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Quality of Mt5 Data with the average Bucketshop Broker overall


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Quality of Mt5 Data with the average Bucketshop Broker overall

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  #1 (permalink)
Nineeleven
Germany,Göttingen
 
 
Posts: 13 since Jan 2021
Thanks: 8 given, 7 received

Hello Guys
I have Question on the Datafeed.
Can somebody do a Statement on the Quality of Mt5 Data with the average Bucketshop Broker overall ?
i know Market Depth is Nonsense on this One but i`d like to know how close we can get to Spot for ex. Iceberg orders.
How close is it to the Maching Engine BuyMarket = Sell Limit.
Cheers
Nineeleven

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  #2 (permalink)
Lfx987
London
 
 
Posts: 51 since Apr 2019
Thanks: 90 given, 72 received


Nineeleven View Post
Hello Guys
I have Question on the Datafeed.
Can somebody do a Statement on the Quality of Mt5 Data with the average Bucketshop Broker overall ?
i know Market Depth is Nonsense on this One but i`d like to know how close we can get to Spot for ex. Iceberg orders.
How close is it to the Maching Engine BuyMarket = Sell Limit.
Cheers
Nineeleven


Not really sure what you are asking in terms of, "...how close we can get to Spot for ex. Iceberg orders.
How close is it to the Maching Engine BuyMarket = Sell Limit..."??

What data/Instruments are you looking at? If it's spot forex, that market is OTC (Over the counter) and as such, you will be hard pressed to find any meaningful volume or limit data simply because there is no centralized exchange. Any attempt at order flow analysis on spot FX is going to be difficult.

As the spot FX market is OTC, add together the fact that you spoke of bucketshop brokers, you can expect all sorts of shenanigans especially during volatile or illiquid periods. This will also apply to all products which are not traded over a centralised exchange.

In general, you need to see if the broker is an 'A book' or 'B Book broker'. If a 'B book', God have mercy on your soul.


I know AMP Futures offers MT5 as a trading platform where you need to pay relevant exchange fees etc so all data from such sources is as good as it would be for anyone else. Of course, it depends on your pc and internet set-up but if data is from a established exchange and your technology is up to scratch, you shouldn't have issues with quality of data.

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  #3 (permalink)
Nineeleven
Germany,Göttingen
 
 
Posts: 13 since Jan 2021
Thanks: 8 given, 7 received


Hello Lfx987
To clarify what i mean i do an Example:
The Eur/Usd 5 min Candle in a Exchange routed Market has Ohlc = X
Gives me my A Model Broker the same Prices and Accuracy ?

I know that already with AmpFutures but do i need such a paid Datafeed if i want to trade without „Orderflow“ Analysis ?
I just wanted to know if Prices routed from Exchange(Otc or Spot) show me the same
On my Retail Broker.
The Minimum is a one Minute Timeframe + Executions without Volume.
I hope this sounds clearer.
Thx a Lot in Advance, im thankful for every Piece of Information.
Cheers


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  #4 (permalink)
Lfx987
London
 
 
Posts: 51 since Apr 2019
Thanks: 90 given, 72 received


Nineeleven View Post
Hello Lfx987
To clarify what i mean i do an Example:
The Eur/Usd 5 min Candle in a Exchange routed Market has Ohlc = X
Gives me my A Model Broker the same Prices and Accuracy ?

I know that already with AmpFutures but do i need such a paid Datafeed if i want to trade without „Orderflow“ Analysis ?
I just wanted to know if Prices routed from Exchange(Otc or Spot) show me the same
On my Retail Broker.
The Minimum is a one Minute Timeframe + Executions without Volume.
I hope this sounds clearer.
Thx a Lot in Advance, im thankful for every Piece of Information.
Cheers


Sent using the futures.io mobile app

Spot FX is not traded in a centralized market so am not sure what you mean when you say, "in a Exchange routed Market has Ohlc = X" or "if Prices routed from Exchange(Otc or Spot) show me the same On my Retail Broker"

There is no exchange for spot fx. It is not like the futures market where here is an official start/end time/settlement price etc.

Brokers that run 'A books' only will show prices as offered by their liquidity providers. Depending on who the Liquidity Providers are, you should get prices that are close to Interbank market rates. Brokers that run pure 'A Book' will not tamper with the prices that the LP provide.

Brokers that run 'B books', will during "normal market conditions come close to Interbank rates but they can hit you with slippage and wide spreads when it suits them.

Most brokers run a mixture of 'A book' and 'B book'

Spot FX Ohlc can vary depending on what time the broker chooses as their official start of day. The forex market is open 24 hours a day during weekday hours. It has no official open/close time. What you get is different levels of liquidity, London opening is when liquidity stats to pick up and starts to wind down when London closes.

When I used to trade FX, I had brokers who would charge me overnight carry for positions I had open at 9pm (London Time). Other brokers I used charged me overnight carry if I had positions open at midnight (London time). As you can see, closing time/closing price depends on who the broker was.

If you are looking to compare the ohlc on 1 min/5 min candle between different brokers and a external source like Bloomberg or Reuters, then yes, ohlc should certainly be similar (but not always identical) as the nature of the OTC market means the broker can have different highs/lows (by a tick or so) depending on what prices they were making at the time.

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  #5 (permalink)
Nineeleven
Germany,Göttingen
 
 
Posts: 13 since Jan 2021
Thanks: 8 given, 7 received


Lfx987 View Post
Spot FX is not traded in a centralized market so am not sure what you mean when you say, "in a Exchange routed Market has Ohlc = X" or "if Prices routed from Exchange(Otc or Spot) show me the same On my Retail Broker"



There is no exchange for spot fx. It is not like the futures market where here is an official start/end time/settlement price etc.



Brokers that run 'A books' only will show prices as offered by their liquidity providers. Depending on who the Liquidity Providers are, you should get prices that are close to Interbank market rates. Brokers that run pure 'A Book' will not tamper with the prices that the LP provide.



Brokers that run 'B books', will during "normal market conditions come close to Interbank rates but they can hit you with slippage and wide spreads when it suits them.



Most brokers run a mixture of 'A book' and 'B book'



Spot FX Ohlc can vary depending on what time the broker chooses as their official start of day. The forex market is open 24 hours a day during weekday hours. It has no official open/close time. What you get is different levels of liquidity, London opening is when liquidity stats to pick up and starts to wind down when London closes.



When I used to trade FX, I had brokers who would charge me overnight carry for positions I had open at 9pm (London Time). Other brokers I used charged me overnight carry if I had positions open at midnight (London time). As you can see, closing time/closing price depends on who the broker was.



If you are looking to compare the ohlc on 1 min/5 min candle between different brokers and a external source like Bloomberg or Reuters, then yes, ohlc should certainly be similar (but not always identical) as the nature of the OTC market means the broker can have different highs/lows (by a tick or so) depending on what prices they were making at the time.



That Awnsers my Question.
My Thinking behind my Question is i want to see what most other People see too.
A constant on the Screen where i can build on.
I thought maybe the Broker can manipulate Ticks (or maybe even several in a Row).

I will try to trade without „Orderflow“ In a simpler aproach using Pattern,Candlesticks Marketstructure and Volumeprofile.
Big Thx to Lfx987 for Conversation





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  #6 (permalink)
Lfx987
London
 
 
Posts: 51 since Apr 2019
Thanks: 90 given, 72 received


Nineeleven View Post
That Awnsers my Question.
My Thinking behind my Question is i want to see what most other People see too.
A constant on the Screen where i can build on.
I thought maybe the Broker can manipulate Ticks (or maybe even several in a Row).

I will try to trade without „Orderflow“ In a simpler aproach using Pattern,Candlesticks Marketstructure and Volumeprofile.
Big Thx to Lfx987 for Conversation


Sent using the futures.io mobile app


You can of course use data from the Futures market (CME does futures on currencies).

But you'll have to take in to account volume in futures is much lower than in the Spot FX market and you'll have to make adjustments between the futures price and the Spot FX price.

If you are going to analyse Spot FX using a profile, I would suggest TPO profile rather than Volume Profile as volume in Spot FX is difficult to come by as there is no centralised exchange.

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  #7 (permalink)
Nineeleven
Germany,Göttingen
 
 
Posts: 13 since Jan 2021
Thanks: 8 given, 7 received

So lets assume i would use a TPO Profile on a Mt5 Retail Broker trading Spot Fx.
Do you know a good Source where i can put a Fork in without
learning the wrong Information.
I have a bit Experience on Market Profile.
Do it work like it ?



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  #8 (permalink)
Lfx987
London
 
 
Posts: 51 since Apr 2019
Thanks: 90 given, 72 received


Nineeleven View Post
So lets assume i would use a TPO Profile on a Mt5 Retail Broker trading Spot Fx.
Do you know a good Source where i can put a Fork in without
learning the wrong Information.
I have a bit Experience on Market Profile.
Do it work like it ?

Sent using the futures.io mobile app


Anything by Jim Dalton really. Lots of Youtube videos.

A good current user of MP/VP is Peter Reznicek (aka Shadowtrader)* - look him up on YouTube. You can also sign up to his free morning newsletter which covers TPO/VP analysis of ES but it can still act as a great learning aid for TPO/VP for any market really.

The same concepts you learn (can use) in Volume profile you can apply to TPO profile.

Not sure what you mean by "Do it work like it ?". TPO/VP are not trading systems, they are simply ways of organising information that then allow you to see where markets have spent time (in TPO) or how much volume has been transacted at price levels. The shape of the profiles can tell a story as well as whether value is making new highs/lows or whether we are just ranging between value areas.

It is not uncommon to have both the TPO and VP next to each other (where both data is available). Usually, the shape is similar (more time spend at certain price levels, the more volume is likely to transact there). Where this doesn't happen, can also be a good source of information.


* I am not affiliated with ShadowTrader or PR in any way.

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  #9 (permalink)
Nineeleven
Germany,Göttingen
 
 
Posts: 13 since Jan 2021
Thanks: 8 given, 7 received

I meant „Do it work like it“ in a Sense that all Profile‘s working in the same Way


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  #10 (permalink)
Lfx987
London
 
 
Posts: 51 since Apr 2019
Thanks: 90 given, 72 received



Nineeleven View Post
I meant „Do it work like it“ in a Sense that all Profile‘s working in the same Way

Sent using the futures.io mobile app


All profiles are built in the same way and can be interpreted in the same way. A profile for ES is not going to be built any differently than a profile for GBPUSD.

Of course, your experience and skill will determine how you analyse the profile but that comes with time and practice.

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