I'd be curious to know if any traders use level 2 data for automated trading and if so, get their perspective on the value of it and how best to use it knowing that it can be manipulated and probably not as reliable as it used to be for a number of reasons.
I've personnaly never used it but was wondering if this could be a valuable add-on to some of my existing algos.
The following user says Thank You to Virtuose1 for this post:
Interesting...the "limited" number of responses might be an indication that few traders on futures.io (formerly BMT) uses that kind of information. If anyone has experiences use it they can share that'd be appreciated. Thanks again.
Given the lack of response I'll offer a couple of comments for what it's worth. I've been watching level 2 on Eurex futures for a while now, but not actively trading. You can see iceberg orders, pulled orders, support/resistance orders. I would say there's information there to be used in an algorithm. Probably best for a scalping algorithm, though I've read of people using L2 to assist in discretionary entry/exit points for longer than scalping time frames.
The following user says Thank You to phabian for this post:
So I've written several posts about this all over the place but I keep getting questions and PM's so it makes more sense for this to have its own thread.
First, I need to tell you that while I have no problem sharing a great deal, …
