Candlestick size - pip - (Meta Trader 5 x Trading View)

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Hi All,

I am new to MT5 and after doing some comparisson with Trading View, I relized that the candlesticks on the MT5 are approximatelly 10x the size, in Pip terms, when compared to the same candlestick in Trading View.

Has anyone gone through the same issue? If yes, how to sort it?

I would appreciate your guys help.

Best wishes and good trade.

Juliano

 
Juliano Freitas: I am new to MT5 and after doing some comparisson with Trading View, I relized that the candlesticks on the MT5 are approximatelly 10x the size, in Pip terms, when compared to the same candlestick in Trading View. Has anyone gone through the same issue? If yes, how to sort it? I would appreciate your guys help. Best wishes and good trade.

Your analysis is unfortunately flawed. Are you comparing Forex symbols, or maybe some CFDs?

You are assuming that the exchange is centralised and that OHLC quotes are the same for the everyone in the world regardless of broker.

That is however not the case. Forex and many CFDs are not centralised. There are many liquidity providers (banks, financial institutions, etc.) and brokers can mix and match who they have as their providers.

There are also brokers that act as dealing desks, and their quotes will be different to the liquidity providers they use.

You don't even need to compare TradingView and MetaTrader. You could stick to just one platform and compare one broker to another, and they will be different.

In some cases the differences can be minor but in other cases the differences can be quite major.

 
Fernando Carreiro #:

Your analysis is unfortunately flawed. Are you comparing Forex symbols, or maybe some CFDs?

You are assuming that the exchange is centralised and that OHLC quotes are the same for the everyone in the world regardless of broker.

That is however not the case. Forex and many CFDs are not centralised. There are many liquidity providers (banks, financial institutions, etc.) and brokers can mix and match who they have as their providers.

There are also brokers that act as dealing desks, and their quotes will be different to the liquidity providers they use.

You don't even need to compare TradingView and MetaTrader. You could stick to just one platform and compare one broker to another, and they will be different.

In some cases the differences can be minor but in other cases the differences can be quite major.

Hi Fernando,

Thank you for your prompt reply.

I understand and appreciate your explanation above.

What is blowing my mind is that I am comparing the same pair EURUSD from the same broker on both platform and the difference is huge...10x.

I was wondering if I am missing any configuration/scale adjustment in the MT5 that could sort it.

Regards,

Juliano

 
Juliano Freitas #: What is blowing my mind is that I am comparing the same pair EURUSD from the same broker on both platform and the difference is huge...10x.
Show a screenshot example, with the axis legends!
 
Fernando Carreiro #:
Show a screenshot example, with the axis legends!

Please see below...

Same candle at 10:48 for the EURUSD today...the left image, from MT5 shows a red candle with 8 pip loss. The right image, from TD shows a loss of 0.8 for the same candle.

Files:
EURUSD_MT5_x_TD.jpg  1664 kb
 
  1. It is points, not pips. 1 pip = 10 points.
  2. 8 points = 0.8 pips = 0.00008 price range (on EURUSD)
  3. Both have the same high value 1.07463
  4. Both have the same low value of 1.07455

In other words, they have exactly the same range.

 
Fernando Carreiro #:
  1. It is points, not pips. 1 pip = 10 points.
  2. 8 points = 0.8 pips = 0.00008 price range (on EURUSD)
  3. Both have the same high value 1.07463
  4. Both have the same low value of 1.07455

In other words, they have exactly the same range.

All clear now, thank you for your comments.

Obrigado,

Juliano

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