What is Bookmap?
Bookmap is a software application that provides traders with a unique view of the order book and market liquidity. A powerful market data visualization and order flow analysis tool that goes much deeper than the limited market data provided by Level 2, Bookmap offers X-ray vision for the futures, equities, and crypto markets.
In this Bookmap review, we’ll take a look at this game-changing piece of trading software and discuss the main features of the program, the pricing options, pros and cons, and more.
|Platforms||Windows, Mac, Linux|
|Supported||Futures, equities, crypto|
|Subscriptions||Free, monthly, yearly, lifetime|
|Coupon||Click link above for special discount (no coupon code required)|
When it comes to trading platforms, downloading and properly configuring some applications can be a real chore. We were pleasantly surprised at how easy it was to get Bookmap up and running, and the program’s cross-platform support gives you the ability to load it onto a Windows, Mac, or Linux machine (although the Linux version is “experimental” at this time).
The application runs smoothly and we’ve yet to experience any issues with crashes.
Bookmap’s Heatmap feature is unbelievably helpful when it comes to identifying levels of support and resistance. An array of vivid colors displayed on the chart highlight varying levels of liquidity and provide a graphical representation of market depth and order book activity. There are also alternative heatmap colors, including grayscale if you prefer a more toned-down look.
The heatmap feature also provides a historical record of liquidity, something that you don’t get with a standard DOM (depth of market) application. Even after bids and offers have been pulled or taken out, there’s a heatmap record displayed on the chart that shows you the history of limit orders at each price level.
Built-in to Bookmap is a suite of powerful tools designed to help traders monitor and analyze volume. Here’s a list of the volume tools that are currently integrated into the platform:
- Volume dots (volume bubbles)
- Volume profile
- Volume imbalance indicator
- Volume bars
- Cumulative volume delta
Bookmap’s DOM (depth of market) pane provides day traders with an in-depth look at market liquidity, displaying limit order detail that you simply don’t get with Level 2 quotes. In addition to the standard COB view (Current Order Book), Bookmap also provides the COB-AG column which displays the aggregated number of pending orders at each price level combined with the total number of pending orders at previous price levels.
More than a tool for analyzing market data, Bookmap is also a trading platform that provides traders with the ability to execute trades directly from the chart or DOM with a single click. Bookmap provides a precise visualization of when orders are placed, filled, changed, or canceled, and traders who prefer to execute trades through their normal platform can still connect and watch their trading activity in real-time through Bookmap as if it was done within the software.
Bookmap also features a convenient record and replay tool that allows you to go back and review market action at a later date. This is incredibly helpful when it comes to reviewing your trades and you can adjust the playback speed to make it slower or faster.
To access Bookmap’s replay mode, you simply need to restart the software and select “Replay data / Trading simulated by Bookmap” upon startup.
Also integrated into Bookmap are useful indicators that can be used to provide additional confirmation when putting on a trade. Some of the indicators built-in to Bookmap include:
- Iceberg detector
- Large lot tracker
- Advanced volume delta
- Imbalance indicator
These indicators have been added to the software over time based on user feedback and the developers’ experience with HFT (high-frequency trading).
Whether your focus is futures trading, the stock market, or cryptocurrencies, Bookmap is a tool that you’ll want to add to your arsenal. Bookmap can be easily connected to many different data providers and brokers/exchanges, providing outstanding flexibility for traders of all types.
Currently, Bookmap supports the following services:
|Interactive Brokers||Rithmic||Binance Futures|
|Stage Five Trading Corp||Kraken Futures|
Last but not least, Bookmap is an extremely well-supported piece of software and Bruce and the team provide users with a massive amount of valuable educational resources. The live daily webinars and top-shelf video tutorials will make you a better trader and help you get the most out of Bookmap.
After logging in to the members’ area, you’ll see a link to the Bookmap Portal where you’ll find a 4-part educational course and some helpful instructional videos.
ABOUT THE AUTHOR
Romain is an independent trader and investor specializing in financial market analysis and trading systems. He worked as a professional long/short equity trader for a trading firm in New York and has a passion for building mechanical trading strategies. He has been in the industry since 2008.
This post expresses the opinions of the writer and is for information, entertainment purposes only. Romain is not a registered financial advisor or certified analyst. The reader agrees to assume all risk resulting from the application of any of the information provided. Past performance is not a reliable indicator of future returns and financial trading is full of risk.) Please read the Full Disclaimer