Bookmap has been gaining attention among day traders, but the question remains: is Bookmap worth it? In this Bookmap review, we’re going beyond the surface, examining its core features and what sets it apart.
Notably, Bookmap offers one-click trading and a deep view of the limit order book, allowing traders swift and informed actions. Yet, it’s not just a trading tool. Bookmap provides an expansive range of market data from various providers and a unique Heatmap experience.
Join us as we dive deeper into what Bookmap truly offers.
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What is Bookmap?
Bookmap stands out among trading platforms, offering an arsenal of tools tailored for the modern trader. Created by a coalition of experienced traders and software engineers, Bookmap was designed to enhance trading decisions by harnessing the power of real-time market data visualization.
Since its 2014 launch, the platform has been a cornerstone for day traders, swing traders, and even high-frequency traders on major exchanges. Now, what does Bookmap bring to the table? At its core, it boasts the unique heatmap functionality, offering a graphical representation of market depth. This is particularly useful for spotting hidden price patterns, gauging market liquidity, and understanding market trends.
The name itself, as CEO Tsachi Galanos explains, is a fusion of “OrderBOOK” and “HeatMAP.”
Be it stock trading, futures trading, or even cryptocurrency trading on crypto exchanges, Bookmap makes sure traders are equipped with the analytical indicators necessary to adjust to the market dynamics in real-time.
Bookmap Features
- Heatmap Visualization: Bookmap’s heatmap provides a color-coded representation of the order book. Warm colors, like yellows and reds, indicate support and resistance levels. The tool helps users visualize real-time interactions between buyers and sellers.
- Volume Dots: These dots visually represent trading volumes. Larger dots mean higher volume, and smaller dots indicate lower volume. Users can toggle them on or off and adjust their sizes as needed.
- Iceberg Detector and Large Lot Tracker (LLT): This tool highlights significant limit orders in the order book, allowing users to identify substantial trades.
- Replay Mode: Users can record real-time trading sessions and review them later in replay mode, helping refine strategies and understand past market dynamics.
- One-click Trading: Users can easily place orders directly from the chart, simplifying the trading process. It supports various order types, including OCO-orders and bracket orders.
- Historical and Real-time Data: Bookmap delivers real-time data that refreshes every 30 milliseconds, covering all US stocks. Users can also access historical data and zoom in to specific timeframes, from hours to nanoseconds.
- Custom Indicators and Add-ons: Users can personalize their Bookmap experience by adding custom indicators and add-ons, or by choosing from available third-party solutions.
- Multi-platform Compatibility: Bookmap is accessible on multiple platforms, including Windows, macOS, and the cloud.
- Depth of Market: This feature provides a comprehensive view of the limit order book, offering insights into market liquidity and potential trading opportunities.
- Customizable Interface: The Bookmap interface can be tailored to individual preferences, allowing changes in color schemes and the display of specific data points.
Bookmap Pricing
Bookmap offers a range of pricing plans to cater to different trading needs:
- Digital Plan: This is a free plan. It provides access to delayed market data for stocks and futures, and real-time data for major cryptocurrencies such as GDAX and Bitfinex. Included features are volume dots and price levels.
- Digital Plus Plan: Priced at $19 per month, this plan builds upon the Digital Plan. It offers access to additional market data providers, interface customization options, and added indicators like VWAP. Additionally, there’s a one-click trading feature for cryptocurrencies.
- Global Plan: This plan costs $49 per month. It grants everything in the Digital Plus, but with real-time data for futures and stocks. If you want full market depth data from EDGX, it’s an extra starting at $59 per month. This plan is compatible with various market data providers supported by Bookmap.
- Global Plus Plan: The premium plan, priced at $99 per month, includes all the features of the Global Plan. It also introduces one-click trading for stocks and futures, as well as advanced tools such as the large lot tracker, imbalance indicator, and Depth of Market Pro. Personalized training sessions are also part of this package.
For those looking for savings, a 20% discount is available on annual subscriptions. Lifetime subscriptions are also available: $990 for the Global plan and $1,990 for the Global Plus plan.
Is Bookmap Worth it?
Deciding if Bookmap is worth it, depends largely on your personal trading goals. If you’re a day trader seeking a platform that delivers real-time market data, displays volume dots and price levels, and offers one-click trading, then Bookmap might be a good fit for you.
For those on the fence, a practical approach might be to try out the free Digital plan. This gives you a firsthand feel of the platform without any financial commitment.
Final Thoughts
Bookmap has carved a niche for itself in the world of trading platforms, offering an array of features tailored to both the novice and seasoned trader. With its unique heatmap visualizations, real-time data, and a suite of customizable tools, it truly sets itself apart.
Remember, the right platform can enhance your trading experience, but thorough research and an understanding of one’s own trading needs are paramount.
Considering all its features and benefits, Bookmap does make a compelling case for itself. If you’re keen on diving deeper and exploring what Bookmap has in store, click here to get started.
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