ITCharts with IG Index - different values if different period selected

Dealhunter · Apr 2, 2008

I'm fairly new to this trading lark, but can't find any logic in this...

I'm spreadbetting with IG Index, using ITCharts (IG's supplied tool) to analyse the stocks.

The 2 charts show the same stock (NG Jun-08), one with daily candlesticks and the other with hourly candlesticks.

On the daily candlesticks, my trend line has been tested today with a high of 717.6.
Switching to the hourly candlestick for a closer look at what is happening...and the trend line has not been tested at all, and the high for the day is only 713.4.

I am long on NG, currently in profit but looking for a big upside if the trend line is broken (as opposed to being tested). However, if the trend line is tested and holds firm, I will want to close while still in profit, so the action on the trendline is important.

Can anyone tell me what's going on with the charts - or is it simply because you get what you pay for (and ITCharts is a free IG tool):?:

Thanks in advance for any comments

Hoggums · Apr 2, 2008

Dealhunter said:
I'm fairly new to this trading lark, but can't find any logic in this...

I'm spreadbetting with IG Index, using ITCharts (IG's supplied tool) to analyse the stocks.

The 2 charts show the same stock (NG Jun-08), one with daily candlesticks and the other with hourly candlesticks.

On the daily candlesticks, my trend line has been tested today with a high of 717.6.
Switching to the hourly candlestick for a closer look at what is happening...and the trend line has not been tested at all, and the high for the day is only 713.4.

I am long on NG, currently in profit but looking for a big upside if the trend line is broken (as opposed to being tested). However, if the trend line is tested and holds firm, I will want to close while still in profit, so the action on the trendline is important.

Can anyone tell me what's going on with the charts - or is it simply because you get what you pay for (and ITCharts is a free IG tool):?:

Thanks in advance for any comments

It's probably an error in the software. I know that IG have been having problems with daily charts for a while - the daily candlesticks don't seem to match the shorter timerframes. I've complained about this numerous times. I would trust the shorter time
frames over the daily.

martinproctor · Apr 2, 2008

The charts are supplied by www.IT-finance.com also look at ProRealTime.com (good for sample strategies).
When I've had issues with chart prices not matching IG I've called IG and they say the charts are only indicative and you shouldn't rely on them. I learnt this the hard way getting filled on Wall ST. 50 points off the chart in volatile conditions.
Don't understand why the high should be different in 2 times frames though, ring them up and let us know what they say.

shadowninja · Apr 2, 2008

One thing I've noticed is that horizontal lines don't remain where they should, particularly if you change between time frames or close and reopen charts.

Dealhunter · Apr 2, 2008

Thanks for the quick response.

Seems a surprising thing for them not to be able to get right - I would think all the data is sucked from the same database.

Are these common glitches with charting software, or are some packages more reliable?
I don't want to spend money on one if this freebie is as good as any, but if I'm using charting to pick and manage my trades, then I need to be able to trust the data.

Dealhunter · Apr 14, 2008

martinproctor said:
When I've had issues with chart prices not matching IG I've called IG and they say the charts are only indicative and you shouldn't rely on them. I learnt this the hard way getting filled on Wall ST. 50 points off the chart in volatile conditions.
Don't understand why the high should be different in 2 times frames though, ring them up and let us know what they say.

Had the same response from them as you...
I plan to call back tomorrow when their chart man is back at his desk in case I get a more satisfactory answer.

ITCharts with IG Index - different values if different period selected

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