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does anybody have a sierra chart heatmap template similar to bookmap or do I have to pay
- Thread starter DanielA8
- Start date
For Sierra Charts, the Market Depth Historical Graph study requires the higher package subscription. If you already have that package, then you can use the study. Are you asking for just a copy of the study parameters that make it looks like the one from Bookmap with the same color scheme? It does take a while to configure the study to make it look nice, and each market requires its own parameters in my opinion. You would also need to add the study which shows the large lots that trade, since Bookmap uses this quite a bit as well I think.
Hi NoahA, im new to Sierra Chart as well so im not sure if I do have to higher package subscription since currently I am using the 2 week free trial to test the platform.
Ahh it seems like alot of work haha to make it similar to bookmap style heatmap.
Bookmap is just too expensive $1990.
Ahh it seems like alot of work haha to make it similar to bookmap style heatmap.
Bookmap is just too expensive $1990.
In my opinion its not that usefull. Sure its interesting to see where you have areas of thick liquidity, meaning lots of resting orders, but when you look at enough instances of this and see what the price does in relation to these orders, there is no firm rule. Sometimes it goes towards this area, sometimes it gets pushed away. Other times it goes right through, trading all those orders as if they aren't there. I wouldn't put too much weight into analyzing the market based solely on this.Hi NoahA, im new to Sierra Chart as well so im not sure if I do have to higher package subscription since currently I am using the 2 week free trial to test the platform.
Ahh it seems like alot of work haha to make it similar to bookmap style heatmap.
Bookmap is just too expensive $1990.
Its not even so much that orders get pulled but rather, what does a 500 total order mean when a 1 minute candle has on average 5000 contracts traded? Like I get that some traders want to get the contract at a specific price because their strategy depends on it. But in the whole grand scheme of things, somebody showing they want to buy 500, when its not really that much, is just a game. Lets not forget that computers are doing most of the trading, and it takes a millisecond to send an order to the exchange. So having an order sitting there for everyone to see for minutes or hours is more of a game than a true edge.Thank you Noah A your right orders do get pulled which can be annoying haha. Im a new trader so I will definetly try other things like market/volume profile.
Now looking at T&S and what has traded is a different ballgame, but here we are talking about just the orders placed on the ladder at the different levels.