Advanced market data that includes detailed order flow and trading intentions, often available to institutional traders.
This data provides deeper insights into market behavior, such as tracking large trader activity, spoofing, and iceberg orders, giving an edge in high-frequency trading.
A trader with access to Level 3 data notices hidden large buy orders being placed and pulled at key levels, indicating potential market manipulation.
A financial instrument is the entity being bought and sold while trading.
A firm that provides traders with capital to trade financial instruments, such as futures. Traders retain a percentage of the profits they generate, while the firm assumes the risk.
The specific account or evaluation package offered by the prop firm. Plans vary in account size, evaluation difficulty, profit targets, and rules.
A smaller-sized futures contract (e.g., 1/10th the size of a standard contract), which allows for more flexible risk management.
The standard-sized futures contract traded in the market.