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I'm new to futures except several free trial accounts.
Now it's time for the next step and open a live account. Therefore I try to hold the costs low and the TradeStation offer seems perfect for me and my few roundturns.
My approach is in the chart via Volume Profile (daily and range) and Footprint(delta).
Can someone answer my open questions before I deposit money?
- TradeStation is providing their own Data feed.
On Optimusfutures.com there is:
"TradeStation's superior data accuracy is maintained by using automated filtering mechanisms to catch three primary sources - as a first layer of defense, erroneous data is caught in real-time by our automated filtering mechanisms. As a second layer of defense, data is corrected in real-time by the financial exchanges themselves. And as a third layer of defense, data is manually maintained in-house by using an expert team of market data professionals.
Does this mean it's IB-like filtered? Thus not useful?
- The Real-Time Data is free for non-professionals.
But what is "Real-Time Floor-Traded Level 1 Data"? This costs e.g. for the CME Globex additionally 125$ and is only delayed in the free package.
@mattz is likely the best person to address your questions. He is probably going to pick this up in the next couple of days and provide you with an answer.
In the client side of the TS platform you have a option to receive all or just some of the price updates. I dont see difference in the data received when i change that option but i dont care about it as i am not one of these high frequency traders that rely on countless very precise indicators. For charting it works very good, with both time and volume based charts.
In the "CME value bundle" you will have for free level 1 and 2 data from the electronically traded contracts. The "Floor traded level 1 data" is the data from the pit. Hope i am right!
However both have total different characteristics. With ts of course u have full mrkt view n amazing set of long development which u won't find in any retail platform. Who says u cannot to hft or quant work on ts....it's a different thing if someone says I need python etc for work...else there is enough quant and systematic work being done on ts. It's a different view of looking.
Fees r on both platforms negligible if one is Trading.
I use nt for deep dive of...ts for deep dive mrkt of...ts for any other work. For what it's worth my 2cs
Thank you for your input.
I think it's very interesting that you, as a trader yourself, can impact the quality of your data.
What does it say when the ruler is on "high"?
I don't think the pit is meant by "floor-traded level 1 data", since in my unterstanding there is no mentionable pit trading in 2018 which would justify the price cost increase from 0$ to 125$.
@mattz : What is your point of view on the two questionable topics (data quality, real-time data packages)?
First, you need to look for stability. That is the priority. You are looking for a data feed with a historical data that has proven to be up and running during pick hours.
Second, you are looking for data that provides you with the information you need. Some traders need Top of Book, and that is enough, while some require full depth of the DOM to get more visibility. If you are using a specific platform for execution, you MUST (in our opinion) receive real-time data. Real-time data allows you to see not only quotes but P&L in real time of each position and your equity. This is important for risk management.
As far as the accuracy of your data to the tick, well that depends on whether you use this data or not. Over the years I have learned to respect those who need to know precise price levels, backfill ticks, etc. If someone uses this data to build a better method, then they should have uncompromising standards. Those who do not need it, well...they just do not need it. They make decisions based on filtered market data, and the frequency of their trading is low along with longer holding periods where the data quality is not a priority. For them "close enough" is "good enough".
Finally, I respect the fact that data, external historical data along with the different exchnages costs have additional costs. But, you should choose the variables you need for your method and not try to build a methodology backward. In other words, select a process you have the technical skills to utilize and then see what data quality and information you need.
I hope this helps.
Matt Z
Optimus Futures
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