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MT4 broker with crude oil(CL) data feed
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MT4 broker with crude oil(CL) data feed

  #1 (permalink)
Trading Apprentice
Seattle
 
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Posts: 9 since Mar 2011
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MT4 broker with crude oil(CL) data feed

does anyone know a broker that offers CL data feed for Metatrader 4?

TIA

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  #2 (permalink)
Elite Member
las vegas
 
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MB Trading - Stocks Options Futures Forex Online Discount Trading

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  #3 (permalink)
Elite Member
Louisiana
 
Futures Experience: None
Platform: Sierra Charts
Broker/Data: DDT/TT
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Posts: 21 since Mar 2012
Thanks: 63 given, 13 received



Doncorleone View Post
does anyone know a broker that offers CL data feed for Metatrader 4?

TIA


You are in the states from what I see. I just tried this path myself for mt4 as I did not want to leave my mt4 platform. Well you will have too unless you open an account with a broker offshore. There is a few brokers who accept US clients but most are dropping them due to the CFTC threatening lawsuits and other legal actions against foreign brokers.

I was with MBtrading and just left them for the futures market to trade crude and the rest. MBtrading told me I can have CL and ES on MT4 if I am an UK resident since they recently opened an office their. So i tired to open an offshore business entity for trading with MT4 with an offshore broker so I would not have to worry about the CFTC but most businesses that create foreign companies would not touch me for a trading business as they stated it violates the Patriot act.

All in all thank your politicians in our lovely nanny country we live in. If you want to know some offshore brokers let me know and i can point you to where they are but I would seriously advise you to just stick with US brokers as you are in a regulated industry while being offshore you are on your own. This is why I switched to futures and not have to worry about my cash.

Now you can get demo account for mt4 with offshore brokers and use that feed while placing trades with your US broker. How reliable are their feeds is the question as you would have to compare the current price with your demo and your broker here in the states. Thats the only idea I can think of. You may find a US broker to supply MT4 but I did not. Good luck on whatever you decide.

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  #4 (permalink)
Trading Apprentice
Seattle
 
Futures Experience: Advanced
Platform: MultiCharts
Favorite Futures: Commodities
 
Posts: 9 since Mar 2011
Thanks: 2 given, 1 received


saints51 View Post
You are in the states from what I see. I just tried this path myself for mt4 as I did not want to leave my mt4 platform. Well you will have too unless you open an account with a broker offshore. There is a few brokers who accept US clients but most are dropping them due to the CFTC threatening lawsuits and other legal actions against foreign brokers.

I was with MBtrading and just left them for the futures market to trade crude and the rest. MBtrading told me I can have CL and ES on MT4 if I am an UK resident since they recently opened an office their. So i tired to open an offshore business entity for trading with MT4 with an offshore broker so I would not have to worry about the CFTC but most businesses that create foreign companies would not touch me for a trading business as they stated it violates the Patriot act.

All in all thank your politicians in our lovely nanny country we live in. If you want to know some offshore brokers let me know and i can point you to where they are but I would seriously advise you to just stick with US brokers as you are in a regulated industry while being offshore you are on your own. This is why I switched to futures and not have to worry about my cash.

Now you can get demo account for mt4 with offshore brokers and use that feed while placing trades with your US broker. How reliable are their feeds is the question as you would have to compare the current price with your demo and your broker here in the states. Thats the only idea I can think of. You may find a US broker to supply MT4 but I did not. Good luck on whatever you decide.

Yes, even a demo MT4 with CL data feed will do as I'm only using MT4 for charting. If anyone knows of a broker that offers CL feed on demo MT4, please advise. TIA.

Off topic - I totally agree with you on political condition of our country. It's been hijacked by white collar criminals and we're letting them get away with it.


Last edited by Doncorleone; April 7th, 2012 at 04:13 AM.
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  #5 (permalink)
Elite Member
Louisiana
 
Futures Experience: None
Platform: Sierra Charts
Broker/Data: DDT/TT
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saints51's Avatar
 
Posts: 21 since Mar 2012
Thanks: 63 given, 13 received


Doncorleone View Post
Yes, even a demo MT4 with CL data feed will do as I'm only using MT4 for charting. If anyone knows of a broker that offers CL feed on demo MT4, please advise. TIA.

Off topic - I totally agree with you on political condition of our country. It's been hijacked by white collar criminals and we're letting them get away with it.

broco
finfx
forexmetal

all offshore. Broco has everything and you can get a demo. I think its a time limit. Finfx I think has spot gold and silver only. Forexmetal has them all i believe. You can check them out. just google there names and open a demo. Hopefully it does what you need.

offtopic-totally agree about our current conditions.

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  #6 (permalink)
Elite Member
Toronto, Canada
 
Futures Experience: Advanced
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Beljevina's Avatar
 
Posts: 349 since Sep 2010
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The CL trading that all MT4 shops offer is either the ETF CLK2 or USOil symbols. There are apparently multiple liquidity providers for these instruments, a variety (or just one) which will presumably feed into the MT4 broker that you have chosen to trade with. I am not aware if these feeds and instruments are directly available as an ETF in the US equity markets or if they are tradeable like a stock, to be traded by individuals and/or investors. There are a number of US equity market based oil ETFs, but for almost all the pricing is dramatically different from the actual Nymex CL futures contract, where as the MT4 CLK2 and USOil instrument CFDs MT4 available symbols track the CL futures contract fairly well.

I heavily use volume in all my trading. The MT4 oil CFD volumes are dramatically different from the CL futures contract volume - it is the relational bar-to-bar differences that are important to me, on all timeframes. Concepts like stopping volume and upthrusts can lead to very different conclusions between the 2 instruments, on most chart timeframes. I have compared well over a dozen MT4 broker's oil CFD volume data, and they tend to be similar, which I regard as a good thing, which also leads me to believe the liquidity providers are common for many MT4 brokers, for at least these CFDs. While I don't know who or what segment of market traders/institutions are trading the oil CFDs around the clock, I suspect there is significant institutional and algo involvement - their entry seems to be into defineable supply and demand zones (visible to me via VSA volume changes), but it does not appear in the same way that it does on a genuine CL chart. I don't want to get into those details here.

Importantly, all the MT4 feeds that you as a potential trader and customer of that MT4 broker see are not the same. There seems to be a small minority of brokers that offer what tends to be the best spread and commission. (I am using the word 'best' here, in relative terms.) This is because every MT4 shop has the ability to change and set these parameters as they see fit, to provide them their house profit. FxPro Australia is a feed I tend to monitor and use a form of MT4 charting and tracking. Their spread is a fairly uniform 4 cents and commission is $15. On a full lot trade, this means your cost of entry towards breakeven puts you at $55. Contrast this to the true CL futures contract that during Nymex hours will give have a spread of $10, plus (average) round-trip trading costs of $5 per contract. The difference of $55 vs. $15 is huge IMO, and, those costs can be significant, depending on the trading strategy and exits used. But it gets worse: I have found shockingly many brokers that set the spread for their CLK2 to 10 cents, plus commissions. At $100+ vs. $15, these are essentially criminal territory charges IMO; FiboGroup is an example of this. These types of spreads can wreak major havoc on one's profitability, not to mention EAs. Also, I have seen major differences between broker's live tick datafeeds, which can also be a major problem for MT4 EAs. Since MT4 does not store historical tick data, backtesting an EA or strategy can give significantly different results from how it would perform on live MT4 datafeed, from that same broker.

I took a quick glance at FXCM UK. Looks like they have a 5 cent spread. Not sure about commission. But I did note that setting a exit or stoploss, has to be 10 cents away from the current price - I find this extremely concerning and obviously nothing like the true CL futures trading environment. Read up on it here if interested: http://docs.fxcorporate.com/user-guide/ug-cfd-product-guide-ltd-en.pdf

BTW, I see Broco was mentioned above. I would never consciously recommend using them for real trading. Why? They seem to be incorporated in Mauritius. ( Contact details ? Broco ) Why? (I just posted on this topic, so wont' repeat it here.) So, then I start reading their legal and customer binding agreements. On page 5 it states "The law of the Russian Federation is applicable to all situations which are not provided by the present Agreement." ( https://my.brocompany.com/d/docs/bt-08/en_US/broco.bt-08.agreement.en_US.pdf )

Russian Law? Wiring your opening funds are you? Do you know where you're sending it? To Home -ArmSwissBank , an Armenian Bank. I've read enough. Not to mention, Broco has a very dicey history. My recommendation? Run. Run quickly. And run far away.

Oh, and I too had been looking for a true Nymex CL feed into MT4, I've done a lot of digging and am fairly certain it does not exist (nor did I really expect it to.)

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  #7 (permalink)
Elite Member
Louisiana
 
Futures Experience: None
Platform: Sierra Charts
Broker/Data: DDT/TT
Favorite Futures: ES,6E,DX,6A,CL
 
saints51's Avatar
 
Posts: 21 since Mar 2012
Thanks: 63 given, 13 received


Beljevina View Post
The CL trading that all MT4 shops offer is either the ETF CLK2 or USOil symbols. There are apparently multiple liquidity providers for these instruments, a variety (or just one) which will presumably feed into the MT4 broker that you have chosen to trade with. I am not aware if these feeds and instruments are directly available as an ETF in the US equity markets or if they are tradeable like a stock, to be traded by individuals and/or investors. There are a number of US equity market based oil ETFs, but for almost all the pricing is dramatically different from the actual Nymex CL futures contract, where as the MT4 CLK2 and USOil instrument CFDs MT4 available symbols track the CL futures contract fairly well.

I heavily use volume in all my trading. The MT4 oil CFD volumes are dramatically different from the CL futures contract volume - it is the relational bar-to-bar differences that are important to me, on all timeframes. Concepts like stopping volume and upthrusts can lead to very different conclusions between the 2 instruments, on most chart timeframes. I have compared well over a dozen MT4 broker's oil CFD volume data, and they tend to be similar, which I regard as a good thing, which also leads me to believe the liquidity providers are common for many MT4 brokers, for at least these CFDs. While I don't know who or what segment of market traders/institutions are trading the oil CFDs around the clock, I suspect there is significant institutional and algo involvement - their entry seems to be into defineable supply and demand zones (visible to me via VSA volume changes), but it does not appear in the same way that it does on a genuine CL chart. I don't want to get into those details here.

Importantly, all the MT4 feeds that you as a potential trader and customer of that MT4 broker see are not the same. There seems to be a small minority of brokers that offer what tends to be the best spread and commission. (I am using the word 'best' here, in relative terms.) This is because every MT4 shop has the ability to change and set these parameters as they see fit, to provide them their house profit. FxPro Australia is a feed I tend to monitor and use a form of MT4 charting and tracking. Their spread is a fairly uniform 4 cents and commission is $15. On a full lot trade, this means your cost of entry towards breakeven puts you at $55. Contrast this to the true CL futures contract that during Nymex hours will give have a spread of $10, plus (average) round-trip trading costs of $5 per contract. The difference of $55 vs. $15 is huge IMO, and, those costs can be significant, depending on the trading strategy and exits used. But it gets worse: I have found shockingly many brokers that set the spread for their CLK2 to 10 cents, plus commissions. At $100+ vs. $15, these are essentially criminal territory charges IMO; FiboGroup is an example of this. These types of spreads can wreak major havoc on one's profitability, not to mention EAs. Also, I have seen major differences between broker's live tick datafeeds, which can also be a major problem for MT4 EAs. Since MT4 does not store historical tick data, backtesting an EA or strategy can give significantly different results from how it would perform on live MT4 datafeed, from that same broker.

I took a quick glance at FXCM UK. Looks like they have a 5 cent spread. Not sure about commission. But I did note that setting a exit or stoploss, has to be 10 cents away from the current price - I find this extremely concerning and obviously nothing like the true CL futures trading environment. Read up on it here if interested: http://docs.fxcorporate.com/user-guide/ug-cfd-product-guide-ltd-en.pdf

BTW, I see Broco was mentioned above. I would never consciously recommend using them for real trading. Why? They seem to be incorporated in Mauritius. ( Contact details ? Broco ) Why? (I just posted on this topic, so wont' repeat it here.) So, then I start reading their legal and customer binding agreements. On page 5 it states "The law of the Russian Federation is applicable to all situations which are not provided by the present Agreement." ( https://my.brocompany.com/d/docs/bt-08/en_US/broco.bt-08.agreement.en_US.pdf )

Russian Law? Wiring your opening funds are you? Do you know where you're sending it? To Home -ArmSwissBank , an Armenian Bank. I've read enough. Not to mention, Broco has a very dicey history. My recommendation? Run. Run quickly. And run far away.

Oh, and I too had been looking for a true Nymex CL feed into MT4, I've done a lot of digging and am fairly certain it does not exist (nor did I really expect it to.)

Definitely agree about foreign brokers with wiring cash. I also gave up on the MT4 platform with CFD's and why I just went ahead and opened a futures account.

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