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JayRemy

Tape - Bid Ticker

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Hi, just watched the videos on using the tape.

 

I'm trying to get the tape but cant find anything like it in my configuration!!

 

My setup is Interactive Brokers, Sierra Charts, Braket Trader,

 

any help appreciated ;) , many thanks

Jay.

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Hi Jay,

 

Most platforms should have a time of sales. The column you see on the vidoes is basically a time of sales with just the price and size showing. I place two columns side by side. The first column shows all transactions while the second column shows 10 lots or more only.

 

Im not familiar with IB, Sierra, or Braket but check to see for a time of sales. You can then customize it to fit your needs.

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Thanks Soultrader,

 

I found a time of sales function in IB's traderworkstation software. Although, you need to keep pressing a next button to to display the next price and size. As far as i can see theres no auto update type feature.

 

This is making me wonder if I'm using the best software or not?!

 

ta

Jay.

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You sure there is no auto-update? That is like watching Level 1 data. No good. Perhaps you should contact them and find out. If they dont provide it maybe consider switching to a more powerful platform.

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ok, i found it in Sierra Chart. Sierra allows you to add it as a study as a graph. However, I found a pretty cool third-party tool which lets me view it as you do in the videos - listing format as they come in.

 

now i've just gotta make sense out of it all!

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ok, i found it in Sierra Chart. Sierra allows you to add it as a study as a graph. However, I found a pretty cool third-party tool which lets me view it as you do in the videos - listing format as they come in.

 

now i've just gotta make sense out of it all!

 

Just our of curiosity which third party program was it? I have been on the lookout for something similar.

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ok, i found it in Sierra Chart. Sierra allows you to add it as a study as a graph. However, I found a pretty cool third-party tool which lets me view it as you do in the videos - listing format as they come in.

 

now i've just gotta make sense out of it all!

 

IB's data is snapshot. No tick by tick. It will seriously confuse you. In a fast moving market, instead of showing 10 1 lots. It will show 1 10 lots. I am not sure u will find this misleading info useful.

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hmm. thats a bit rubbish then. if i see a 50 or something come in it doesnt necessarily mean that - it could be made up of several small guys

 

i always thought IB was generally the main broker out there.

 

i dont really want to change brokers, but i guess if i want to learn this properly i have to find an accurate source. what broker do you use?

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hmm. thats a bit rubbish then. if i see a 50 or something come in it doesnt necessarily mean that - it could be made up of several small guys

 

i always thought IB was generally the main broker out there.

 

i dont really want to change brokers, but i guess if i want to learn this properly i have to find an accurate source. what broker do you use?

 

 

I use tradestation and IB.

 

Just get esignal if you want real tick by tick data. No need to change broker. Just look at T&S and charts on esignal and trade through IB.

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Let me correct myself!

 

The T&S on trader workstation, the one u have to refresh manually, i think, i just think is tick by tick. But it only refreshed every 60 sec.

 

The one u get on sierra chart or whatever 3rd party software, it is not tick by tick.

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I was using IB sierra charts and bracket trader for many months. All I needed was one nonfilled trade that lasted for over a minute that made me consider tradestation. Tradestation offers so much more that sierra charts with IB. Why pay for monthly subscription for sierra charts when tradestation is free with like 10 trades a month.

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Tradestation is great for charts. If you want to clear with IB just stick with it but paying that $99 plus exchange fees for TS is definitely not going to hurt you if you are really trying to learn tape reading.

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so, are you saying I can sign up with ts for 99$ to receive market data and use the software but still make trades through ib? - this would be ideal for the time being.

 

i've been looking over ts software and the ability to write custom studies directly into program looks pretty cool :).

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Hey JayRemy,

 

You can pay just for the sofware fees. I believe Tradestation allows this. If you make 10 trades a month with TS they will waive the fees for you. So you end up paying only the exchange fees.

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thanks guys, i've got tradestation now. I can see the difference with time and sales - how IB snapshots it. The data seems to come in a little quicker from tradestation which is interesting. I've spoken to guy at tradestation, apparently i can transfer my funds direct from IB to TS which is pretty cool.

 

Thanks again guys I already feel more confident with the tradestation software.

 

Ta Jay.

 

ps. i've ordered a tape reading book which you recommend, so that will give me some good reading.

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