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Oanda's quick pricing

  • #1
  • First Post: Apr 1, 2010 11:24am Apr 1, 2010 11:24am
Oanda has a very fast datafeed/prices/quotes. There prices are very quick & lead all the prices of the other brokers in Metatrader demo accounts that i have compared them with so far.

Unfortunately Oanda do not have a satisfactory charting facility of their own. And they do not stream into Metatrader which is what i use.

Therefore i have no choice but to use another brokers data in Metatrader, while trading with Oanda - which is far from ideal.

What i want is to find a Metatrader 4 broker combination - with Oanda - that does not place me at a disadvantage i.e. a slow charts datafeed, when trading Oandas lightening fast prices.

Has anyone come across a Metatrader broker that you have found to have fast prices that lead your other sources, preferably Oanda?
If so, which MetaTrader 4 platforms are they?

Thanks a lot.
  • #2
  • Apr 1, 2010 11:37am Apr 1, 2010 11:37am
I'm basically sick of exiting a trade for a bigger loss/smaller profit than what i expected, & what i would have had if i had had matching broker tradeable prices & charts datafeed. Due to the fact that oandas prices lead my lagging charts (from another broker).

How Oanda can be taken seriously when they dont have their own charts is beyond me. Their charts within the fxtrade platform are beyond hopeless.
  • #3
  • Apr 1, 2010 12:34pm Apr 1, 2010 12:34pm
Surely someone knows something that will help me?

Ikon royal metatrader is the quickest i have found to date, but it still lags, & also lags my previous brokers prices. But at least the prices are more or less the same at any given time, whereas other combinations can see a 3-4 pip difference between chart & broker prices - which can be disconcerting.

At least ikon dont use those annoying pipettes either (5th decimal place).
Why Metatrader didnt take my advice, & include a user option to show or hide pipettes - i will never know!!
  • #4
  • Apr 1, 2010 12:54pm Apr 1, 2010 12:54pm
If Oanda is soo much faster then everyone else, why not just open an account on a different broker and scalp?
  • #5
  • Apr 1, 2010 2:51pm Apr 1, 2010 2:51pm
Quoting TraderHotch
If Oanda is soo much faster then everyone else, why not just open an account on a different broker and scalp?
Because you'll never get fast execution from lagging price market makers. Price will catch up (or worse) while you're still waiting to get filled.
  • #6
  • Apr 1, 2010 3:10pm Apr 1, 2010 3:10pm
Can anyone recommend a MT4 datafeed they've come across thats seems quicker than all the other MT4 platform datafeeds you have come across?

Theres so many, I've tried quite a few, but probably only a small fraction of all the MT4 brokers that exist. To date, ikon royal has been the quickest, but is not that quick. There has to be quicker MT4 platforms!

Thanks.
  • #7
  • Apr 1, 2010 3:27pm Apr 1, 2010 3:27pm
Quoting Aja
Because you'll never get fast execution from lagging price market makers. Price will catch up (or worse) while you're still waiting to get filled.
I was under the assumption that if the difference in price between oanda and the charts was that big a problem then lagging execution wouldn't, guess it depends how you're trading.
  • #8
  • Edited 1:18pm Apr 2, 2010 12:52pm | Edited 1:18pm
My suggestions:

1. Use another charting package that is fast, like ProRealTime for example.
2. Keep your MT4 charts for strategic longer timeframes, and enter based on Oanda 5sec charts. Works fine.
3. Try MT4 with an ECN demo feed (like MB Trading). If it still lags, it is not the feed, but MT4 itself, that is not fast enough. In this case ditch MT4 and go for point 1. or 2.
4. Open an IB account and scalp IB with QuoteTracker, BookTrader and Oanda 5sec charts.
  • #9
  • Apr 2, 2010 3:05pm Apr 2, 2010 3:05pm
How does Oanda's quick pricing compare to institutional platforms like Currenex & Co ?
  • #10
  • Apr 3, 2010 3:06am Apr 3, 2010 3:06am
Quoting Cocoflanel
How does Oanda's quick pricing compare to institutional platforms like Currenex & Co ?
The speed of executable price movements (NOT the exact price itself!) as one sees it on Oanda quote panel, IB BookTrader or Currenex quote panel is about the same.
The lag is more an issue with the charts, depending on how the software has been written.

So for fast scalping either one has to learn how to read the tape, or get a fast feed with a fast displaying charting package.

Oanda's feed and charting became quite a bit faster about one year ago, but the charting itself is not very reliable. During news time or exceptional volatility and price speed their charts become (sometimes extremely) lagging, with a lot of disconnects.
  • #11
  • Apr 3, 2010 9:06am Apr 3, 2010 9:06am
Quoting pescador
The speed of executable price movements (NOT the exact price itself!) as one sees it on Oanda quote panel, IB BookTrader or Currenex quote panel is about the same.
The lag is more an issue with the charts, depending on how the software has been written.

So for fast scalping either one has to learn how to read the tape, or get a fast feed with a fast displaying charting package.

Oanda's feed and charting became quite a bit faster about one year ago, but the charting itself is not very reliable. During news time or exceptional volatility and price...
Hi pescador

yes the oanda charts suck & are not fit for purpose. Basically they do not provide an adequte charting application - this says a lot about the company. The idea of trading 10,000,000 units through a broker that does not provide an adequate charting package for free - to me is absurd. You just couldn't do it. Having matching quotes & chart prices are essential.


Also, this makes me ask the question - Why does Oanda NOT provide adequate charts? Theyve been running for more than enough years to have addressed this issue & sign up with eg. MT4.
Is there a strategic reason Oanda does not provide adequate (not even good - just adequate!) charts?
Maybe the lack of adequate charts helps Oandas profits, as this lack of transparency & being able to prove what price was at any moment may be to their benefit - its certainly not to the customers benefit!


You can get the oanda datafeed through esignal or spyderfx - but neither are free & are $100+ per month AND theres no guarantee these charts wont lag - as the price has been sent to a 3rd party from oanda - which has to cause a delay.

Thats the beauty with a MT4 chart & broker who uses MT4 - you are guaranteed that prices will be the same at any split second interval - it is only when you introduce a 3rd party that lag becomes an issue.
  • #12
  • Edited 9:28am Apr 3, 2010 9:09am | Edited 9:28am
Quoting pescador
My suggestions:

1. Use another charting package that is fast, like ProRealTime for example.
2. Keep your MT4 charts for strategic longer timeframes, and enter based on Oanda 5sec charts. Works fine.
3. Try MT4 with an ECN demo feed (like MB Trading). If it still lags, it is not the feed, but MT4 itself, that is not fast enough. In this case ditch MT4 and go for point 1. or 2.
4. Open an IB account and scalp IB with QuoteTracker, BookTrader and Oanda 5sec charts.
Does anyone know of an MT4 package that had ECN prices streamed into it - like currenex or hotspotfx?

But also, if you were trading with MB Trading through the MT4 platform, there would be no lag - the chart prices & quotes would match all the time. All the data is in one place with no 3rd party.

Thanks.
  • #13
  • Apr 3, 2010 9:52am Apr 3, 2010 9:52am
Quoting jimbil
Does anyone know of an MT4 package that had ECN prices streamed into it - like currenex or hotspotfx?

But also, if you were trading with MB Trading through the MT4 platform, there would be no lag - the chart prices & quotes would match all the time. All the data is in one place with no 3rd party.

Thanks.
The lag does not come from the feed. It comes from the graphical display.; ie. the way it is done.
  • #14
  • Apr 3, 2010 9:59am Apr 3, 2010 9:59am
Quoting jimbil
Thats the beauty with a MT4 chart & broker who uses MT4 - you are guaranteed that prices will be the same at any split second interval - it is only when you introduce a 3rd party that lag becomes an issue.
You seem to contradict your first post here, where you complain about the lag in MT4 charts.
Oanda charts may be lacking some important features, but generally they are much faster than MT4.
Oanda charts are quite usable in calmer market situations.
They become unreliable during news and exceptional volatility.
At all other times (ie. ca. 95% of the time) they are much better for scalping than MT4 charts.
So it is a good idea to use Oanda charts for scalping, but you have to know exactly, in which situations you have to avoid it. If you learn and respect WHEN NOT to use them, everything goes well.
  • #15
  • Apr 3, 2010 10:00am Apr 3, 2010 10:00am
Just use FxSpyder with Oanda. I love the result.
  • #16
  • Apr 3, 2010 10:02am Apr 3, 2010 10:02am
Quoting Intensity
Just use FxSpyder with Oanda. I love the result.
FXSpyder is slower than normal Oanda charts. They are not good enough for scalping IMO.
  • #17
  • Apr 3, 2010 10:05am Apr 3, 2010 10:05am
Quoting pescador
FXSpyder is slower than normal Oanda charts. They are not good enough for scalping IMO.
FXSpyder tends to lag when I close an order (takes time to refresh the account & trade data) but otherwise it works fine when I trade on my 10 seconds charts, which is the only place where I can do that.

If you know of another broker/platform who allows that or who is better, please do tell.
  • #18
  • Apr 3, 2010 10:09am Apr 3, 2010 10:09am
Quoting Intensity
Just use FxSpyder with Oanda. I love the result.
The major point is, oanda should be providing all this for free, & should have been doing for a very long time but have chosen not to. Very shady.
  • #19
  • Apr 3, 2010 10:16am Apr 3, 2010 10:16am
Quoting Intensity
FXSpyder tends to lag when I close an order (takes time to refresh the account & trade data) but otherwise it works fine when I trade on my 10 seconds charts, which is the only place where I can do that.

If you know of another broker/platform who allows that or who is better, please do tell.
Just use Oanda 5sec charts, it is better.
If you want something really MUCH better, use IB BookTrader.
  • #20
  • Apr 3, 2010 10:26am Apr 3, 2010 10:26am
Quoting pescador
Just use Oanda 5sec charts, it is better.
If you want something really MUCH better, use IB BookTrader.
There is no automated trading on Oanda 5 sec

Thanks I'll look into IB BookTrader
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