Has anyone got a use of the DOM? I was looking at it the same as level II? I see the orders, but not the price movement that I can trade around
DOM just means Depth of Market. Most current scalping order entry platforms have a 'DOM' trader. Trade Station calls theirs the MATIX, IB's is the Book Trader, Infinity calls theirs the Ladder. Geoff / Cajun
Cashrules, If your DOM has a trade history as well, then you can use it to see what prices are getting filled most often. A number of the traders I've known from the CME use this information to help them to pick where they will place their pending orders. At the very least, you will at least be able to see how many orders are waiting at each price, or if there are gaps in the price ladder.
For most of yesturday and all of today I've had a program my internet provider, so I have not been getting good info to trade off of. So to pass the time I've been looking at the quotes (the only thing I get NO CHARTS) and the DOM trying to see a pattern enough to trade. that is what what I was woundering, is it a tool, or can you "scalp" off it?
I started a thread ."why DOM is deceiving"...you may want to search for it and read it before trading off of it...
I too started a thread in the stratagy trading section about reading order flow. It should help you get on the right track although I am still learning more about the dom every day. Good Trading
Cashrules, Take a look at this thread. It covers using dom and T&S. http://elitetrader.com/vb/showthread.php?s=&threadid=103293 Regards, redduke