FXCM Live Charts

[damianoakley]

Hi,

I trade currencies.

I am currently using FXCM live charts for trading EUR/USD intraday. I have noticed that the price plotted on these charts is actually the BID price, as opposed to the MID price.

So for example: the EUR/USD is trading at 1.1777/81

If my strategy signals a short trade on the chart, I can go short at the exact price that the chart is showing - ie - 1.1777

If I go long however, I have to then get in at 4 points above what the chart is currently showing which is making my trading sometimes inaccurate.

I need a chart which plots the MID price as opposed to the BID or the OFFER - can anyone recommend a live charting service or package that woud plot the MID price?

I was looking at quotetracker - does anyone know what prices the software plots into its charts.

Any help would be gratefully received.

Many Thanks.

 

[sledgehammar]

charts

hi there

the charts with fxcm are good indicators and nothing else. i would suggest fxtrek.com, you can have the web version for 40usd a month or the desktop version for 100usd a month. they have a 7 day trial. i would recommend the desktop version which is very stable compared to the web(java based) version. i have recently bought metastock8 pro and will test this to see if it could be a suitable alternative. i will keep you posted.

sledgehammar

 

[damianoakley]

Thanks for that - I'll take a look at fxtrek.

I was trying to be a bit of a cheap-skate and get live fx charts with good indicators that were free (!), but I realise that you get what you pay for. I need accurate charts that plot mid-price.

If you could keep me posted I would be very grateful - I will endeavour to do the same in return.

Many Thanks.

 

[options]

No harm in being a cheap skate. 'You get what you pay for...'

Not always.
There are some charting packages out there that charge a fortune and are not worth it. and some free ones which are loads better than the ones which cost a fortune.
But it comes down to what you like and what you can get on with.
I've tried expensive ones like updata/prestel and market eye and cheap and free ones like Sierra, Medved and stratagem, Netdania.
Plus a few others.
The charts at fxcm/refco are fine for currencies you have a choice of 4 free ones to choose from. 2 of them come from fxtrek I believe. My personal view is that the trek ones are terrible. So paying $1200 a year for a version that I can't see a lot of improvement in would be out of the question. But other people might like them. As I say, it's personal choice. As for the java issue. I have had the Stratagem charts freeze twice on me in the last 6 months. I had a lot more problems than that with Updata!

Prefer Medved over Sierra now as well. Not because it's free, but because it has what I need and is clear.
Without exception, packages like Updata, Marketeye, E signal etc have more in them then most people will ever need or want.

But to your original question. Mid price currency charts? That'll be a hard one. Sierra can plot open/close or average(mid) mav indicators. About as close as I can get I'm afraid. But I would have thought that any live charts would only plot bid or offer price. I would like to be proved wrong on this though.