How to Add a Standard Limit Order Book to Bookmap™
Working with an Order Book is essential for a deep understanding of the market or markets you are trading. It supports your daytrading by providing essential information which helps you to survive every day in trading your markets, either you trade Future, Stocks or Forex.
Information like:
- Buying or Selling Pressure
- Order Book Imbalances
- Pulling or Stacking of traded orders
- Traded Volume and refreshing tradein volume
- Traded Volume at levels of interest
- Deep insight of the order flow
- Seeing and adopting the information to the historical chart
When I realised the advantages of a DOM I started my education with Jigsaw Trader as an add on for Ninjatrader 7. Needless to say that at the beginning it wasn't easy to understand what these numbers are all about, the real meaning of BID and ASK, etc. It is stressing to follow the Order Book when you are trading Nasdaq, Oil or Forex pairs like EUR/USD futures. Numbers are flickering and moving too fast to follow and it seems that an Order Book doesn't make sense at all.
Hold on! Have a look a high liquidity instruments like ES, ZB, ZN, ZF, ZS etc. You will see that in this cases you will get more powerful information off the DOM as you have ever thought.
Most traders do not use the DOM for several reasons. The most mentioned reason is that the DOM is of no help when it comes to real trading. Then there are arguments such as: difficult to read, demanding, too fast, DOM is anyway a "part of the price ladder" and so on.
The advantage of having and observing a DOM on Bookmaps workspace is evident:
Bookmap™ translates the Order Book information to it's graphical workspace!
This is much easier to read than staring at numbers and watching them flickering.
Let me show you how to setup a standardized DOM in Bookmap™ in few fast steps:
- Download my Bookmap Workspace Definition File ESM9.CME@RITHMIC.bmcs
- Open a Chart in Bookmap™
- Leave everything as it is on your chart
- Click your right mouse button anywhere on the Bookmap™ chart
- A Menu opens
- Select and click on "Chart Settings"
- A new submenu opens with options to "Load from File" and "Save to File"
- Select "Load from File"
- Given you have stored the downloaded file to your Windows Desktop
- Select the downloaded file from the Windows Desktop and confirm with "OK"
- As the file is loaded your workspace will adjust immediately to the predefined settings.
- If you have more then one chart open, you can use "Inherit Chart Settings from..." to easily adjust every chart with your origin one.
That's it!
Video
Watch my instructional video:
Learn to become a sustainably profitable trader
Learn how to become a consistenly profitable trader with Bookmap™. Join my seminar: "Contrary Trading with Bookmap™ - Basics and Execution". We will go in depth how to utilize the Order Book and it's real time information for our trading decisions. Then we will learn how to recognize when a move comes to an end and we'll utilize this knowledge to our advantage - either to go against the crowd or exiting our positions in time.
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Additional Informational and Supportive Bookmap™ Sources:
Bookmap Forum
Bookmap Wiki
Bookmap Forum at OptimusFutures
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