I have demos running with both oanda on their platform and the MT4 platform with Interbank FX. I’m running 30 minute charts on each, and I’m looking at NZD/USD right now. While the overall trends are similar, the candlesticks are not. Openings/closings are 1-several pips off, making indicator patterns look different on each. Oanda shows dojis, while Interbank shows evening stars in one situation. A sharp downward of 3 long candlesticks shows the closing and openings right with each other in oanda, while in interbank, each opening is spread out from the last candles close. That can’t be good.
???
On another note, I’m watching 6 charts right now, and plan to pick 3 more to total 9 charts. I’m doing this right now to see how active markets are for my trading time. Would that be too many charts to monitor in the long run for candlestick patterns?
Brokers (non-ECN) are market makers. As such they are free to quote prices where it makes sense for them. Of course they will generally be in line with the market because they’d not keep any business if they didn’t. I personally have found that Oanda tends to have narrower period ranges during consolidations than some others.
What you need to realise is what each chart is showing, I
do not have ibfx MT4, I have North Finance & Alpari MT4,
these show the bid price being printed. Open up the “market watch” screen
then look from which price your candles are being printed.
Oanda on the other hand print their candles from the AVERAGE price.
As you can see from the thumbnails, 166.54 is the bid price, 166.57
is the ask price, the average of these would be 166.555?, whereas
on the oanda thumbnail 166.58 is the bid.
You are best at this stage to make a decision on which candles to
follow, either MT4 or Oanda, you can still place orders on both platforms.
