While working on a custom development project, I have come across a sort of conceptual question. Your expert opinion is needed to reach the complete and correct understanding. I need to be clear that whether the order flow indicators and the volumetric bars provide some additional information as compared to Level one market data set (the ask, bid and last data series I can access via OnMarketData() method)? If yes, what is that additional information in order flow indicators and volumetric bars which I cannot get from the level one market data directly or indirectly (through processing of level market data). Putting the same question in another way for clarity, what information I cannot technically get if I'm not using the order flow tools and the volumetric bars? Should I treat order flow indicators + volumetric bars just as a convenient and refined way of presenting the level one market data and extracts from its processing or I should treat order flow as a tool which provides additional information.
I'll be very thankful for the help. With this, I'll be able to better conduct my custom development project. Many thanks.
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