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Level 2 for Forex?

  • #1
  • First Post: Sep 26, 2005 3:26pm Sep 26, 2005 3:26pm
Are there any platforms that have anything like level 2 similar to
stock trading which shows in real-time the number of buy/sell orders
as one guage of market direction?
  • #2
  • Sep 26, 2005 3:41pm Sep 26, 2005 3:41pm
Quoting mmills4x
Are there any platforms that have anything like level 2 similar to
stock trading which shows in real-time the number of buy/sell orders
as one guage of market direction?
As there is no centralized exchange in Forex, you can only see your local MM's depth, if he show's it at all.
Esignal offer market depth on FX, but it's an extra $20 or so *on top* of the $50 you pay for the GTIS feed. And then that's additional to your basic subscription, so is an expensive option IMO. And the Esignal data can wildly fluctuate due to the 200+ contributors.
This is how Oanda display the open order book, helpful maybe, but I don't usually look at it.
http://fxtrade.oanda.com/resources/t...rsummary.shtml
cheers
  • #3
  • Sep 26, 2005 3:47pm Sep 26, 2005 3:47pm
Quoting mmills4x
Are there any platforms that have anything like level 2
i wish!!!

to cope with the lack of order depth insight, you can look at the CME currency futures level 2. they track well with the forex market. i dont scalp, but if i did this is the setup i would use.

btw, anyone used "the matrix" in TradeStation? awesome level 2 setup...
Relax and be happy.
  • #4
  • Sep 26, 2005 6:32pm Sep 26, 2005 6:32pm
Merlin!,

I use Tradestation as well & I've noticed the "Matrix" icon, but never paid much attention to it... How do you use it???

PipBull*
  • #5
  • Sep 27, 2005 12:48am Sep 27, 2005 12:48am
The best information you could get is a number of transaction and a price realized by a MM this is available in eSignal & Reuters platforms (may be bloomberg ...)
But at the end it is pretty useless !
CME curencies contract level 2 are the best bid/ask indicator of what is going on in terms of volume. you can register at: http://equivalentsrdc.cme.com:443/index.html (top secret link hihihihhi)
  • #6
  • Oct 2, 2005 2:16am Oct 2, 2005 2:16am
Quoting Pipbull
Merlin!,

I use Tradestation as well & I've noticed the "Matrix" icon, but never paid much attention to it... How do you use it???

PipBull*
well first you have to sign up for the level 2 data. then, right click on a chart, and click "create matrix". this will give you the level 2 view (aka "the tape"). the numbers above the price are the resting asks, the numbers below are the bid orders. its pretty awesome, you have to play with it for a few weeks before you really get the hang of it. when you can master the tape, you have a whole new insight into the market price action.
Relax and be happy.
  • #7
  • Aug 25, 2009 1:14pm Aug 25, 2009 1:14pm
good !
Have a good day!
  • #8
  • Last Post: Jun 15, 2016 10:55pm Jun 15, 2016 10:55pm
Quoting eagle4x
Are there any platforms that have anything like level 2 similar to stock trading which shows in real-time the number of buy/sell orders as one guage of market direction?
http://fixapitrading.com - you can view Level II and trade from mt4 to fix api on charts based on fix api market data.
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