I am using Sierra Charts software. I have the option of using CQG, Iqfeed or Sierra Charts data. I will be trading stocks and futures and need good tick data as will using volume profile and footprint charts. I have heard Iqfeed is good but its double the price of sierra charts data.Any feedback appreciated.
I like the DTNIQ data feed, and it is of high quality. However, it might be better for you to use Sierra data (White label of Barchart) because it would be easier for them to support it. It is fully integrated with their platform and they put a lot of development and effort into it. There maybe internals (TICK, TRIN) that could be different for the two data feed. Either one of them is a good choice, and one is not superior to another. Both DTNIQ and Sierra data are not execution type data. They are only for historical purposes. You would still need to connect to an execution data feed, either CQG, Rithmic, CTS or TT, One of the execution data feeds may give you enough historical data where you may not need the others. I hope this helps you. Our Sierra demo is driven by Rithmic, and you can try that. https://optimusfutures.com/Platforms/SierraChart.php
I'm confused... "It might be better for you to TRADE with Sierra data" followed with... "Both DTNIQ and Sierra data are not execution type data. They are only for historical purposes. You would still need to connect to an execution data feed" Could you please explain the difference between trade-able in real-time data, execution type data, and historical data? I seem to think SC allows trades to be executed using any of the data feeds mentioned. Although broker/fcm may have other requirements. Thanks
I changed the "trade" to "use" for convenience. Again, DTN IQ or Sierra Data are used for quotes and historical data, they do not have the ability to send orders to the exchange. You would need to hook up Sierra chart for the order routing to one of the data feeds I mentioned above. It is not a must to use DTN IQ or Sierra Data, you can just plug in one of the execution routing data as they provide historical charting as well. Some traders prefer to use DTN IQ or Sierra data for quotes and charts because they go back further for tick data and may provide better-unfiltered data. Yes, the broker may have a preference as far as the data they provide, but they (or Sierra) can't change data that does not provide execution (order routing) to execution type data.
That's what I thought... Basically any feed could be used live, so long as it is compatible with an offered platform, and one of the execution order routes offered by the broker/fcm. Additionally the account needs to be properly setup for such routing so appropriate parties can make their shekels. Thanks
You are correct. Luckily, Sierrachart has the ability to connect to multiple order routing, and each offers its own benefit.