Which Market Data Subscription do I Need? (Futures, Stocks, Options)
HTML-код
- Опубликовано: 22 июл 2024
- After watching this video you should no longer be confused about what market data to subscribe to. This is a beginner video that goes over how market data subscriptions work and some of the limitations that exist with some markets. This video covers market data but also in general covers data that could be useful for some investors.
At 13:11 I said Sierra Chart does not have the Level 2 data for US Stocks. What I meant is they don't have all the Level 2 data, they do have the NQ TotalView which shows the order book on the ISLAND exchange.
Recommended Futures Broker: 🏦
www.ironbeam.com/verrillo-tra...
Recommended Broker & Support the Channel: 🌎
www.InteractiveBrokers.ca/mkt...
Check out TradingView: 📈
www.tradingview.com/?aff_id=2...
➜ VerrilloTrading helps investors learn about software and tools for navigating the financial markets.
Subscribe to stay in the loop, new videos every week! 🔔
/ @verrillotrading
✅ Recommended Playlists:
• Trading Knowledge
• Interactive Brokers Vi...
• Sierra Chart Videos
• Coding in C++ and Bash
✅ Recommended Videos:
TradingView Bracket Orders: • Futures Trading with T...
IBKR Bracket Orders: • Interactive Brokers Fo...
Why Traders Need OCO Orders: • Why Traders Need OCO O...
Futures Trading with IBKR TWS: • Futures Trading With I...
How to Fund IBKR with Wise: • The Proper Way to Fund...
Basic Example with TWS API in C++: • Trader Workstation API...
Sierra Chart Basic Important Settings: • Sierra Chart MOST IMPO...
Broker for Trading US Stocks in Canada: • This Broker Stands Out...
Earn Interest on Cash with Secure Broker: • This Low Risk Trade Ea...
Telegram Interface to Trading Software: • Fastest High Frequency...
📜 Disclosures:
VerrilloTrading may have an affiliate relationship and/or another material connection to any persons or businesses mentioned in or linked to in the content above, and may receive commissions from purchases you make on subsequent web sites. You should not rely solely on information published by VerrilloTrading to evaluate the product or service being offered.
The content that this channel provides is intended for educational purposes only. Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. The risk of loss in trading commodity interests can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition.
All content appearing on VerrilloTrading is protected by copyright law. Rebroadcasting or any other commercialized use of our program content is strictly prohibited.
00:00 Info and Software used
01:01 The importance of Data
02:03 Do you need level 2 data?
02:28 Order book example (explained later on)
03:06 Crash Course on Level 1 and Level 2
05:43 My opinion on level 2 data
06:28 What level 2 doesn't show
07:17 Crypto is more transparent
08:05 You don't need data from your broker
08:50 US Stocks Level 1 Data
10:11 US Stocks Level 2 Data
12:37 Cost for US Stocks Data
13:45 What Platform I Use for Futures
14:40 US Futures Data Full CME Group
15:38 Cost of Futures Platform and Data
16:59 Clearing up your confusion
17:54 Stock Options Level 1 Data
18:25 Why I don't recommend options
19:07 Stock Options Level 2 Data
20:11 Cost for Stock Options Data
20:21 Crash Course on the DOM with Market by Order
22:26 Final thoughts
As someone who RARELY leaves comments, I felt compelled to because this was very helpful and insightful! thank you so much for what you do!
Most welcome! 👍
Your videos are consistently excellent, providing comprehensive and well organized content with examples, details and helpful references. When searching for information and seeing a video from you, I know I've found my solution. Thank you!
Thank you for the feedback!
Thank you so much for this comprehensive video. It really helped me to clarify which subscriptions i needed. I really appreciate the effort you have made. ♥
Most welcome!
Extremely helpful. Very thorough, great details and explanations. Love your videos.
That is what I love to see! 👊
You helped me clarify the data subscriptions I needed with IB. Thank you!
You're welcome!
thank you so much for a great video! it saved me several hours of waiting for IBK non existent customer service to come back to me. And not the fact that whoever I would talk to would even know all the information that you provided in your video! I used TOS for years, so Level 1 and Level 2 US equities data was coming complimentary on the platform. So sad they left Canada. Now it's like crazy trying to set everything over again and all by myself. Most of the IBK customer reps are of no help at all. Great to know, that there are videos like yours on RUclips, which already provided me with an extensive knowledge on setting up my new TV platform and connecting my new broker IBK to it. You are a true time savier!🙂
Thank you! These are the types of comments that keep me on RUclips!
Literally what I been looking for thank you much appreciate all the help you provide! amazing videos and super helpful
Happy to help!
Great video, so hard to find good content for this platform. Great work!
More to come!
You really always amaze me with the information you provide. Thank you
Glad it helps!
A rocking video! Thanks for your efforts. You certainly do keep up with evolving changes with industry technology.
Thank you very much!
Thanks dude. Awesome guy providing this super important information for free! Bless you
My pleasure!
thanks a lot for your explanation, really helped clarify how the subscriptions work!
Most welcome
Very thorough and much appreciated… thanks
Pleasure!
Very informative,... I was looking for these information for days ! Thanks for your IB guidances !!!
My pleasure!
Thanks man. I'm newer to IBKR so this was helpful.
Glad to hear it!
I want to thank you for your quality and clear videos on IBKR and trading in general. I have just started my journey in the world of trading and each of your videos is a valuable source of information . Thanks to your advices and tutorials I was able to succeed in my first position 😘 bless you
Best of luck on your journey.
absolutely loved this explanation 🙏🏾🙏🏾🙏🏾
Glad you enjoyed it!
Thanks as usual for your helpful and informative videos
Thank you!
Really very helpful...thanks a ton
Glad to help!
Thank you for this video!
Welcome!
Subscribed. Thank you so much.
Welcome! 👊💪
Such a amazing info sir thank u so much
Glad it helps!
this is very useful, thanks !
Glad to hear that!
Can you do a video on sierra charts market data subs for all levels stock and options tradingg as you have done for ibkr ?Thanks in advance
Very helpful! thank you
Most welcome!
finally a video about MBO data
Glad it helps!
Hey dude nice content.. I only trade a few cfds… jpm, tsla, appl. Is it worth paying to get the level 2 data for them? I trade on fxcm so it’s only top of book with no info on trade size
great informational video
Happy to help!
hey thanks for this ! How to activate this data subsription on Tradingview ? if im log in , still cant see realtime , only Delayed data .
Thank you Chris...
Welcome!
Hi, what data provider will be better for fx and gold?
Superinformative as always Chris! Any clues as to why my Sierra Chart time and sales (level 2) prints super slow on major stocks!?
glad it helps. I do not know regarding the second question, do some tests and comparisons and reach out to their support if necessary.
hey that was fantastic
Cheers!
Can you please make a video on EVERYTHING WE NEED TO DAY TRADE SPX on IBKRS , How to get Level 2,, subscriptions, how to access the right spx chart, etc thanks.
I have taken note of this in video ideas. Thank you.
What market data subscription would I need if I ONLY wanted OPTIONS on Futures. Would that be the Options subscription? Or the Level 2 CME Real-Time Futures?
Thank you for the comprehensive explanation. Nonetheless, I have another question and would appreciate your assistance. I'm trying to determine whether the trader bought or sold a call option. Currently, I only know that the trade volume exceeds the open interest and it's an opening trade, but I need help figuring out whether it involves buying or selling. Is there a way to subscribe to a service that provides this information?
Glad it helps. In every trade there are two parties involved. A passive participant and an aggressive one. You can also use the words Maker and Taker. The passive participant or Maker places their order on the book which can be publicly displayed to all market participants and waits for the market to trade their order. When their order is traded, it is an aggressive order or Taker that trades into it. It can either be a market order that gets matched with their limit order, or a limit order that was considered marketable at the time it was placed. Each trade has both a buyer and a seller. A passive buyer gets met with an aggressive seller, a passive seller gets met with an aggressive buyer. The orders displayed on the order book are the passive orders, often times they display and are pulled away before being filled.
Hi Chris... Thank you for sharing your knowledge with us. Very good teacher. However, I really need help. I am interested in trading Micro Futures.... I have a funded account with IBKR, also TWS. I have view so many videos from your channel and I need to know what are the DATA subscription I need to purchase for MNQ... etc. I am really sorry for my ignorance, but I really need to know, as I do not wish to purchase more than I need at this moment. And after that, can I trade from trading View, as I find that platform a lot easier to navigate. Thank you again!
Quick question but first thank you so much for your videos. They are very helpful. I noticed in this video when you highlight text a pop up appears that says “all prompts “ on the top of that pop up and at the bottom it said search or copy. How can I get that feature? Thanks
I am really not sure which pop up you are referring to. Please provide the timestamp in the video for when this occurs.
@@VerrilloTrading it pops up when you highlight text at 18:17 and 14:54 to 14:58 and a few other times but those time stamps will show it. it says AI Prompts on the popup.
Since I trade stocks via Sierra Chart, I subscribed to their Denali US Equities Consolidated Tape Exchange + NASDAQ TotalView exchanges.
However, both are not consolidated. The support told me they were working on this, but as of yet we have to constantly chose between seeing full volume and seeing level 2 data.
Besides, using Interactive Brokers as my trading service, placing an order on a symbol that has the -NQTV extension generates an "error" message in the orders window. Orders cannot be placed there.
Yes, this is true about the data. Regarding the second point about placing an order, you need to use the trade only symbol and make sure it’s set to an interactive brokers symbol while you’re connected to the IBKR trading service. With this way, it will work to place an order from Sierra to IBKR.
@@VerrilloTrading So for example, you need to set "AAPL-NQTV" as the chart symbol and on top of this, set "AAPL" as the trade and current quote symbol. Is this correct? In this case, orders are indeed being sent to TWS as long as the "use as trade only symbol" option is activated.
Doing this for every new symbol that you open is going to be tedious, thought-consuming and the market is inevitably going to skip you by the time you are ready. Unless there is a way to automatize this.
Can you set Interactive Brokers as your trading service BUT use a better external data feed which would be exempt from all those complications?
@@ortialni7 Hey Antoineo, Did you ever figure this one out? I have IB as my broker, but I'm looking to get sierra charts and optimise the data subscriptions I need (ie. Fastest for least amount of money, relatively speaking)
great vdieo.. just quick question after subscribed to level 2 then how i can move or how can i set up this level 2 data book on my tws and last question how about time and siles (do i need to subscribe for it or i can use standard tws one ?) thanks and regards,
Talgat hope you answer
You can view level 2 data using some of the tools in TWS and the other apps. Some of these are BookTrader, and Market Depth. Time and sales requires Top of Book (Level 1) data.
I recently subscribed to the level 1 data feed for network A, B, and C. Will it be displayed on the IBKR mobile app too because that’s where I trade mostly
Yes it will be displayed whenever you log in to that user account. It can be on any of the supported platforms, or a third party software making an API connection to your trading account.
So I wanna start with topstep but I hear rithmic data is terrible. What would you suggest to use it with quantower(Or can I even use different data within the same platform which is quantower)? My trading style is with level 1 data.
I haven't used Quantower very much so I could not say. You would need to contact your broker or service like TopStep to see what they say.
thank you
Most welcome!
what is with the bundles on the top in IB? the one for 10$ and for 4,50 especially. what is there included?
Hello, Last I checked it included the 3 networks A,B and C for US Equities and also the US Options top of book data. Though in order to get that bundle they force you to get the other bundle that costs USD $10 / month that you mentioned. This gets waived when the account does more than USD $20 or $30 in commissions. If you are trading more actively every month and require data for US stocks then this would be the lower cost way to subscribe to it. If not then you could subscribe to each network individually and it will come out to less because that $10 bundle is not required. Let me know if that cleared it up.
I need level 2 data to see order book. Just need to learn interactive brokers platform I been using traving view with their live data but this vid helps out . Thanks bro
Charting in IBKR sucks.. However, they have advanced charts which is basically Tradingview..
@@ejram4ever716 I have used their advanced TradingView charts and I have issues with TWS freezing. Also I can ofcourse restart, but my TV chart settings are default settings and need to change them back each time. I have powerful gaming computer and I have allocated memory to 2 giga to TWS. Maybe I just have too much data etc. I scalptrade mornings and switch to Tradingview midday when lookin intraday plays for rest of the day. With Tradingview I have tape and now DOM, since they also works from IB now.
@@FinZippo How do you get the Tape on TV with IBKR?
Thanks glad it helps!
Does Ironbeam platform offer footprint charts? And if so, is footprint data customisable (delta, volume, et cetera)?
Ironbeam has a free platform called Ironbeam App and right now it doesn't have footprints. I would say it is a good basic platform for beginner level or just to view quotes on the go. Most other traders would choose to use the platform of their choice since futures brokers let you use almost any platform.
Hi, How are the commissions compared to Charles Schawb when it comes to futures?
I never used Charles Schwab but you would need to contact a broker and see if they can match or beat it.
so when i trade futures i only need the CME Real-Time bundel? Or do i also need the L1 CME real time?
For the CME group of exchanges, the level 2 subscriptions include the level 1 quotes.
Thank you so much for this video, I'm trying to understand which broker fits better for my account. And Which data feed get. As an Italian, I have limited options. Can you do a tutorial on how to connect Interactive broker to the trading platform and how to connect the extra data feed? would be a bless, thank you.
Hello, I think the first step would be to figure out which trading platform you are using. Once you figure that out you can figure out what data feeds that platform supports, then you will be able to choose. For example some platforms allow you to connect Interactive Brokers account and use a different data feed on the platform. Just know that the data feed, the broker, and the platform can all be different things.
Thank you very much @@VerrilloTrading
Does Ironbeam let you do vertical spreads with options? Like credit spreads?
Yes futures options are supported. Depends on the trading service you use. I’m on Teton order routing and they do have them there.
Do you think sierra is worth it for stocks? I have seen only 1 person trading with order flow. I don’t know why more people are not using it
When they get the consolidated data feed working with L1 and L2 yes it's gonna be extremely worth it. Right now they have the feeds separate which is ok for L1 and you can find a way to get the L2 some other way.
If swing trading US stocks, will I still need to subscribe to Networks A,B and C to place orders? Or can I technically place orders without any subscriptions as I'm using a separate platform to scan.
Thanks for all your prompt responses!
Hello, you can definitely place orders without having any market data. You will get a warning in TWS if you decide to place an order on a ticker without subscribing to market data, the trading will still work. You may be getting your market data from a different place.
i have mbo for the top sierra package, i have it only show the biggest bid and ask bar w percentages, it looks a bit less clustered. To be honest, i think the high speed trading and everything makes it useless for us now. I've heard older traders say sometime around 2009 it got kind of useless as an edge. volume by price, volume bars, the simple stuff and market structure works, take note and draw important levels on the charts and go in with a plan. break and retest, the simple stuff
Great point!
Hey Brian, Do you use the MBO data for stocks?
@@killianfoley I only actively trade futures, I used to have the MBO data package but I honestly don't think it is actionable or helpful. I can look at price and levels and you just kind of know where people are going to put those orders.
With high speed trading and spoofing (putting the order out then pulling it before fill), I honestly believe it is more distracting and deceiving than helpful.
I had read some forums from older guys who were trading in the early 2000's and they said somewhere around 2007 or so the computers kind of took the edge away with level 2 and all that.
I am 100 percent believer in experimenting and trying everything and then just figuring out what works for you so give it a shot if you haven't.
If you trade very small cap stocks or overnight gappers, the MBO may be more useful, I can't really speak on that though
@@killianfoley also i think of trading with a bit of a "hierarchy of realness" so Price and Volume are king, identifying support resistance purely off the charts and just avoiding being in positions during economic news drops, then I just play break and retest scalps or reversal scalps. Try to get as few variables on one side of the equation so my decision making is fairly mechanical
@@killianfoley oh sorry i just realized you were replying to an old comment of mine. I moved on from MBO after giving it a chance. As a bonus, my data is only like 4 bucks now so i have 2 subscriptions so i can keep a spare laptop going just in case my main rig fails or power outtage
can you help me choose the correct market data for a new trading 1 month learning on my own trading NASdaq and Penny stocks i think its the OTC market i dont know how to trade options just as yet but will learn after i get the hang of it ohh im also located in Toronto Ont, Canada if that makes a different . and i do like to see real time data in pre market and after hours so i can place trades
Hello, the bundle shown in this video that includes the 3 stock exchange networks should do the job.
Hi thanks for all the informative videos that you share on this channel I am really confused please help
1. I am using Jigsaw platform
2. Interactive brokers is my broker throug which I want to execute trades
3. I need CQG Data feed (this is the part where I am unable to understand that how do I get a CQG data feed connection ? I contacted them but they told that they don't provide data directly so please guide or make a video on how to get a CQG data connection for Jigsaw using IB as broker to execute trades
Hello, I am going to do my best to aid you with this. You first need to understand that both IBKR and CQG are trading front end providers. You cannot trade with IBKR broker and CQG in the same account, they are two different trading service providers. CQG is not a broker on their own but they work with other brokers like AMP for order routing of customers trades. I have a video that clears up this exact topic you can view it here: ruclips.net/video/SfioNYdZUaM/видео.html
If you are using Jigsaw platform, you need to find a futures broker and open an account to get either CQG or Rithmic connection. Most smaller futures clearing firms will allow you to do that. Not IBKR because they have their own trading service so they do not rely on CQG or any other.
@@VerrilloTrading ok so just watched ur whole video thanks got clarity on the topic of please let me know if I understood it
1. Jigsaw with IB data feed through IBTWS platform
OR
2. Jigsaw with CQG data feed through AMP Futures for example
Am I correct?
@@abhinavvarma4469 yes that is correct.
@@VerrilloTrading Thanks a lot 👍
Can you tell me the subscription i seem to be capped too 100 tickers that i can see in my favourites the rest are greyed out unless i click on them. Its nothing to do with which date subscriptions i have because if i move any stock to that side it gets greyed out, seems to be a cap of 100 i subscribed to something before and i could see all my favorites do you have any idea what it is?
You might be experiencing a symbol limit on IBKR. They have a data pack you can add that gives you more allowed symbols at the same time. Another thing you can try is closing some unnecessary or duplicate watchlists. These may be using some of your symbols.
Yup thanks that was the problem have to pay an extra 50 per month to get another 100 symbols@@VerrilloTrading
I've subscribed to real-time data but it is not appearing on TWS, any thoughts on what the issue is ? thanks a lot
Make sure you are logged in to the same user account where you have subscribed to the market data. Other than that I would recommend asking technical support.
If you have a cheaper subscription, doe’s it interfere with filling orders? Sometimes I have the impression that IBKR doe’s it.
No because the trading gateway and the market data are two completely separate things.
No because the trading gateway and the market data are two completely separate things.
So, my takeaway is that GFIS feeds, for T&S and L2, are sub-optimal... So if i truly want to develop my tape skills... I should look away from interactive brokers?
Sub optimal in some ways but not completely. It would take a bit of time looking at a tick by tick data feed and seeing how that is different and then you could make a decision. Tick by tick data is pretty common in futures but what's less common is a tick by tick feed that has accurate bid/ask volume as it was reported on the exchange, and also accurate historical tick by tick data. Not everyone needs this type of data but if you want to work on tape and dom it's better to have it.
@@VerrilloTrading so even if I found some success and want to real perfect my strategy based on T&S, the feed from ibkr is "good enough" for a high percentage of ppl? That's good would be nice to not have to change brokers again lol.
Thx for this, super super helpful!
Doesn’t the 4.5$ bundle us options and equity cover all the Level 1 subscriptions you mentioned?
It does cover most of it. The bundles are good if you need all stocks and options data and also futures level 1 quotes.
Hi I have a question. If I purchase depth of market data for bookmap, can I also you that same subscription of data on my charting platform Motivewave? Or do I need to purchase data again? I use tradovate and do not have full depth of market
Hello, I’ve never used any of those software providers you described so I could not assist. The only information I would know is it is not recommended to double pay for exchange data unless you absolutely have to.
@@VerrilloTrading appreciate you bro
Maybe do a video for options of futures market data
Noted, thanks!
Do you get better fills with level 2 Market data?.
Market data has no impact on how your orders are filled, it is a completely different thing. Market data relates to the market information that traders normally use to inform their decisions but the order routing takes place on different servers.
how can i see MES Futures on IBKR?
Open a chart or watchlist and type MES and you should get the option to bring up the futures contract.
Tnx
Glad it helps!
being from canada, are you able to do a tax video for your futures trading?
Also if you use a small corporation for lower tax bracket explain the setup.
For individual it is not that complicated. It should be reported as capital gains or capital loss. If you’re self-employed, and you have multiple sources of income, you could potentially write it as a business income or business loss. Otherwise it should be capital gains. In response to the second person about the small corporation, corporations actually get taxed a lot more than individuals on investment income or capital gains here in Canada. It’s around 40 to 50% however, when the corporation pays out taxable dividends to it’s shareholders, the corporation is eligible to receive a refund on that high tax they paid on investment income. The lower tax rates that you might be thinking about regarding corporations is about active business income in a corporation, not capital gains, or investment income. Consult with a tax specialist if you can.
@@VerrilloTrading under 1M$ you can get small corporation with about 11% of tax income (this amount change a little bit by province)
Capital gain is the most interesting setup, but recently the CRA has mentioned that they want to check carefully traders that hold asset under a month and the number by months. With future it could be more challenging to trade it as individual trader
opra subscription says USD 32.75/month to me
If you're on a corporate account they normally force professional market data fees. If it's an individual account you can normally change your subscriber status to Non-Professional.
Real Time Price Chart for US stocks, which one should I subscribe?
Level 1 data for network A, B and C. The others are extra.
@@VerrilloTrading what is network A, B and C?
on IBKR canada how much do i need to trade ES?
This page contains the answer to your question: www.interactivebrokers.com/en/trading/margin-futures-fops.php Intra day initial is around $8800 USD / contract, overnight is a bit more. These margins are subject to change, they were much higher around 2 years ago.
Thanks for the reply bro. Love your content it’s very educational. Initial margin is still the same. Thanks 🙏
3 years ago you said that level 2 data was not that important...Did I miss something?
1000 days is a long time ago.
🤝
Glad it helped!
I understand OTC market buys and sells but they don't effect the market.
BUT WHY IS THERE SOME RANDOM "DARK POOLS"? Wtfff
Yea. My broker in my country (it's too expensive to get to US broker for me atm) doesn't provide any at least not level 2 data feed. So I just buy it seperately.
Dark pools are a definitely a thing when it comes to stocks.
Why would you compare the basic Sierra chart data with the unnecessary level 2 stuff from IB? You can get IB data which gets waived if your get the bundle and end up paying only $4.5 for options data.
I would trust an established 3rd party data who specializes in data over a beta data option which is not even the primary product and hasn't proven itself.
Which one is the “beta” data option?
@@VerrilloTradingthe sierra chart data which is developed and level one.
While DOM is great, having a breakdown of some of the legs is pretty useless.
Are you using jigsaw with Sierra ? If Sierra can be used with iron beam , why bother with Interactive Brokers?
I am not using Jigsaw anymore for futures, only Sierra Chart. I use Interactive Brokers for longer term position trading of Stocks, Reits, ETFs, and currencies.
@VerrilloTrading okay gotcha. I'm trying to put together a futures trading system. So far, I'll approach Sierra, and now I'll need to figure out a broker for day trading and scalping
@@diamondsharkentertainment7327 Ok, glad I could help.
@@VerrilloTrading your very much appreciated for your teachings. 💯
Salut, Merci good job. Pour les Canadians Interact broker c'est le moin chère? Good job keep it up!
Merci! Yes IBKR is a one of the best options for Canadians. In the future we might see other brokers from the US try to enter the Canadian market. It is hard because of regulations.
🙏
👍👊
🤙
Cheers!
have you been profitable? just curious, youve been making vids for 3 years would be good to hear
Great question. If you could define profitable I could provide a more detailed answer. What I can say is I lowered my trading frequency a lot this year 2023 and due to that I've noticed the trades I do take end up being higher quality. I take a lot more time to plan trades, which allows me to increase the risk on those trades too since they are higher timeframe. I'm way passed that tendency of always wanting to be in a trade. I'm not making livable money from trading, mostly focusing on growing a small account and managing bankroll for the long term which has been going good.
@VerrilloTrading do the wheel strategy
Double money or more every year
You can do options with no margin
Currently I'm scalping and in trades for seconds seems to be working because options have no fees just $3
Dude looks like Vlad
Cool!
Hey, i love your videos they wre really helpful and you're very clear. Are you om Twitter?
Thanks for the kind words. I do have Twitter but do not post there often.
@VerrilloTrading OK no worries! Thanks for all your help!