Ok fellow traders, while we are sitting here in a boring sideways day, I have a question. For me it is all about volume and price(longer term chart patterns and COT works well) especially in the immediate now. I moved over from stocks to futures awhile back and have been doing quite well for myself, I only "hammer" a trade when my setups appear and the trend is intact, market is sideways, I forget about it. Coming from stocks to futures my main complaint is the lack of tools on most futures platforms, (1)most do not have a decent scanner that will pop up a contract when your setups occur at EOD or real time,(2) I do not care what some genuises think here on Elite Trader, the DOM is much harder to predict market direction through tape reading than a L2 for a stock. I am a very proficient tape reader for L2, just OK on the DOM. SO that leads me to my question./ Is there Ninjascript(or any software for that matter) out there that "Enhances" the DOM and time $ sales? The problem with the DOM and time $ sales in futures platforms is it is very hard to determine who is hitting the bid or ask. I want a DOM and (especially) a time $ sales that show every order as hitting either the bid or ask in real time. These platforms do not split the bid/ask volume up! Now I know that there is very expensive software out there that supposedly shows you true volume/price studies like TradeGuider, have you seen the prices? Out of the question. Is there any ninjascript or other software that "Enhances" the DOM and time & sales? What about other software that at least shows the difference between bid/ask on the chart? Truthfully I want software that shows the instituional order flow in real time and EOD, that is what moves the market, seeing it clearly is what makes you the big $$$$. I am a full believer in COT data and I use it and seasonal trend knowledge to trade in the trend long term, knowing TRUE institutinal order flow and determining who is controlling volume in real time, is key to grabbing those 8/9 pt. trades. Any suggestion on software would be appreciated.
No, no, no(thanks anyway for suggesting)! I am not looking for the "traditional" market profile chart which always looks like gibberish to me. What I am looking for is a "Enhanced DOM and time and sales" that Truly shows the difference between the volume of the buyers and sellers so I can "read the tape" in real time and determine who has control in the Immediate Now. Sure you can have the total amount of contracts available on the bid and ask at the bottom and top of the respective bid and ask columns, however this "total" amount of contracts available still doesn't give you a true discerning ability to determine direction. My DOM(Quick Screen Trading or QST) even has "market profile" on both sides of the DOM for bids and asks, this is just more "noise" in my book and still doesn't give you a feeling for overall direction. I moved over from stocks to futures so I wouldn't have to run detailed scanners through the night to find the gem in the rough the next morning, instead of 12,000 stocks to watch, there is only around 40 futures contracts I watch for my setups to occur. L2 and time and sales for stocks is very easy to "tape read" to determine the direction the mm will take the stock. The DOM that everyone claims as the greatest thing ever invented, might make getting in on a trade easy and quick, however reading the tape, is nearly impossible with how many contracts that are trading every second. What I would like to see is a DOM that is able to clearly define who is in control at the immediate now, the buyers or sellers and then color code in Green or Red to easily show you visually who is in control. Also, the time and sales doesn't breakup the volume between buyers and sellers and every trade that goes across the tape should be shown as either a buy or sell. Also showing this in a chart would be great as well, not that market profile stuff, just range or volume bars that have the amount of buying and selling going on in that time frame via the amount of either green or red in the bar. If anyone knows of where anything like this has been coded for NinjaTrader then let me know. Also does anyone out there know of a compiler that will take Tradestation Easylanguage code and switch to to NinjaScript? Any suggestions and or experiences in trying to discern the buying and selling volume in real time through either the DOM or a better chart would be appreciated. My complaint is that all of the futures trading platforms seem to leave you short on tools to determine the buying selling pressure in real time. The DOM lacks the ability to show you true direction. Anyone that can code a "Super Enhanced DOM" like the one I describe above, could be a rich man. Let the discussion begin.
Hi ES, I did some analysis and coding in this context. If you want to establish the rules, I can code them. One of the great thing about Ninja is that it gives you full development access to DOM and T&S, and it can be sliced in any way. Take a look at this thread that I started a while back: http://elitetrader.com/vb/showthread.php?s=&threadid=103293 Regards, redduke
I coded an indicator for displaying bid/ask's pressure. If you know how we can become rich men ... Greetings (sorry, but my english level is not very high)
Any chance of seeing the code? I am starting to learn Ninjascript and this looks like it does things I would like to understand better