A SHORT FIELD GUIDE

How to choose
order flow software.

Your market, computer and data connection decide which features you can actually use.

01

Name your market

Choose the exchange and instruments, not just “futures” or “stocks”. A platform’s broad market coverage does not guarantee your exact symbols.

02

Pick the view you need

Heatmaps show displayed liquidity over time. Footprints show executed volume inside bars. DOM and tape show the book and recent trades. Profiles show where volume concentrated.

03

Check the whole setup

Confirm the software edition, browser or desktop version, operating system, provider and data permissions together. If you need order entry, check live broker support separately.

04

Price it and try it

Separate upfront software, recurring software/data and trading charges. Read the trial, renewal and refund terms, then use simulation to confirm your workflow.

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PLAIN ENGLISH

The terms behind the features.

DOM

Depth of Market: a ladder of displayed buy and sell orders. A view of the order book does not automatically include order entry.

Tape / Time & Sales

A stream of completed trades, usually showing time, price and size. It describes executions rather than orders still waiting.

Top of book / Level 1

The best displayed bid and offer, plus the trade information included by that feed. It does not show the deeper order book.

Depth / Level 2

Displayed orders across multiple price levels. Coverage, number of levels and history depend on the venue and provider.

MBO

Market by Order: individual order records, rather than only aggregate size at each price. It requires suitable feed support and permissions.

Entitlements

The market-data permissions attached to your account: exchanges, instruments, depth and allowed devices or sessions.

Backfill

Historical data loaded when you open a chart. Trade history, depth history and individual-order history are different products.

Replay

Playing historical data through the software. The result depends on the history recorded or supplied; tick replay does not guarantee full-depth replay.

Routing

The service that sends an order to a broker or exchange. Routing fees can be separate from commissions and data subscriptions.

Professional status

An exchange-defined subscriber classification that affects data charges. A platform tier called “Pro” does not decide your exchange classification.

Monthly equivalent

An annual or longer prepaid amount divided into months for comparison. It is not necessarily a monthly payment option.

Footprint / delta

A footprint shows executed volume within a bar at price levels. Delta compares classified buying and selling volume; feed and classification method matter.

Platform comparisons

All comparisons