Vantedge BookScope puts the Level 2 engine behind BookPilot onto your chart. The part most traders look at first is the info box with the forecast and the bias. Knowing how those two numbers are produced, and how they relate to the rest of the display, makes the chart far easier to read.
What BookScope is
BookScope is an indicator included with Vantedge BookPilot. It runs the same engine as the strategy: the Pressure Break and Pulled Wall scanners, the 2-tick Micro-Forecast and the trend vectors. It needs a Level 2 market depth feed and runs in real time and in Market Replay. It does not place orders.
The forecast
The info box reports the forecast probability that the mid price's next 2-tick move is up, often written P up. It comes from a logistic model fed by four inputs: queue imbalance at the touch, the microprice offset, the buy/sell balance of recent prints, and the Pressure Break ratio.
Read it as a lean, not a call:
- Around 0.50: no meaningful lean either way.
- Drifting above 0.55: the book and recent flow lean up.
- Drifting below 0.45: they lean down.
The horizon is very short, the next 2-tick move. A reading of 0.60 says nothing about where price will be in five minutes.
The model starts from built-in weights and fits its own weights per instrument after about 1,600 labelled samples, so its readings on a new instrument settle in over the first sessions.
The bias
The bias turns the forecast into one of three states using a threshold, 0.55 by default:
| Bias | When | Effect in BookPilot's With Bias mode |
|---|---|---|
| Long | P up at or above 0.55 | Short signals refused |
| Short | P up at or below 0.45 | Long signals refused |
| None | In between | Signals in both directions pass |
So when the info box shows a Long bias, you know that a BookPilot running in With Bias mode on the same instrument would skip short signals right now. That makes the box a good way to understand the strategy's behaviour without opening its settings.
The threshold is a BookPilot setting. Raising it makes the bias None more often, so With Bias blocks fewer signals. Lowering it means there is almost always a bias.
The rest of the display
DOM ladder
An on-chart ladder of the book that flashes in the firing engine's colour when Pressure Break or Pulled Wall fires.
Wall boxes
Walls the Pulled Wall scanner is tracking are drawn as boxes, with marks where they were pulled. A pulled wall gets a spoof probability between 0.0 and 1.0.
Trend vectors
Slopes of the mid price over the last 5, 20, 40 and 150 price changes, drawn as converging lines. When they all point one way, the short-term trend is clear. When they disagree, it is not.
Signal markers and alerts
Each fired signal is marked on the chart, with an alert.
Putting it together
A practical reading order when a marker appears:
- Which engine fired? The ladder flash and marker tell you.
- Does the bias agree with the signal's direction?
- Is the forecast comfortably on the signal's side, or near 0.50?
- Do the trend vectors line up with it, or point the other way?
A signal with the bias, forecast and vectors behind it is the kind BookPilot's confirmation filter is designed to let through. One that fires against all three is the kind it blocks. Watching this in Market Replay is a quick way to learn what the filters do before you change any of them. The settings involved are described in the BookPilot guide, and terms such as microprice and queue imbalance are in the glossary.
What the box cannot tell you
The forecast is a short-term estimate from a few book features. It can be confidently wrong, especially around news or when the book is thin. Treat it as one input among several.
Indicators describe the market; they do not shield you from futures losses. Study BookScope in Market Replay and trade any related setup in SIM before an evaluation, funded or live account.