Just came across an anomaly in the charts which I haven’t come across before and was wondering if anyone could shed some light on why this has happened.
I usually use tradingview to do my charts. On the CHFJPY hourly chart, the candle at 22:00 BST time (indicated with the arrow) is a bearish candle with the following readings:
On my trading platform (cTrader with FXPro), the same candle at 22:00 BST (again indicated with the arrow) is a bullish candle with the following readings:
I understand that the candle on tradingview closed lower than it opened hence the bearish candle, and the candle on ctrader closed higher than it opened hence the bullish candle.
However, why is there such a discrepancy on the candles openings? I can understand a few pips give or take, but there is a 14 pip discrepancy between the opens of both candles.
Is this normal? and if so what is the reason for this? Which chart could be said to be a more accurate?
Hi,
Welcome to the real world of data that doesn’t always make sense. I believe that the TradingView chart is correct, and the cTrader chart is in error. The latter chart shows a gap from the close of the candle just before the arrow to the open of the candle under the arrow. This will be caused by a coding bug in cTrader that either did not get found during testing, or is a known bug yet to be corrected. Notice the candle is the wrong colour in cTrader. Don’t you just love those Big Data guys and programmers?
Also mystified by such a large difference. I have 3 charting packages (CTrader, MT4 and MetaStock Xenith) MT4 shows very similar data to CTrader. But for some reason MetaStock is completely missing 7 candles. So my mystery is even more strange since FX shouldn’t have been closed during that time period.
Assuming you’re with FXPro, can you login into your FXPro account through TradingView? Do they integrate? If not, what exchange were you pulling your data from while charting. That could make a difference.
And are you on a live or demo account? Demo accounts aren’t guaranteed to be real-time, and data isn’t guaranteed to match between different broker data feeds.
@forexforexforex that was on a demo account so that perhaps may be the reason…im hoping! I would be pretty annoyed if that were happening on live accounts…
@Mondeoman definitely some interesting food for thought there, I will raise it with FXPro and see what their official response is and update as and when
Hi,
It does bring up a risk that should be considered when trading in a live account. And that is we should not be using one data feed for making an entry decision whilst using another data feed to place our real currency at risk. Personally, and recently, I have only been trading with crypto currencies, and although I note there are bid / ask price differences sometimes of the order of 10% in some minnow Alt coins, the spreads for the top 10 market cap coins is of the order of 0.1% and the differences between quotes on different exchanges is similarly small. Now for Forex, that 0.1% is a lot for a scalper (10 PIPS) and I would not expect there to be a 10 PIP difference between ask prices on two large broker quotes. But it is worth noting. I may write that as a rule in my long and boring Forex trading plan
“always use the same data feed for setup, entry, management and exit of all trades”
A good learning exercise for me guys, thanks for the thread.
Worth bearing in mind that the colour of a candle can be manually set on many platforms / chart programmes by the user - it can be either based on the price difference Open to Close, or Close from Previous Close. This can obviously reverse the colouring of the same candle.
If you’re really pressed to know, you could even take the timestamp of the candles in question and ask their support directly. They could tell you definitively.
So the official response from FXPro is as follows:
Thank you for contacting FxPro Support.
Please note that each broker has different liquidity providers, therefore the prices may differ between them. You cannot compare the prices in FxPro with the prices in other brokers/platforms.
Should you require any further assistance please do not hesitate to contact us again by email at [email protected] or via our 24/5 “Live Chat Support” through our main website.
Have to say I am feeling a bit fobbed off here but oh well!
