Switching from CQG to Rithmic

[ralett]

Hi,

I have Ninja Trader 8 life time license (single broker), using Ninja Brokerage with CQM Continuum data feed and Phillips Capital as the clearing broker. I am considering adding another tool to my trading platform which recommends the Rithmic data feed.

I see in the connections window that Rithmic for Ninja Trader Brokerage is a listed as a configurable connection.

What steps would I need to follow to switch from a CQM feed to a Rithmic feed?

Thanks!

[bltdavid]

Hi,

I have Ninja Trader 8 life time license (single broker), using Ninja Brokerage with CQM Continuum data feed and Phillips Capital as the clearing broker. I am considering adding another tool to my trading platform which recommends the Rithmic data feed.

I see in the connections window that Rithmic for Ninja Trader Brokerage is a listed as a configurable connection.

What steps would I need to follow to switch from a CQM feed to a Rithmic feed?

Thanks!

Another tool?
What kind of tool are you talking about here?
What does this new tool have to do with your current brokerage account?
Are you saying this new tool can somehow piggyback off your NT8 data feed
if only you were using Rithmic instead of CQM?
What's the name of this tool?

If you're keeping your NT brokerage account then you can switch from CQM to Rithmic
by simply contacting them and asking to switch to Rithmic. A small monthly fee may be
applied to your account -- last I remember, Continuum was free but Rithmic was not.

Sharing the data supplying your NT8 charts with another charting tool can be problematic
unless you are paying for the data feed separately, such as an IQFeed subscription.

[tony.ioc]

Another tool?
What kind of tool are you talking about here?
What does this new tool have to do with your current brokerage account?
Are you saying this new tool can somehow piggyback off your NT8 data feed
if only you were using Rithmic instead of CQM?
What's the name of this tool?

If you're keeping your NT brokerage account then you can switch from CQM to Rithmic
by simply contacting them and asking to switch to Rithmic. A small monthly fee may be
applied to your account -- last I remember, Continuum was free but Rithmic was not.

Sharing the data supplying your NT8 charts with another charting tool can be problematic
unless you are paying for the data feed separately, such as an IQFeed subscription.

He's probably talking about Bookmap which relies on Rithmic's market-by-order data feed. Rithmic is apparently the only data provider that offers MBO data. The difference between Bookmap with Rithmic data and NT8's market depth with CQG data map is pretty substantial. Ninjatrader would really do well to pay attention to Bookmap and follow its lead. If NT8 and its market depth map was built to take advantage of MBO data, the whole NT8 lifetime package would be a very unique platform.

If I'm correct (and I have no idea if I am), then what OP is really asking is if he can trade over his Rithmic data feed with his NT/Phillips account. Put differently, whether he can hook up his Rithmic feed to both Bookmap and NT8. The answer to question can only be answered by Rithmic. Further, he could not trade within the Bookmap software against his NT/Phillips account because Bookmap does not support NT Brokerage or Phillips. NT Brokerage and NT8 does support the use of Rithmic as a data provider, I'm just not sure if Rithmic will allow you to connect with two different platforms at the same time. I hope they would if both platforms are coming from the same IP address.

However, in theory, he could use Bookmap/Rithmic and then enter his trades through NT8 on his NT/Phillip account and use NT8 as his primary charting and order-entry software. It's about $140/month for Bookmap and Rithmic, not including charting and order-entry software. Rithmic alone is $60/month. So it's really not a bad idea to combine Bookmap and NT8. I prefer NT8 (lifetime) for charting, and I'm not convinced that I/RT offers anything substantially worth the cost increase. Could be wrong tho, just my opinion.

But the whole reason I wanted to respond to this post is to say that NT should take a long hard look at Bookmap, then apply those lessons to NT8's market depth map. The NT8 platform seems to be maturing, and I would like to see what indicators people could write to go on to a Market Depth Map chart using MBO data from Rithmic. I believe there is a lot of potential. The Bookmap API is less "open" than writing scripts for NT8 in C#. There aren't sites with people sharing homebrew code written for Bookmap, like there are with NT8. My theory is that bringing Market Depth Map on par with Bookmap would lead to cross-pollination and new ideas / tools written in NinjaScript.

. . . we all have dreams tho lol. ; )

I would like to know if NT8's market depth map takes advantage of Rithmic's MBO data (as well as full order book). I do not think it does, but . . . ?

[ralett]

tony.ioc, you absolutely nailed it!

I plan to use Bookmap to refine entries and manage trades that are placed on the NT8 platform initially. I really like their heat map and the way they visualize volume data though some folks think Jigsaw has a better DOM. Longer term my goal is to trade straight off the DOM but I need to learn a lot more about order flow and volume based decision making before I'll be ready to abandon chart trading. If I ever reach that point, I may pay the extra bucks to Bookmap so I can place trades directly from their platform (if I understand correctly, you can do that in the latest version but it costs extra). In that case, it would require using a different brokerage as you mentioned.

To answer one of your questions above, I heard from Rithmic support tonight and I can connect both Bookmap and NT8 to a single Rithmic data feed so that my analysis tool (Bookmap) and trading platform (NT8) are working off the same data feed. They indicated that Ninja Brokerage can switch me to Rithmic from CQG so I'm hoping to hear from Ninja support soon on how to do that.

Good trading to ya!

[NinjaTrader_ChristopherD]

Hello ralett,

You can contact our brokerage support team for more information about activating market data through Rithmic for your NinjaTrader Brokerage account: [email protected]

Our brokerage support team can also provide you with more information about the fees associated with third-party trading software like Bookmap.

[SuperDriveGuy]

I would like to know if NT8's market depth map takes advantage of Rithmic's MBO data (as well as full order book). I do not think it does, but . . . ?

No, it doesn't. It limits the market depth to 10 or 15 levels
HTH

[NinjaTrader_Kate]

Hello tony.ioc,

Thank you for your post.

I would like to know if NT8's market depth map takes advantage of Rithmic's MBO data (as well as full order book). I do not think it does, but . . . ?

It does not. The Market Depth Map is limited to 10 levels on each side of the market for performance reasons.

You can find more in our help guide here:

https://ninjatrader.com/support/helpGuides/nt8/order_flow_market_depth_map.htm

Please let us know if we may be of further assistance to you.