Instruments for order flow: the full list

Order flow only makes sense where there is a central market and a real record of trades: who bought, who sold, at what price and in what size. I've gathered 138 instruments and instrument groups in 12 sections: from index, bond, currency, energy, metal and agricultural futures, through the Warsaw Stock Exchange and US stocks, to markets where order flow doesn't work.

For each I give the exchange, the symbol, the tick value (where the specification is fixed and certain) and my rating of its suitability for order flow. The rating doesn't tell you what to trade, only where the data lets you read the market.

What order flow needs

One central order book showing the liquidity of the whole market, not one broker's.
Real volume with the trade side: every trade with its price, size and whether a buyer or a seller initiated it.
Liquidity: a deep book and many participants, so that a single order can't masquerade as market strength.
A tick size suited to the movement: if the market moves only a few ticks a day, the footprint won't tell you much.

Instrument groups

US stock indices (11)
US index futures on the CME are the best place in the world to learn and apply order flow: one central order book, huge liquidity almost around the clock and trade-by-trade data.
European and Asian indices (20)
Outside the US, the best conditions for order flow are on Eurex contracts (DAX, Euro Stoxx 50) and the big Asian markets.
Interest rates and bonds (21)
US Treasury and German Bund futures have some of the deepest order books in the world.
Currencies (currency futures) (12)
In currencies, order flow only makes sense on exchange-traded futures, e.g.
Energy (10)
WTI crude (CL) is one of the best order flow markets outside the indices: huge liquidity, clear reactions to data and lots of algorithmic trading.
Metals (12)
COMEX gold (GC) is a very good order flow market: liquid, with clear reactions to US data and the dollar.
Agricultural and livestock commodities (20)
Agricultural markets have a central order book and real data, but shorter hours of good trading, price limits and strong reactions to USDA reports.
Volatility and exchange-traded crypto (7)
VIX futures (Cboe Futures Exchange) and bitcoin and ether futures on the CME are the exchange-traded versions of markets most people know from apps.
Poland: Warsaw Stock Exchange (6)
The Warsaw Stock Exchange has a central order book and real data, so order flow technically works.
US stocks and ETFs (7)
In US stocks and ETFs the data is real, but the market is fragmented: the same stock trades on more than a dozen exchanges and in many off-exchange venues (dark pools, internalisation of retail orders).
Options (4)
Order flow exists in options too, but it's a different kind of analysis: instead of a single instrument's footprint you look at flows across thousands of series (strikes and expirations), dealer positioning and their hedging.
Where order flow doesn't work (8)
Order flow requires a central market and a real record of trades.

The best markets for learning order flow

Instrument	Symbol	Exchange	Tick value	Order flow
E-mini S&P 500 the most liquid index contract in the world	ES	CME	1 tick (0.25 pt) = $12.50	Model market
Micro E-mini S&P 500 the same market as ES at 1/10 the size	MES	CME	1 tick (0.25 pt) = $1.25	Model market
E-mini Nasdaq-100 fast and volatile, thinner book than ES	NQ	CME	1 tick (0.25 pt) = $5	Model market
Micro E-mini Nasdaq-100	MNQ	CME	1 tick (0.25 pt) = $0.50	Model market
E-mini Dow ($5) calmer, readable footprint	YM	CME (CBOT)	1 tick (1 pt) = $5	Model market
Micro E-mini Dow the contract I trade	MYM	CME (CBOT)	1 tick (1 pt) = $0.50	Model market
DAX (FDAX) the most liquid index in Europe	FDAX	Eurex	1 pt = €25	Model market
Euro Stoxx 50 very deep book, slower movement	FESX	Eurex	1 tick (1 pt) = €10	Model market
10-Year T-Note one of the deepest books in the world	ZN	CME (CBOT)	1 tick (1/64 pt) = $15.625	Model market
5-Year T-Note	ZF	CME (CBOT)	1 tick (1/128 pt) = $7.8125	Model market
30-Year T-Bond	ZB	CME (CBOT)	1 tick (1/32 pt) = $31.25	Model market
Bund (10-year German government bond) the most important bond contract in Europe	FGBL	Eurex	1 tick (0.01) = €10	Model market
Bobl (5-year German)	FGBM	Eurex	1 tick (0.01) = €10	Model market
Euro FX (EUR/USD) the most liquid currency contract	6E	CME	1 tick (0.00005) = $6.25	Model market
Japanese yen the inverse of USD/JPY	6J	CME	1 tick = $6.25	Model market
WTI Crude Oil one of the best markets for order flow	CL	NYMEX (CME)	1 tick ($0.01) = $10	Model market
Brent Crude	B	ICE Futures Europe	1 tick ($0.01) = $10	Model market
Gold	GC	COMEX (CME)	1 tick ($0.10) = $10	Model market

Frequently asked questions

Which instruments are suitable for order flow?

Those with a central order book and a real record of trades: above all futures on exchanges such as the CME and Eurex (indices, bonds, currencies, crude oil, gold).

What's the best market to learn order flow on?

On liquid US index futures (ES, NQ, YM and their micro versions). They have the deepest books and trade almost around the clock.

Does order flow work in forex and CFDs?

No. There's no central market and no real volume there. In currencies, order flow makes sense on exchange-traded futures, e.g. 6E on the CME.

Does order flow work on the Warsaw Stock Exchange?

Technically yes, the WSE has a central order book. But liquidity is low outside the FW20 and the largest companies.

Educational content, not investment advice. Exchanges sometimes change contract specifications (tick size, multiplier, hours): check the current specification on the exchange website before trading. The rating concerns suitability for order flow analysis, not profitability. Leveraged futures involve a high risk of losing capital.