- Market data is included in the the evaluation, please select from the option you need when you sign up.
- Funded Sim traders do not pay market data fees.
- Funded Live traders need to pay $135 per month, per Exchange.
- You cannot use outside data feeds, or your own data feeds.
- You are able to purchase additional level 2 data feeds at your own cost, the option is available inside Tradovate. Here is an FAQ on where you will find it. Can I change my market data feed?
- TradeDay's platforms run on the CQG market data feed.
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The subject of Market Data can seem a little confusing.
At TradeDay, we try to make it straightforward with our recommended and default settings. If you are new to trading, or if you know you are going to trade from charts, then go with our recommended settings of ‘level 1 all Exchanges’ and you’ll get all the data you need to trade.
Please note, Tradovate runs on the CQG market data feed, and you cannot use another market data feed if you have purchased one elsewhere,
If you want to understand more, then read on…
What is Market Data?
In trading, Market Data is price and trade-related data for a futures contract reported by the trading venue such as the CME exchange.
It encompasses a range of information such as price, bid/ask quotes, and market volume.
Why do we need Market Data?
Market Data tells us where the price of a commodity last traded, its trading history, the current supply and demand for that commodity at various price levels.
The data comes from the Exchange and feeds into our trading platform, and from here we can see where the market is trading and where it has traded in the past. This helps us with our research and making our trading decisions.
Is it free?
No, it’s not. nearly every global Exchange now charges users for Market Data.
What are the costs?
At TradeDay we cover the cost of the Market Data through the 14-day free trial, and through the Evaluation Challenge.
However, once you are funded and trading our capital in the Funded LIVE account, you are considered a Market Professional by the Exchange and therefore have to pay for your own Market Data.
Market Data for professionals is $135, per month, per Exchange. You will need a credit card to pay for this. Click here for permitted products listed by the Exchange data feed.
I already pay for a data feed through someone else, can I use it at TradeDay?
No. You cannot use other market data feeds at TradeDay or Tradovate. When funded you will need to purchase the data in order to operate the trading platform.
Are there different types of Market Data?
Yes, there are two choices, Level 1, and Level 2.
Level 1 Market Data
Level 1 market data includes all of the standard trading information for a market, which is the following:
- Bid price: The highest price that a trader is willing to buy a commodity at.
- Bid size: The number of contracts that are available at the bid price.
- Ask price: The lowest price that a trader is willing to sell a commodity at.
- Ask size: The number of contracts that are available at the asking price.
- Last price: The price at which the most recent trade was completed.
- Last size: The number of contracts that were traded in the most recent trade.
Level 1 market data provides all of the trading information that is required to display a pricing chart and an audit trail of all the trades.
Level 2 Market Data
Level 2 Market Data includes all of the standard trading information for a market (Level I market data) along with some additional trading information:
- Top 10 highest bid prices: These are the highest prices where traders have placed orders to buy. You will see the current best bid price and the bids below it.
- Bid size: The number of futures contracts available at the top 10 bid prices.
- The top 10 lowest ask prices: These are the lowest prices where traders have placed orders to sell. You will see the current best ask price and the offers to sell above it.
- Ask size: The number of futures contracts available at each of the offer prices.
Level 2 Market Data has more information but is often not needed if you are basing your trading decisions off a chart.
You only notice level 2 data when you are looking at a price ladder (known as a DOM – Depth of Market). See below.
Level 1 Example Chart (no difference to level 2)
level 2 Example Chart
Level 2 Depth Of Market (DOM)
Most traders only require Level 1 Market Data because Level 1 Market Data provides all of the trading information they need to display the price charts that they will use for technical analysis. For many traders, watching the constant flurry of changing bids and ask prices on the Level 2 will result in information overload, which could actually have a detrimental effect as opposed to a positive one.
Level 2 might be required for some trading strategies or analysis tools that attempt to judge direction from the additional data provided by level 2.
How does it work at TradeDay?
The good news is that until you are funded, we cover the cost of Market Data.
Also, during the free trial, we provide level 2 Market Data across all of the products and Exchanges at the CME group, so you can get a sense of whether or not you actually need level 2 data.
When you sign up for a paying membership to get your trading evaluated, you will need to make a decision.
Do you only need level 1 Market Data? If so, we can cover the cost of level 1 across all the permitted products at the CME.
Or do you need level 2? If you need level 2 data, we can only provide you with one of the four Exchange data feeds at the CME group. Click here for permitted products listed by data feeds.
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