Bookmap Review

Do you want to follow the markets in real-time? Do you need market data analysis and real-time price-action tracking? Bookmap may just be the platform you are looking for.

Bookmaps offers you charts, technical indicators, and heatmaps, among other things, to help you improve upon your trading decisions.

The data refreshes fast in 30-millisecond chunks, so if it is your goal to predict or imagine price action data, this may be the tool you need.

I discovered this program entirely by chance, and I am ultimately glad I did. I would also like to note that my background is in finance, and I enjoy this stuff-beginners may feel overwhelmed.

I encourage you to read my Bookmap review to see for yourself.

What is Bookmap?

As a day trader, you are likely happy with your platform that provides you charts with various trade indicators, access to an online broker, and a screener for stocks you are interested in.

However, this presents a huge limitation on your profits. It is where we get into things like market depth and DOM (depth of market), and Time and Sales data. Bookmap displays the total market liquidity and visualizes all activity going on in the market.

It is a program that seeks to provide graphical representations of in-depth market data. It is done by the use of heatmaps. Even the name of the platform is derived from the use of the OrderBOOK and the HeatMAP.

The platform is arguably the leader in producing a visualization of market depth info. Sure, you can find these tools all over, but I think Bookmap is in a class of its own.

After all, some platforms have already filtered their data or prepared an advanced summarization of their findings. Some platforms take ECN’s data and use that-but we all know that using 100% of the data is necessary for the most accurate market analysis.

That’s precisely what Bookmap does, and I encourage you to keep reading this review.

Features of Bookmap

Perhaps the best part of Bookmap is the extensive features they offer. It is really a program that lets YOU dive in and see millisecond and microsecond levels that are great for in-depth analysis and algorithms.

1. HeatMaps

The heatmaps here indicate the depth of liquidity at varying price tiers. The darker colors are an indicator of heavy liquidity, and opposite as the color shade lightens. Remember, liquidity is dynamic and always changing. Therefore, the shades will get lighter as a price level clears up.

In this manner, you can see how liquidity works with price action. Liquidity overtakes price, as all good fund managers know, as it can be a method of understanding market action but also hold you back when you are trying to get rid of large sizes in a slim market.

Thankfully you can tell the heatmap to show just buy or sell orders.

2. Tech Indicators

You can interpret flow data and order book information. It does not focus on the usual indicators you find on some other platforms. Instead, this makes use of in-house generated heatmaps, spread lines, and bid/ask volume bubbles.

Those who purchase the Global Package Plus, you will get large lot trackers, imbalance trackers, and even icebergs. Those in this subscription tier also get into the EDGX book.

3. Charts

There are heaps of charts you can learn from in this program. Candlestick, bar and line, and the inclusion of scaling timeframes are just some of the charts you can use. Yes, you can scale the time from days all the way to milli- and nanoseconds.

Volume and flow data are put right onto the charts, and if you are a visual learner like me, this is a huge help. I recommend beginners start off with a basic chart, (I used candlestick) and then slowly add your indicators so you can fully understand how this software works.

4. Watch Lists

This is it: the creme de la creme. You can make your watch list and customize it with alerts, illustrations, and indicators. I personally make lists based upon the day’s candidates and sectors/themes.

You might also use a service like Chartmill to see the strongest breakdowns and breakouts and see market patterns and trends.

5. Volume Bubbles

You already know about volume bars, but volume bubbles are next-generation stuff. These show you what happens when you buy at inside asking price or sell at inside bids during a period.

You, as a user, can watch and see when a buyer inundates sellers with large volume bubbles beside each candle (these bubbles will be green in color).

You can then zoom into the bubble and see what the actual progression of the bubble is as well as states on buying versus selling. The program uses market orders as a means of constructing these bubbles.

Is Bookmap For Me?

If you are a quantitative analyst or day trader that wants to utilize huge amounts of data to backtest, create, and perfect trading models, this is the one for you.

Intraday scalpers will discover that this program works in their favor when it comes to detecting spoof activity that is used to raise or lower prices falsely.

This platform is an endless cornucopia of info that will be of use to traders of the technical variety that are knowledgeable about trends and order flow.

You have to really know what you are doing to fully appreciate these tools. If you are a newcomer or a swing trader, look for something a bit more traditional.

Their website lists primary customers as being hedge fund investors, proprietary trading companies, and traders working in varying sectors of the market.

These traders use the Bookmap tool for trading futures, cryptocurrencies, and US Equities.

My Personal Experience

A quick disclaimer: Your mileage may vary! Your experience will be different from mine.

I personally love Bookmap, not only for all the data I can work with but for one man who helps all of us learn: Bruce.

Bruce highlights the tools and what they can do for you. He does this by way of online webinars. One of the ones I really loved was the Auction Market Theory. Here, he went through a live market and the mindset that a trader should pursue.

He did this by utilizing an x-ray map of the market. He graphically showed the traders’ intention, that is, intending liquidity of the sellers as well as the buyers.

I found this to be incredibly useful, along with the info on Iceberg orders. Combine this with the greater understanding I have of order flow, and I am satisfied with my subscription. The trading classes alone are worth the price.