Order flow is a highly useful technique used to analyze the markets. Unlike technical analysis, it takes a deep look at what is actually happening beneath the markets giving you a clearer picture of how different securities/commodities/currencies are faring.
Worth noting is that, in this day and age, numerous order flow software programs exist which unfortunately makes it a little difficult to choose the right one. We reviewed different order flow analysis software programs and here’s a look at what they have got to offer.
Bookmap
Bookmap provides real-time market data visualization through detailed heat maps and advanced charting features, aiding traders in making informed decisions by revealing market liquidity and order book dynamics.
Motivewave
MotiveWave is designed for technical analysis and trading strategy development, offering extensive charting tools, advanced analytics, and seamless broker integration to empower traders.
TradingView
TradingView is a web-based charting platform and social network for traders, providing advanced charting tools, real-time market data, and a community-driven environment to share and explore trading ideas.
Jigsaw Trading
Jigsaw Trading is a specialized trading platform focused on order flow analysis, providing traders with real-time, in-depth market data and tools to understand market dynamics and improve trading decisions.
Sierra Chart
Sierra Chart is a platform for real-time charting, market analysis, and automated trading, offering extensive customization options and support for various data feeds and brokerage integrations.
QuanTower
QuanTower combines advanced trading tools, market analysis capabilities, and multi-broker connectivity to support professional traders in managing and executing complex trading strategies.
Top 6 Best Order Flow Software in 2024
Let’s cut straight to the chase. Here are the six leading order flow software based on our latest research.
1. Bookmap
Bookmap is a top-notch order flow software system that leaves nothing to chance. It is home to a wide variety of tools and indicators allowing you to view the markets from the inside and the outside.
The system cuts through order flow data and creates visual representations of it, making for an intuitive dashboard for the user. Some of the notable features found in this system include advanced educational materials, volume profile, and Depth of Market (DOM) analytics.
Bookmap collaborates with dxFeed to provide traders with a continuous flow of data along with the visualization they need to make sense of diverse market information.
If you are a fan of algorithmic trading, Bookmap has got you covered thanks to its built-in algorithms that allow you to see every aspect of the market with ease.
What’s more, the system comes with loads of indicators and filters enabling you to detect even the most hard-to-reach opportunities. These (indicators) include the likes of DOM, VWAPs, heatmaps, and footprint charts among others.
Overall, the platform is reasonably priced but not cheap – with a full suite package going for $79 per month. That said, a free tier is available and it only features the basics i.e., Heatmap and Volume Profile columns.
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2. MotiveWave
MotiveWave is yet another one of the best-ranked order flow software programs out there. It is known for its feature-rich suite and loads of innovative tools each one of them designed to enhance your market analysis abilities.
The platform specializes in advanced analysis tools such as Fibonacci, Gann, Eliott Wave, and Gartley among others.
Of all the software programs we have reviewed so far, this one has the best charting packages targeting traders looking to open trades in different markets.
What’s more, their software is highly versatile and can run on multiple operating systems including Mac, Linux, and Windows.
In terms of pricing, MotiveWave is affordably priced and can be acquired either on a subscription basis or through a lifetime license. However, paying it on a renewing basis tends to attract stiff costs especially when you opt for the monthly basis as opposed to paying in lump sum.
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3. TradingView
TradingView is a well-known charting platform that comes with all the bells and whistles you would expect from a top-tier company. And although they are not predominantly an order flow analysis platform, anyone who is creative enough can always tap into the many powerful built-in tools this service has to offer.
TradingView offers access to stocks, futures, forex, and crypto and is a boon for retail traders. And although it is primarily a technical analysis platform, it comes with custom scripts and indicators that provide nothing but excellent order flow analytics.
As far as pricing is concerned, TradingView comes in 4 different tiers namely basic, pro, pro+, and premium. The basic version which is basically free of charge, however, does not provide you with the functionality to load indicators. For that, you’ll need to opt for a paid plan with the cheapest one being $155.
Overall, this platform comes with all the features you would expect from a high-caliber order flow software including Depth of Market (DOM), Volume Footprint, and Heatmap to mention but a few.
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4. Jigsaw Trading
Catering to both retail and institutional traders, Jigsaw stands out as a market leader in the world of order flow trading. Being one of the most comprehensive tools out there, this platform comes with pretty much all you will ever need to become a master at this style of trading.
The Jigsaw Depth of Market suite of features is pretty much all you’ll need to create powerful trading set ups. Whether you’re on the hunt for data on sell market orders, pulling & stacking or even momentum tails, this advanced functionality has got you covered.
If you’re fond of footprint charts, Jigsaw Trading suite of footprint charts has all it takes to know the volume traded per price. The Order Flow heatmap feature on Jigsaw Trading is yet another functionality that’s specifically designed to enhance your trade process.
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5. Sierra Chart
This is yet another professional-grade order flow software program. Just like Quantum Tower, it gives users complete control over their layout and setup. While it involves a bit of a learning curve, it is a pretty fun-to-use platform once you learn the ropes.
One of the hallmarks of Sierra Chart is that it offers a plethora of customization options. Whether you want to tap into the benefits of heatmaps or are simply looking to add custom indicators to the mix, this platform has got you covered.
Traders who use Sierra Chart often complement it for being a lightweight system that operates with minimal lag even when the markets are experiencing crazy volatility.
Overall, the software provides a pretty powerful order flow package that includes things like volume delta and footprint charts.
On the flip side, though, you will need to have a machine that supports Windows in order to access Sierra Chart. Those using Mac computers need to take up additional measures for this system to work on their devices.
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6. Quantower
Known for its versatility, Quantower is a well-built platform that caters to all kinds of markets ranging from crypto to stocks, and even forex. The system integrates algorithmic and manual trading features, effectively empowering traders with the flexibility they need to navigate the complex financial landscape.
One thing we absolutely love about Quantower is that it allows you to synchronously connect to multiple brokers and also access multiple data feeds at a go.
What’s more, the program comes with an array of built-in automatic strategies which make it super easy for complete beginners to get started. At the same time, Quantower allows you to create and implement your custom strategies.
Besides that, the software comes with a built-in trading simulator which gives you the opportunity to test-drive the system in a simulated environment – which is really crucial when you need to hone your strategies.
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What Sets a Good Order Flow Software Program from the Pack?
Not all order flow software programs are well-made. To select the ideal one for your use you need to bank a few factors including the following.
- Indicators: A good system is one that comes with a variety of indicators including the likes of delta, market profiles, volume profiles, and footprint charts among others.
- Charts: Some systems come with highly advanced chart types. Some highly advanced charts boast a myriad of features including the ability to go beyond time-based and volume per bars.
- Brokerage: It is always wise to settle for an order flow system that facilitates for brokerage integration enabling you to enjoy seamless access to your broker's data feed.
- Cost: Like in any other market, when it comes to order flow software, you get what you pay for. So, avoid settling for cheaply priced options as they probably come with a lot of compromises.
Conclusion
Order flow analysis is one of the best ways to access information that only a privileged few can lay their hands on. This approach enables you to make decisions based on in-depth information and can help you anticipate the future with more certainty. However, since no two programs are built the same, it makes sense to look around and compare the features before settling for any particular choice.
As it turns out, a good order flow software is one that offers just the right features – and these range from indicators to charts, and even brokerage integration.
