Why Exchange Data Matters for Order Flow
Your order flow analysis is only as useful as the data behind it.
Different market data subscriptions can provide different combinations of trade prints, bid and ask quotes, and market depth.
A feed that provides executed trades may be sufficient for some volume analysis but insufficient for studying full displayed depth.
Historical data quality also matters when replaying or backtesting a strategy.
Before choosing a platform or data provider, check:
Which exchange and instruments are covered.
Whether the subscription includes market depth.
What historical tick data is available.
Whether the platform supports the feed.
Whether your intended use is permitted by the licensing terms.
A beautiful chart cannot compensate for missing or unsuitable data.