I've been trading for 3 years and tape reading (order book reading) was my main edge. But the last 6 months it's gotten much harder.
Spoofing algos are everywhere. Massive orders appear and vanish in 50ms. Level 2 has become a funhouse mirror.
Those who do tape reading: have you adapted your approach? What tools do you use to filter out algo noise?
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I've largely abandoned pure tape reading for footprint charts (volume per price per candle). It naturally filters spoofing because you see actual transactions, not orders.
Bookmap. It's expensive ($50/month) but the order book heatmap visualization is unmatched. You literally see the algos working.
What software do you use for footprint charts? I tried Sierra Chart but the interface is a 90s nightmare.
Pure tape reading is dead, yes. But cumulative delta volume (CVD) still works great. It's the modern version of tape reading — you read the aggressiveness of buyers vs sellers.
Algos are 70% of volume. Don't you think trying to read the order book is like trying to read the matrix without being Neo?
Algos aren't random. They have repetitive, detectable behaviors. The trick is to trade with them, not against them.