In the fast-paced world of financial markets, traders and investors constantly seek new tools and technologies to gain an edge and make informed decisions. One such tool that has gained popularity in recent years is Bookmap, a market visualization platform that provides traders with a unique perspective on order book dynamics and market liquidity. However, as with any software, there are always alternatives available that may offer different features, advantages, and pricing options. In this article, we will explore some of the most notable Bookmap alternatives, examining their strengths and weaknesses to help traders make an informed choice.
TradingView
Overview
TradingView is a well-known web-based platform that offers a wide range of financial charting tools, technical analysis indicators, and social networking features. While not primarily designed as a market visualization tool like Bookmap, TradingView provides traders with a user-friendly interface and powerful charting capabilities.
Pros
- Versatile Charting: TradingView offers a vast array of chart types and drawing tools, enabling traders to analyze historical price data and create custom technical indicators. This flexibility is particularly appealing to traders who rely on technical analysis as part of their trading strategies.
- Community and Social Sharing: One of TradingView’s standout features is its community of traders and investors who share their charts, analysis, and ideas with others. This fosters a collaborative environment where traders can learn from each other and gain insights into different market perspectives.
- Cross-Device Access: As a web-based platform, TradingView is accessible from various devices, including desktop computers, tablets, and smartphones. This convenience allows traders to monitor markets and analyze charts on the go.
Cons
- Limited Depth-of-Market (DOM) Data: Unlike Bookmap, which provides a comprehensive view of the order book, TradingView’s DOM data may be limited for some traders. Those who heavily rely on DOM information to gauge market liquidity and identify potential support and resistance levels might find this aspect lacking.
- Delayed Market Data: While TradingView offers free access to its platform, free users often experience delayed market data. For traders who require real-time information, subscribing to one of TradingView’s premium plans may be necessary.
Jigsaw Trading
Overview
Jigsaw Trading is a popular alternative to Bookmap, specifically targeting traders who are interested in order flow analysis and DOM visualization. Jigsaw Trading offers various tools to analyze market depth and track large players’ activities, empowering traders to make more informed decisions.
Pros
- Focus on Order Flow: Jigsaw Trading excels in providing traders with comprehensive order flow information, helping them understand the dynamics of supply and demand in the market. The platform displays the order book in a way that allows traders to identify significant levels of support and resistance, as well as potential market imbalances.
- Educational Resources: Jigsaw Trading offers a wealth of educational materials, including webinars and tutorials, to help traders develop their understanding of order flow analysis. This commitment to education makes it a valuable resource for traders looking to expand their knowledge and skill set.
- Depth-of-Market Analytics: Jigsaw Trading’s DOM analytics enable traders to spot hidden liquidity and detect potential price movements, giving them a strategic advantage in the market.
Cons
- Costly Licensing: While Jigsaw Trading offers a free trial, gaining full access to its advanced features requires a paid license. For traders on a budget, the cost of licensing might be a significant consideration.
- Learning Curve: For novice traders, Jigsaw Trading’s advanced order flow tools may require time and effort to fully grasp. It may take some practice and learning to effectively interpret the information provided by the platform.
Sierra Chart
Overview
Sierra Chart is a professional trading platform that caters to traders of all levels, offering a wide range of functionalities, including advanced charting, technical analysis tools, and order execution capabilities.
Pros
- Customizability: One of Sierra Chart’s strengths lies in its customizability. Traders can tailor the platform to suit their specific trading strategies and preferences, making it suitable for both discretionary and algorithmic traders.
- Fast and Reliable: The platform is known for its stability and speed, ensuring that traders can execute orders swiftly and efficiently. This reliability is crucial in fast-moving markets where split-second decisions matter.
- Market Depth Analysis: Sierra Chart offers DOM analysis tools, providing traders with insights into order book dynamics. By visualizing the market’s liquidity, traders can gauge where buyers and sellers are concentrated, aiding them in making informed trading decisions.
Cons
- Complexity: Sierra Chart’s extensive features can be overwhelming for newcomers to trading platforms. A steep learning curve may be involved in mastering all the tools and functionalities it offers.
- No Native Mac Support: Sierra Chart primarily runs on Windows, which might be a drawback for Mac users. Although it is possible to run the platform on a Mac using third-party software, this extra step may be inconvenient for some traders.
ATAS (Advanced Time and Sales)
Overview
ATAS is a professional trading platform designed for order flow analysis, time and sales data, and volume profiling. ATAS caters to traders who rely heavily on interpreting order book information.
Pros
- Order Flow Tools: ATAS offers advanced order flow tools like cluster charts and footprint charts, providing a comprehensive view of the market. These tools enable traders to spot significant market events, such as large buyers or sellers entering the market.
- Market Profile: The platform includes volume profile tools, allowing traders to analyze price levels based on traded volume. This information helps traders identify areas of high and low liquidity, giving them a clearer picture of potential price movements.
- User-Friendly Interface: Despite its complexity, ATAS maintains a relatively intuitive and user-friendly interface. This makes it accessible to traders of different experience levels.
Cons
- Limited Broker Integrations: ATAS may have limited integration options with certain brokers, potentially requiring traders to switch platforms or make adjustments to their trading setups.
- Subscription Cost: ATAS requires a monthly subscription fee, which might be a deterrent for some traders, especially those who are just starting or prefer free platforms.
MarketDelta
Overview
MarketDelta is a trading software specializing in order flow analysis and DOM visualization. MarketDelta provides traders with a comprehensive set of tools to interpret market liquidity and make informed decisions.
Pros
- DOM Visualization: MarketDelta offers an intuitive DOM visualization, enabling traders to identify significant buy and sell levels in the order book. This information can help traders anticipate potential price movements and plan their trades accordingly.
- Volume Analysis: The platform provides volume profile and volume delta tools, helping traders understand trading activity and price levels of interest. Traders can identify areas of high trading volume and areas where buying or selling pressure is particularly strong.
- Chart Trading Integration: MarketDelta allows traders to place orders directly from the DOM or the chart, streamlining the trading process. This feature can save time and reduce the potential for manual errors when entering orders.
Cons
- Cost: MarketDelta can be expensive, especially for traders who require access to additional market data and advanced functionalities. The cost may be a significant factor for traders with limited budgets.
- Limited Platform Options: MarketDelta is primarily available as a desktop application, limiting its accessibility on various devices. Traders who prefer trading on-the-go may find this limitation inconvenient.
Conclusion
While Bookmap remains a popular choice for market visualization and trading, there are several viable alternatives available, each catering to specific trading preferences and styles. Traders should consider their individual needs, budget, and the level of complexity they are comfortable with when choosing the best alternative to Bookmap.
TradingView’s versatile charting and social community make it suitable for traders who prioritize technical analysis and seek market insights from others. Jigsaw Trading is ideal for traders who want to focus on order flow analysis and understand the dynamics of supply and demand. Sierra Chart’s customizability and speed make it a robust choice for traders with various strategies, while ATAS is a preferred platform for those who heavily rely on interpreting order book information and volume profiling. Finally, MarketDelta excels in providing traders with an intuitive DOM visualization and volume analysis tools.
Each of these Bookmap alternatives offers unique features that can enhance a trader’s decision-making process in the dynamic and ever-changing world of financial markets. It is essential for traders to explore and test these platforms to find the one that aligns best with their trading goals and requirements.
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
