IG Markets: Errors in charts

[twinj]

Hello everyone. I hope I have chosen the right place for this. Sorry in advance if I haven't. I wanted to ask you whether you experience spikes and data stopping in your real time charts? With IG Markets, they use a company called IT Finance which provide them with the charting software. I am also wondering whether I should not complain because it is provided for free?

The above two problems are more or less an everyday occurrence now. For instance, a large spike appears and disrupts the scale of the chart as well as affecting the indicators. However, I am led to believe that the spikes should not affect any stops. The other thing is data stops showing so I cannot do any technical analysis beyond that time. These problems are not limited to specific equities. I thought they were limited to certain equities but today the data stopped showing for a stock I thought was safe.

I suppose your advice would be for me to look for an independent charting package? Please could you recommend one?

Lastly, I am looking at Interactive Brokers and I am wondering whether similar problems prevail? Do people normally go for independent offerings at least for day traders?

Thank you in advance.

 

[kjcon777]

I may as well tag on to this thread as I have the same sort of question and a chart of GKN for discussion if I was able to attach it to this message (which I cant seem to do for some reason?). Anyway basically at 08.00 this morning GKN on 1 min ticks showed a red candle which went from 87 down to 63. from 08.01 till 08.15ish the price went gently back up to around what it had been averaging the previous day 76ish. The price on Puredeal followed pretty much the same so I assume it was not just a data glitch in the chart. looking back at the GKN chart for the past month this has happened half a dozen times similarly. phoned IG and they said Oh yes this can happen especially at the opening when it's volatile etc. I asked them if i had been long would i have been stopped out and very matter of factly they said yes! then they said about guaranteed stops limiting the downside loss etc

I am a newbie as you can see but am i missing something here? a question or two:
I have done a search of this site but did not see this issue highlighted at all (except in Twinj's email) so I assume it is considered not that important not sure why this is?
if this happens once a month it could wipe out all the profits for that period couldn't it?
it's like taking a ride on a train with a wobbly wheel. it could fall off anytime. why would you take the risk?

I hope I have missed something obvious here

U

 

[kjcon777]

BTW any help in attaching a chart to a message would be nice. I keep getting a box asking the URL of you image or someick like that
U

 

[twinj]

Hi kjcon777, if you are talking about the opening times, they can be very volatile and it is unlikely to be a glitch. So I think that is why IG said you would be stopped out. If you are worried about the volatility, I would avoid trading at such times.

Please let me know if IG told you it was a glitch? From my correspondences with IG, they have told me that glitches you see on the charts will not trigger any stops. I hope this is true.

 

[kjcon777]

Hi twinj
no they didn't say it was a glitch but if there is a huge spike on the chart is this a glitch or " normal volatility" how do you tell the difference?
I would say everyone would be worried about this level of volatility wouldn' they! If i had been long GKN this morning I would have been stopped out and taken a bath. and it is not just at the open either it happens so how can you safely avoid it? or am i missing something simple here

 

[twinj]

At the moment I get up too late to trade at the open but there are significant opportunities to be had. I would be watching the chart like a hawk. This behaviour occurs in other stocks as well. If you want to avoid it, trade after the volatility dies down. And close any trades before the close of market.

 

[kjcon777]

well that limits things to day trading then as you wouldn't dare leave things overnight which is a great pity.
you sound fairly sanguine about it now compared to your original post so I assume you have learnt to live with it or do use a independent charting package these days?

 

[kjcon777]

I would greatly appreciate comment from some of our esteemed more senior members as this is proving to be a showstopper for me

 

[kjcon777]

1 min, 1 hour, 1 day it's irrelevant if you are in the trade when the market opens (as in this case) and assuming that IG react quickly enough, you're still stopped out to see the price quickly come back again. seems like there's an elephant in the room to me. Oh BTW GKN is an equity.....