HOW TO CONNECT DATA LEVEL 1 2 3:
1) Level 1 data must be connected for Footprint, Footer, and Market Speed indicators.
Level 1 data definition:
Level 1 data is the most basic market data available for a traded instrument ticket. It includes the best bid price, best ask price, last traded price, and order size volume. This data essentially provides information on aggressive market participants' participation without detailed information about the order book depth, unlike Level 2 data, which provides more granular details about passive buy and passive sell orders at various price levels.
2) Level 2 data must be connected for all data level 2 indicators, for example, Live Dom, Past Dom, Heat Map, Pulling and Stacking, BookMap NT, and Delta Level 2.
Level 2 Data Definition:
Level 2 data provides access to detailed market information, often known as an "order book," which shows passive participants limit orders waiting to be triggered by price. Level 2 Data provides insights into market depth, liquidity, and potential price movements, allowing traders to see beyond the best bid and ask prices and understand the market sentiment by viewing the volume of orders at each price point or level.
3) Level 3 data for MBO = Market By Order data:
Level 3 MBO Data definition:
Market by Order (MBO) describes an order-based data feed that allows users to view individual queue positions, the full depth of the book, and the size of individual orders at each price level. This is the highest-granularity data available.
PREFERRED DATA SOURCE
LEVEL 2 and Level 3 MBO data sources:
- Want to use NinjaTrader as a Data Level 2 provider? Here is what you must know about getting Data Level 2 from NinjaTrader: The NinjaTrader CME data source provides only 20 price level 2 data points, which is insufficient for small time frames and scalping or day trading.
How to get 400+ price levels for Data Level 2 and Data Level 3 MBO:
Connect with any prop firm that uses the NinjaTrader platform and Data by Rithmic.
It may cost only $12 for Rithmic Data Level 2.
Rithmic is the source of 400+ price levels of Data Level 2 and Data Level 3 used by prop firms like Bulenox and Apex. Do not overpay more than $12 for CME data.
INSTRUCTIONS:
Pre-requirements:
- Checkmark Multi-provider: Tools/ Options/General/ Properties: Checkmark Multi-provider
- Checkmark Show Tick Replay: Tools/ Options/General/ Properties: Checkmark Show Tick Replay
1) Select Connection on the NinjaTrader Administrative window to proceed with the Connection configuration.
2) Configure properties for connection:
Select the connection as Rithmic Paper Trading if your data source is Rithmic, provided by a prop company. The company that provides you with Level 2 data should send you a guide on properly connecting with that data source. Request that information from your data provider company.
3)Set geolocation:
Select a geolocation from the list of geolocations close to your country's region. For example, Rithmic Paper Trading (Chicago) is the nearest server for the USA. Selecting an incorrect geolocation may lead to a time delay in data connection.
How to add connection for level 2 Data: screenshot: click to maximize image:
