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Advancedlessons35Total duration4 h 51

FDAX: order flow on Eurex

Trading the DAX 40 on MBO data, from the Xetra open to the US handover

The DAX 40 trades in the morning, on an order book Eurex publishes order by order. The three contracts and their EUR 25 tick, T7 and MBO depth, the DAX day in Paris time, the liquidity of a compressed book, a recalibrated footprint, the 3:30 pm US handover, the eurozone calendar, three setup cards, then sizing in euros and the funded account.

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What you will be able to do

  • 01Choose between FDAX, FDXM and FDXS, and size a stop in euros before looking at the book
  • 02Explain what Eurex MBO depth (EOBI) shows that Level 2 does not, and why it is the entry fee of the niche
  • 03Split the DAX day into three regimes and trade only its two readable windows
  • 04Read native icebergs, reloads, and the test of the morning's levels by the 3:30 pm US flow
  • 05Apply three FDAX cards, one of them a non-trade, and keep a journal by window on a funded account

Who it is for

For those who already read the footprint and the heatmap on NQ or ES and want to trade the European session. The NQ and Heatmap courses are the natural prerequisite; the GEX course helps for module 5 but is not required. No Eurex experience is needed.

Syllabus

Module 01

1 · The Eurex terrain

01FDAX, FDXM, FDXS: three sizes, one order bookStudents only10 min02T7 versus Globex: priority, native orders, auctionsStudents only9 min03What Eurex MBO depth really showsFree preview10 min04The Eurex desk: the data, the platform, and why the niche stays emptyStudents only7 min
Module 02

2 · A day in the DAX

05A day in the DAX, Paris timeFree preview11 min06The DAX night and the pre-open: from 2:10 am to 9 amStudents only8 min07The Xetra opening auction and the 9 am to 10:30 am windowStudents only10 min08The midday lull, the 2:30 pm handover and the 3:30 pm openStudents only9 min095:30 pm: the closing auction, the settlement, then the ghost bookStudents only7 min10Quiz: the terrain and the dayStudents only4 min
Module 03

3 · Reading DAX liquidity

11A compressed book: FDAX depth versus the ESStudents only9 min12Native icebergs and reloads: the Eurex signatureStudents only10 min13Walls that hold, walls that pull: the session's testStudents only9 min14The DeepDom heatmap on a thinner bookStudents only8 min
Module 04

4 · Footprint and delta on the FDAX

15Choosing the granularity: ticks, range, volumeStudents only8 min16Reading delta on a thinner marketStudents only9 min17Absorption and exhaustion on the DAXStudents only10 min18The false signals specific to the DAXStudents only8 min19Quiz: liquidity and footprintStudents only4 min
Module 05

5 · Europe and the United States

20FDAX / ES correlation and decorrelationStudents only9 min21The opening gap and the US overnightStudents only8 min22The moment the ES takes overStudents only8 min23SPX gamma context as a filterStudents only8 min24The Euro Stoxx 50 (FESX) as confirmationStudents only7 min
Module 06

6 · The European calendar

25ECB, ZEW, IFO, PMI, inflation: the agenda that moves the DAXStudents only10 min26Holidays, shortened sessions and the clock-change weeksStudents only8 min27Quarterly expiries, the roll and settlement on the 1 pm auctionStudents only9 min
Module 07

7 · FDAX setups

28Card 1: the Xetra opening rotationStudents only10 min29Card 2: the rejection of the European range at the US openStudents only10 min30Card 3: the midday lull non-tradeStudents only7 min
Module 08

8 · Risk and the funded account

31Position size in euros: FDAX, FDXM, FDXSStudents only9 min32The currency effect on a dollar accountStudents only7 min33Trailing drawdown and the DAX: the worst pairingStudents only8 min34The journal by windowStudents only8 min35Final quiz: the FDAX end to endStudents only5 min
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