Disliked{quote} Hi kk100, RickM, Ryuryu and everyone else. Sorry to reach out like this but I would like to ask you a few questions directly regarding DoM, order book, delta vol and vols. I trade using mt4 and wanted to know what platforms you use to analyze such data. I trade xau/usd and some currency pairs in mt4. I read sierra and jigsaw are good. I see there are some indicators for mt4 e.g. cluster delta, fxssi with similar info but mostly stale data. I am not a coder but desire the approach you guys are taking as the proof is in the pudding. Are there...Ignored
Honestly there is no good way to trade with Volume information other than moving to a Future's trading platform and trading off CME / CBOT etc. Futures data directly from these exchanges.
ClusterDelta data is live data mostly so that would be my pick for trading Volume on MT4.
Trading on a DOM is only good on a few select markets during the New York sessions, that's Bonds, US500, Nasdaq, EURUSD.
Some find a few EUREX markets good during the London session if they are DOM traders.
Learning to trade directly on a DOM is a two year journey with no guarantee's of success except for eye strain and a few mirgrains.
Personally I found my edge trading BID / ASK Imbalances using gauges on Motive Wave & Jigsaw while watching a DOM for Slips, Momentum runs and Incomplete auctions.
However there is one major problem trading with Volume Data - it can destroy good trader mindsets.
What I mean is Volume signals come about every few seconds to get in & out of trades. This can create extremely bad habits of only looking for 2-3 ticks a trade whilst also holding onto losing trades too long until the next signal confirms an exit. So you can become conditioned to only trading tiny profits due to fear of losing.
That is a condition I have to fight every day.
Lastly, the general opinion if you talk to 100 overflow traders is you still need price action comfirmation for most Volume signals you get to win in the end.
An example would be trading Bid / Ask imbalance only at key levels like a session high / low or a pivot point etc.
Better to avoid trading naked Volume signals basically if you want to make high profits.
Trading thin liquidity at the boundary of the charts
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