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Different candles closes from different brokers

  • #1
  • First Post: Nov 29, 2010 4:04am Nov 29, 2010 4:04am
I was thinking to use Oanda for execution and Fxpro MT4 for charting, but i noticed some daily candles closes are different, makes little difficult to trade that way. For example in Oanda on Oct 26, Oct 27 candle closes 1.3812, in FXpro on Oct 26 close 1.3852, Oct 27 close 1.3759. Why is that?
  • #2
  • Nov 29, 2010 4:35am Nov 29, 2010 4:35am
Quoting fx111
I was thinking to use Oanda for execution and Fxpro MT4 for charting, but i noticed some daily candles closes are different, makes little difficult to trade that way. For example in Oanda on Oct 26, Oct 27 candle closes 1.3812, in FXpro on Oct 26 close 1.3852, Oct 27 close 1.3759. Why is that?
Though forex is highly liquid and automated enviroment there is no universal rule of them synchronizing data. Finding a decent broker is a challenge itself. Besides data difference there are cases of bar missing in charts, which voids a strict technical analysis. You cant expect decent data for free, so do your research on google. esygnal would be a good place for a start.
  • #3
  • Nov 29, 2010 5:00am Nov 29, 2010 5:00am
It just cross my mind, could it be the reason they differ difference in timezones?
Day in Cyprus (Fxpro) ends probably 8 or 10 hours before then in US.
  • #4
  • Nov 29, 2010 5:48am Nov 29, 2010 5:48am
Quoting fx111
I was thinking to use Oanda for execution and Fxpro MT4 for charting, but i noticed some daily candles closes are different, makes little difficult to trade that way. For example in Oanda on Oct 26, Oct 27 candle closes 1.3812, in FXpro on Oct 26 close 1.3852, Oct 27 close 1.3759. Why is that?
It depends on when your broker closes the daily candle. For some, it's midnight local time and for others, it's 5pm/17:00.

I'm assuming you're looking at EURUSD, and on my charts the hourly candle closed at:

1.3812 midnight, October 27 New York time
1.3852 4pm/16:00, October 26 New York time
1.3759 3pm/15:00, October 27 New York time

It's true the Forex market isn't yet unified, but you would not have more than a five-pip variation (at most) between brokers.
  • #5
  • Last Post: Nov 29, 2010 6:07am Nov 29, 2010 6:07am
Quoting Rob Mondave
It depends on when your broker closes the daily candle. For some, it's midnight local time and for others, it's 5pm/17:00.

I'm assuming you're looking at EURUSD, and on my charts the hourly candle closed at:

1.3812 midnight, October 27 New York time
1.3852 4pm/16:00, October 26 New York time
1.3759 3pm/15:00, October 27 New York time

It's true the Forex market isn't yet unified, but you would not have more than a five-pip variation (at most) between brokers.
Spot on.

Depending on where your broker is stationed will usually depend on when they close. This effects to a degree timeframes from daily to 4 hrly when using 2 brokers from different regions

I use Oanda and GFT. Oanda for trading and GFT for analysis (because they offer weekly and monthly tech data). I dont worry at all about the Oanda candles. When I get a sign to long or short on GFT I execute on Oanda at that moment or set my Limit/Stop orders at the areas I want to trade.

Trade what you see

RT
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