starting your journey, it is rare to see immediate success, and, should you commit real $$$ to an account, the market is remarkably capable at humbling new traders, and veteran traders alike.

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  #7 (permalink)
Market Wizard
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IB = useless for order flow

TT Feed, Rithmic/Zenfire = drop bid/offer updates which causes prints to appear on the wrong side as you move to a new bid/offer price. Because of the dropped updates, these feeds are faster

CQG/Kinetick/IQFeed = do not drop bid/offer updates, do not print on the wrong side but will be prone to slow down more at peak times because they send more information through.

Does it matter whether you use an execution feed like TT/Zen or a more accurate on like CQG/Kinetick/IQFeed - probably not UNLESS you are doing long term delta studies.

My opinion is that if it's not IB, it's fine. I am happy to use Kinetick or Zenfire.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
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  #8 (permalink)
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My trading criteria is quite simple, there are 3 basically

1) Has to be minimum 6 consecutive down days/bars or up days/bars. (buy on down, short on up), I'm countertrend trader.

2) Using larger timeframe to locate areas of major support/resistance to trade

3) Using order flow to confirm/time/refine entry/exit trade (I'm still newby in this, I know, I like so far delta momentum indicator)

Thanks for suggestions

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  #9 (permalink)
Trading Apprentice
Donetsk, Ukraine
 
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strike333 View Post
Thanks, I think I will transfer to mirus and amp to first test which datafeed gives better result(cqg vs zenfire). Do you have any idea which one is better? I also want to swing trade stocks on my Questrade account(tfsa and rrsp). Do you know if ninjatrader's stock scanner is a good one? Too bad Questrade can not connect to ninjatrader, I will have to scan stocks through IB or another broker that has better data feed and no inactivity fee(if you can help me think of another one).

Thanks fellow torontonian you're very helpful

Hi, I have AMP / CQG. If you ave questions, you can pm me.

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