Totally different charts in MT4 depending on broker - is this normal?

I’ve been trading with a couple of the default mt4 metaquotes demo accounts, and just opened up my first demo account with a real broker.

I immediately noticed that their 4hr eur/usd chart is different to the one I normally see with my standard demo accounts. As in, totally different candles.

Is this normal?

1 Like

Is it to do with different brokers having different sources and systems for price quotes? Or the way that the spread has the different costs for each broker built in?

I believe it can also be affected by the amount of liquidity in the pool which they are plugged into.

Thanks! So much still to understand

As in the size of the candles and their wicks or just styles? If the former this is why it is so important to make sire you are comparing your broker on MT4 or whichever platform against Trading View as it will normally differ.

Thats normal if the deviation is not too large.

The size of the candles and wicks differ, and in one case a candle changed from bullish to bearish depending on the account (though to be fair, it is technically a more neutral candle, so guessing body colour less of a deal). I’ve only ever used MT4 as a platform, for all demo accounts. What is trading view?

As to deviation, I’m not quite sure what is normal or not, so I’ve attached screenshots (please ignore the chaos of the charts, I’m still only in early days of the babypips school and am currently learning indicators while dabbling with wedge chart patterns, and generally experimenting to learn, hence it’s a bit hectic). You’ll see the spinning top candle which is red in one and green in another, and all the other differences.

Thanks again for the responses!

1 Like

I think I’ve found Trading View (It’s a charting app?). However, it seems like it is just sourcing it’s candle data from different brokers anyway. So that’s really just a circular evidence source, and doesn’t explain the differences (and reliability issues/ whether that is normal or not)? Or am I missing something? (Genuinely trying to understand)

Hi @BMythril, When you trade CFD’s in the retail currency markets, you are trading in an OTC Market.

This is the reason all your Brokers are giving slightly varying price feeds. It is normal for Broker Feeds to differ slightly and using an application like TradingView is a great way to keep an eye on your Broker.

Hope this is of help…

1 Like

Definitely, thank you!

From the screens youve shared i dont find a significant differences.

Are you trading only on a cell phone?

Good job!! Keep going!!!

I do a lot of my trades on my phone. I have mt4 on my computer, and use it to scan multiple charts at once. But I actually prefer the phone apps (cTrader and MT4)

1 Like

I used to do that too. But maybe you’ll have better results on your phone than I did.

Good luck!!

Thanks, you too!

I’m actually trying to limit the use of my computer to my actual work, so I can manage my time properly and not ride that slippery slope down to letting learning forex eclipse the work I use my computer for each day. We’ll see how it goes! Mixed results so far on the phone. Though that’s mostly down to discipline more than the interface.

Although, I guess smartphones encourage poor discipline, so maybe there is a connection :woman_shrugging:

1 Like

For me, it encouraged spontaneous trades. Not good.

Spontaneous trades when it’s hard to see the larger trend due to the smaller screen? Not a good combination.

Yes that is definitely a volatile high risk context!

I get that way when I’m bored or have had a glass or two to drink. I converted one of my demo accounts into an ''experimental/impulsive playground" precisely because of that. So far I’ve succeeded in keeping the ‘impulse mode’ action restricted just there. My other demos are for serious disciplined trading and learning

1 Like

In my opinion, it’s better to use a laptop or desktop computer instead of a mobile phone or tablet. Mobile devices may show you chart patterns in a different way because of their small screens.