My broker CQG has already started using the new protocol for the CME, and the trades are bundled. So a 2000 tick chart has much fewer candles did it used to. I tried various volume charts (5500, 6000, 6500), but none of them give me the same price action I am used to. I haven't used a smaller tick chart (e.g., 700) because it seems pointless.
If a tick can represent a variable volume size, how is that *better* than a volume chart which represents volume? My recommendation is to suck it up and reorient your setups around volume charts. I mean honestly, how different can it really be? If anything I'd expect more accurate behavior using volume anyway.
You may consider switching to a different data provider: http://www.elitetrader.com/et/index...rket-data-trade-messages-a-la-fix-fast.291697
It's different to me. But everyone trades differently. It is hard to explain why trading is different for me using the volume chart compared to the tick. Thanks.
Thank you for this information, I asked my broker about Rithmic because this is one of the data feeds they offer, and they said Rithmic had also switched over to the new protocol. But perhaps this has changed. I will look into it, thanks much.
I believe that most data providers have not switched to the new protocol yet. CQG is one exception. According to the first post of the following thread, it seems that Rithmic feed has not adopted MDP 3.0: https://www.sierrachart.com/SupportBoard.php?ThreadID=13813 PS: Sierra Chart has not switched either.
Just want to chime in. While I am aware of the changes MDP3 will introduce, I use time-based bars. MDP3 is just a shoulder shrug for me. I have always found volume/tick/range/etc bars to lack an important detail for me... pace. While I employ methods useable with non-time based bars, it is not my charting preference. Anyway, pretty frickin amazing fees increase and detail/transparency decreases. Not being an expert on the MDP3 topic, I'd imagine Time and Sales data could be used to create a bar chart if using a robust (codeable) platform. Good trading to all.
@shotsfired This youtube may be useful to you. I make this post for informational purpose only. This is not an endorsement or recommendation of any kind.
You can save watching the 11 1/2 min video by just going to a lower tick count chart, duh! Or what I prefer stick with a time based one because time is just as important if not more sometimes than price.