Several software companies offer heatmap analysis for $40+ /month and in-depth order flow data for day traders. I would like to know if the tool helps you make timely decisions about entry/exit and stop loss. (The one example I have been looking at is from Bookmap, also the most popular brand)
You might have a free trial ? If not … Take 1 month and try it for yourself. SierraChart also provide it with their package 12th. I’ve not tried it long enough and I don’t use it. I don’t even have level 2 on my DOM
I think it really depends on the market, but I have lots of proxies for order flow, some of them clever, some laughably simple. Maybe they're harder to understand than this type of software. For example, the ICS market (long/short yield curve spreads) greatly determines order flow in the rates market. NYSE traded volumes really affect price moves in stocks, and vol marks heavily influence flows in mega-cap stocks. Then there are futures basis spreads, intermarket quotes and volume weighted prices on cross-hedged index positions. VWAP and momentum algos in fx futures, etc. That software, if it does work, is easier to understand than the others I mentioned. Bottom line is, flows originate from different places in each market. Also, the off-exchange and unlit trading is substantial, so listed volumes have to be read in multiple ways.