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IG Markets Reliability

  • #1
  • First Post: Jun 11, 2020 8:15am Jun 11, 2020 8:15am
Is anybody else having problems with their MT4 data.
Trading gold, spreads seem to be coming down from their stupidly high levels, however now noting volume levels are often out of step with other providers giving obvious false readings. Up to now they have been quite reliable. See attached, IG chart with volume levels "levelling off" into "two steps" on the right of the chart, obviously wrong. comments appreciated. (please no comments about volume not being real volume etc). This has been noted a couple of times recently, also noted once in GBPUSD, have emailed IG but no reply. Note, all charts are 1 minute charts.
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  • #2
  • Jun 12, 2020 1:49am Jun 12, 2020 1:49am
Quoting PaulVic
Is anybody else having problems with their MT4 data. Trading gold, spreads seem to be coming down from their stupidly high levels, however now noting volume levels are often out of step with other providers giving obvious false readings. Up to now they have been quite reliable. See attached, IG chart with volume levels "levelling off" into "two steps" on the right of the chart, obviously wrong. comments appreciated. (please no comments about volume not being real volume etc). This has been noted a couple of times recently, also noted once in GBPUSD,...
"volume" is a tick counter which can deviate significantly between brokerages, unless you are comparing primes to primes

different retail brokers use different LPs

so many factors actually
IG could have change the number of LPs they are receiving prices from,
IG could have change tolerance settings for receiving LPs pricing, filtering out outliers
LPs could have decreased no of price quotes sent out
LPs could have changed their method of sending out pricing.
LPs could be willing to take on more orders/qty at specific price without having price revisions
etc

basically many factors which are all their legal rights on best execution policy.
  • #3
  • Jun 12, 2020 5:21am Jun 12, 2020 5:21am
Interesting... Got me thinking what if brokers will decide to limit number of price updates per minute to 60, that is 60 ticks per minute. Because you can look at this tick volume as the rate of price updates. So if there is a limit to this would that mean that you can’t trade?
Every second you get an update on the latest price. Suppose that you have 1000 ticks per minute but price don’t move makes no difference if it is 60 or 1000 ticks per minute.

My view is that as long as broker doesn’t intervene in the pricing and i mean if he doesn’t feed to you fake prices to stop hunt you this is not a big problem.

BUT if you have a HFT strategy why use MetaQuotes software?
  • #4
  • Jun 12, 2020 6:15am Jun 12, 2020 6:15am
Quoting Weyk
Interesting... Got me thinking what if brokers will decide to limit number of price updates per minute to 60, that is 60 ticks per minute. Because you can look at this tick volume as the rate of price updates. So if there is a limit to this would that mean that you can’t trade? Every second you get an update on the latest price. Suppose that you have 1000 ticks per minute but price don’t move makes no difference if it is 60 or 1000 ticks per minute. My view is that as long as broker doesn’t intervene in the pricing and i mean if he doesn’t feed...
there is no way of limiting it to a per minute setting. what they can/usually do is set the spread tolerance.

ie if EURUSD spread filter tolerance is set to 0.1pip. any incoming feed of 0.11 and above gets rejected and does not count towards a tick/price change. this process is align with fulfilling their best bid ask policy, else some other bloke will make noise on why he has a ecn account and spread is over 1 pip.

hence "volume" indicator is not as reliablle as price action. hence why it can differ significantly broker to broker,
  • #5
  • Jun 12, 2020 7:12am Jun 12, 2020 7:12am
Quoting Bicarus
{quote} there is no way of limiting it to a per minute setting. what they can/usually do is set the spread tolerance. ie if EURUSD spread filter tolerance is set to 0.1pip. any incoming feed of 0.11 and above gets rejected and does not count towards a tick/price change. this process is align with fulfilling their best bid ask policy, else some other bloke will make noise on why he has a ecn account and spread is over 1 pip. hence "volume" indicator is not as reliablle as price action. hence why it can differ significantly broker to broker,
Hi Bicarus, when i said what if brokers will decide to limit number of price updates per minute to 60 was just a thought experiment. I don't know much about broker infrastructure. But as you know there are brokers with a books and b books. That is a broker with hybrid model and in house they can spike up the price and stop hunt you. How they do it exactly i don't know, widening the spread, or just feeding fake price into the platform. If they can do that why wouldn't they limit price updates? Just a thought experiment.

Cheers.
  • #6
  • Jun 12, 2020 10:20am Jun 12, 2020 10:20am
Quoting Weyk
{quote} Hi Bicarus, when i said what if brokers will decide to limit number of price updates per minute to 60 was just a thought experiment. I don't know much about broker infrastructure. But as you know there are brokers with a books and b books. That is a broker with hybrid model and in house they can spike up the price and stop hunt you. How they do it exactly i don't know, widening the spread, or just feeding fake price into the platform. If they can do that why wouldn't they limit price updates? Just a thought experiment. Cheers.
at the end of the day, price is still price. if you are being executed at a outlier price, then by all means, one should raise a investigation with compliance dept.

incoming price feed and execution venues are 2 separate issues which should not be co-mingled, if you read this forum, you'll realize that bulk of the complaints/conspiracy is because many co-mingle the 2.

basically all brokers are keeping trades in house. with actual interbank feed. ie; making a market for you @ interbank pricing.

a simple and sure way to tell if your order is going onto the interbank is to look at your executed price. if you are executing a large enough block,
JPY pairs are @ 6 decimals , others at 7. because that is the actual interbank quote format.

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  • #7
  • Last Post: Sep 28, 2020 12:03pm Sep 28, 2020 12:03pm
Quoting Bicarus
{quote} at the end of the day, price is still price. if you are being executed at a outlier price, then by all means, one should raise a investigation with compliance dept. incoming price feed and execution venues are 2 separate issues which should not be co-mingled, if you read this forum, you'll realize that bulk of the complaints/conspiracy is because many co-mingle the 2. basically all brokers are keeping trades in house. with actual interbank feed. ie; making a market for you @ interbank pricing. a simple and sure way to tell if your order...
Hi Bicarus, that's really interesting. So do they usually have to use interbank if the trader is successful and trades larger? Or they would be liquid enough to level out the withdrawals since the trader stats already work to their advantage?
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