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I am currently considerering which software to use. I am inspired by futurestrader71 and want to use his approach for footprint and marketprofile. I would like to use the GOM, because I then would not have the monthly payment, but can it do the job or do I need to subscribe to investor r/t or marketdelta?
Can you help answer these questions from other members on NexusFi?
GOM will do the job just fine. One adjustment I did have to make, for Footprint charts, is keeping my PC on for the entire session since NT does not allow you to download historical bid ask.
I was trying to avoid taking sides, but let me try to stick to facts:
- NinjaTrader 7 does not have historical bid/ask backfill built-in, whereas MarketDelta does
- Gom for NinjaTrader can be "difficult" to install and maintain, as can be seen in its main thread
- Using the Gom method, you have to be connected 24/7 or will have gaps in your data, unless you download backfill data yourself manually, there are other threads on futures.io (formerly BMT) for that
- Gom is Volume Profile, no TPO's
- MarketDelta has the data functionality for backfill built-in, and has all the profile charts including Volume and TPO, delta charts, ladders, footprints and etc all built-in
- NinjaTrader is cheaper assuming you don't need to buy third-party tools to accomplish your goals
- NinjaTrader has lots of users building custom chart tools with their own tweaks, as can be seen on futures.io (formerly BMT)
You'll have to decide which is best for your particular needs. The above list could go on forever. Platforms are a very personal thing, traders live with them all day long, every day. So the best suggestion I think that anyone could possibly make is to demo both of them and pick the one that you like best and that fits your needs best.
FT71 uses Investor R/T, and provides all his chart definitions so that your charts are identical to his (for learning purposes it's much easier to follow his methods). He also doesn't use Market Profile (just Volume Profile), so no need to subscribe to the most expensive version of Investor R/T. Investor R/T offers a free trial period, and if you already have a data provider you can load FT71's charts on the free trial to see if it works for you before you begin paying for it (not sure if the free trial is 2 weeks or one month).
Cheers!
Edit- I forgot to mention that Stage Five clients can now use the free data service provided to feed Investor R/T, so no need to pay for a data feed if you use Stage Five as your Brokerage.
I think it comes down to the time horizon you use the tools.
If you use long term volume profiles, cumulative delta or footprints - wanting to see them over weeks & months, then you need IRT/MarketDelta because of the backfill.
FT71 does indeed use volume profiles spanning back months.
If on the other hand, you are just interested in more local action - what has occurred today then GOMI is fine.
In terrms of IRT vs MarketDelta - that's really just down to footprints IMO.
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
the only difference for me are the footprint charts. here you need bid / ask data. but for volume profile and cum delta, gom indicators are fine without being connected 24/7 or downloading backfill data. even looking several months back.
having said that, with nt8 coming soon, then even the footprint charts shouldn't be a problem anymore. but we're still @gomi mercy to convert them.
Cumulative delta based on trades @ bid vs trades @ offer can't possibly be valid unless it's connected 24/6 or backfilled. It'll simply be wrong. You will see bars but they won't contain the correct data.
Long term Volume profiles based in IRT are (as far as I know) based on 1 mins bars and not actual volume at price. I imaging GOMI does the same but you cannot draw on a custom profile onto a long term chart with GOMI which I think is a necessity when looking at local ranges.
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
