Did you know this about Oanda? | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

Trade What You Know and Know What You Trade 4 replies

Did it ever happen to you? you had to change rules! 23 replies

Did you know Australian CFD & FX brokers can use your money? 7 replies

Did you know that Retail Forex is only 4% of the whole Market? 24 replies

Did You Know??? (pending orders) 1 reply

Attachments: Did you know this about Oanda?
Exit Attachments

Did you know this about Oanda?

  • #1
  • First Post: Jul 16, 2008 4:08am Jul 16, 2008 4:08am
Hello Fellow Traders.

Maybe my ignorance is not shared by most of you but today I found out that the lows and highs shown on Oanda's candlesticks charts are not the actual price fluctuations...for that you need to switch to Min/Max chart. This can be very detrimental if you are solely looking at your candlestick chart during high volatility period...i.e, major news releases. Anyway, I hope that you were more informed than I...and if you were not, now you are.

Unus pro omnibus, omnes pro uno
  • #2
  • Jul 16, 2008 5:11am Jul 16, 2008 5:11am
Yes, and its much better to trade of min/max chart too. since it helps a lot in determining risk area, and much easier to spot consolidation prices.
  • #3
  • Jul 16, 2008 7:18am Jul 16, 2008 7:18am
Quoting moneda
Hello Fellow Traders.

...I found out that the lows and highs shown on Oanda's candlesticks charts are not the actual price fluctuations...for that you need to switch to Min/Max chart. ...
Poor Japanese who made these candlesticks to trade his rice in the 18th century!!!!!
I think now he is very sad UP there.
-Don't be sad my sir 本間 宗久, (Honma Munehisa ).You'll see ,all these BS will end soon.
"you need to switch to Min/Max chart..."

From 18th century.... until Oanda
http://www.babypips.com/images/candlestick-anatomy.gif
  • #4
  • Jul 16, 2008 9:39am Jul 16, 2008 9:39am
The difference is just that the minmax graph shows the spread (max of the Ask and min of the Bid; it is for instance very clear during the week end).
This kind of chart is usually not available for other brokers.

When you talk about "actual price fluctuation" it depends how you define "price". Because in a traditional chart (candlestick or other) you will see the fluctuation of the Bid only, but with the minmax you will see a combination of Ask and Bid prices. I wouldn't really call that "actual prices" but it is helpful to see how limit or stop orders have been triggered for instance.
  • #5
  • Jul 16, 2008 10:37am Jul 16, 2008 10:37am
Hello,


Thanks for the informative replies....although I am not sure what is the point that ILclitoride is making.... I do have a sense of humor and if that is the purpose of your post...then... ...If it is not then....

What is puzzling to me is that I have never had an issue with my exit price with Oanda.. so why is there a discrepancy during news releases? They told me that candlesticks charts show the average high/low not the actual price range... okay, then why doesn't that come into play at all times...broker manipulation during high volatility? Can you explain this aspect of dealing with bucketshop?

Thanks again
Unus pro omnibus, omnes pro uno
  • #6
  • Jul 17, 2008 3:08am Jul 17, 2008 3:08am
Quoting moneda
Hello,


Thanks for the informative replies....although I am not sure what is the point that ILclitoride is making.... I do have a sense of humor and if that is the purpose of your post...then... ...If it is not then....

What is puzzling to me is that I have never had an issue with my exit price with Oanda.. so why is there a discrepancy during news releases? They told me that candlesticks charts show the average high/low not the actual price range... okay, then why doesn't that come into play at all times...broker manipulation during high volatility? Can you explain this aspect of dealing with bucketshop?

Thanks again
I would like to highlight that there is not ONE actual price, but 2 prices. The Ask and the Bid prices. So that maybe confuses people because in a chart we usually see only one price and not 2.
Oanda has chosen to display for candlesticks the average price ((Ask+Bid)/2. Many other brokers display the Bid price, it is just a choice.
The Min/Max chart is just a different representation showing a channel max of Ask vs min of Bid.

These 2 representations work the same way during news or outside news time. Only during news the spread is getting higher so there is more difference between the average ((Ask+Bid)/2 and the max of Ask and min of Bid. I hope it clarifies things.
If not could you please give a numerical example of what you see as a problem as it is easier to explain with a specific case rather than generally.
  • #7
  • Jul 17, 2008 4:54am Jul 17, 2008 4:54am
Quoting moneda
They told me that candlesticks charts show the average high/low not the actual price range... okay, then why doesn't that come into play at all times...broker manipulation during high volatility? Can you explain this aspect of dealing with bucketshop?
This is not an Oanda-exclusive thing. There's always a "bid" price and an "ask" price, so a candlestick chart will always show only an "average" price no matter what broker you're watching, the only difference here is that Oanda shows You the min/max chart while others brokers don't...I don't see anything wrong with that.
"I say high, You say low, You say why, and I say I don't know..."
  • #8
  • Jul 18, 2008 4:08am Jul 18, 2008 4:08am
Quoting Ricardo.
This is not an Oanda-exclusive thing. There's always a "bid" price and an "ask" price, so a candlestick chart will always show only an "average" price no matter what broker you're watching, the only difference here is that Oanda shows You the min/max chart while others brokers don't...I don't see anything wrong with that.
Sorry I would have to disagree with ya here. From what I've witnessed, candlesticks from most brokers show the real price. When I enter a trade I don't have to flip from candlesticks to a min/max just to see if my limit order was processed or if my stop was hit.
  • #9
  • Jul 18, 2008 4:25am Jul 18, 2008 4:25am
Quoting Ricardo.
This is not an Oanda-exclusive thing. There's always a "bid" price and an "ask" price, so a candlestick chart will always show only an "average" price no matter what broker you're watching, the only difference here is that Oanda shows You the min/max chart while others brokers don't...I don't see anything wrong with that.
I don't know about oanda, but for most mt4 brokers, the candlestick chart shows the "ask" price, and not the average or bid price.
  • #10
  • Jul 18, 2008 4:56am Jul 18, 2008 4:56am
Quoting good
I don't know about oanda, but for most mt4 brokers, the candlestick chart shows the "ask" price, and not the average or bid price.
Alpari.uk shows "bid" price. You have to check "show ask price" box in chart option to see it.
  • #11
  • Jul 18, 2008 5:26am Jul 18, 2008 5:26am
Quoting Zen
Alpari.uk shows "bid" price. You have to check "show ask price" box in chart option to see it.
Yes same thing for all MT4 brokers I have tested
  • #12
  • Jul 23, 2008 2:19pm Jul 23, 2008 2:19pm
Hey guys how do I switch to min/max chart in Oanda?
  • #13
  • Jul 23, 2008 5:59pm Jul 23, 2008 5:59pm
Quoting truthy
Hey guys how do I switch to min/max chart in Oanda?
Third pull-down menu from the left above the chart. Click the down-arrow, chose min/max.
  • #14
  • Jul 25, 2008 3:39pm Jul 25, 2008 3:39pm
all the charts i ever used showed the bid price (lower price) unless you change the settings otherwise... not the average price, nor the ask price..

except i used to notice a broker from memory was mig, their chart application, most of the time, the closing price of the first candle is different to the opening price of the next candle, which made me very annoyed while trying to read off it, and being a nice guy i wrote an email to notify them of the bug, but instead have got an email to tell me that it's normal blah blah blah blah, so i decided not to trade with them, this was a while ago...
  • #15
  • Mar 13, 2010 10:35pm Mar 13, 2010 10:35pm
Oanda is showing "average" price (between bid and ask) on it's charts ....... that's why (I guess) they have min/max option. On my charts I have bid and ask lines displayed (see pic), so I always know what my spread is "graphically". That way I can spot a change in spread (e.g. news) right away. Just go to the right of "sell" button and you can choose ask, bid and average to be displayed.

Hope this helps :-)
Attached Image (click to enlarge)
Click to Enlarge Name: oanda spread.JPG Size: 87 KB
  • #16
  • Last Post: Mar 16, 2010 1:49pm Mar 16, 2010 1:49pm
Quoting moneda
Hello,



What is puzzling to me is that I have never had an issue with my exit price with Oanda.. so why is there a discrepancy during news releases?
Thanks again
As far as I know Oanda, like many other brokers widen their spreads during news release and if you exit during that time your exit price will be different from what you see.
0 traders viewing now