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Quote from tiagor:

From their site, "MB Trading FX receives quotes from multiple banks, partners, and pools of liquidity". That being said, volume in Forex is not a transaction count. There is no time and sales data, just tick movement, which in MBT comes from their ECN connections.
I remember reading somewhere that there is a positive correlation between tick volume to real volume, which was verified on instruments where both data can be collected. Since I am only interested in relative volume over time, it is of no real consequence that I'm using tick movement instead of real transaction volume (which would be impossible to have in FX anyway).
In summary, you'll get slightly different tick volume from different providers but high tick volume and low tick volume should be clearly identifiable and reasonably correlated on any ECN broker.
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Right, you cannot get the real/total volume from a broker because there is no single exchange in Forex, so the last volume traded comes from your broker. MBT, being a retail broker, often shows small last volume traded numbers such 1K, 5K, sometimes larger, so I am not sure that MBT's volume highly correlated to the total market volume.

What do you mean by "here is no time and sales data, just tick movement, which in MBT comes from their ECN connections."?
I am using MBT's Quote API and they show Last Price (last price trade), Last Size (number of shares/pair qty last traded), also Last Bid, Last Ask, Last Bid Size, Last Ask Size. So they show bid/ask, and last price traded along with volumes.

Do you know names of banks and partners where MBT gets its liquidity?
 
Quote from vincegata:

Right, you cannot get the real/total volume from a broker because there is no single exchange in Forex, so the last volume traded comes from your broker.
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Not trade volume but tick volume, which measures the number of tick changes in a given timeframe. Price movement is correlated to trade volume so you may think of it like market pressure. To try and explain how I use it, just imagine, for example, a big upbar on a 5 minute sample with low tick volume. I may infer from this that there is no supply pressure. On the other hand if the upbar has a relative (in relation to previous samples) high tick volume then there were a lot more price changes for the same price range, implying a lot more resistance to the move, and so on.

MBT, being a retail broker, often shows small last volume traded numbers such 1K, 5K, sometimes larger, so I am not sure that MBT's volume highly correlated to the total market volume.
What do you mean by "here is no time and sales data, just tick movement, which in MBT comes from their ECN connections."?
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Tick volume does not multiply by the number of lots since you cannot grasp all orders being placed. Hence, no reliable time&sales data.


I am using MBT's Quote API and they show Last Price (last price trade), Last Size (number of shares/pair qty last traded), also Last Bid, Last Ask, Last Bid Size, Last Ask Size. So they show bid/ask, and last price traded along with volumes.
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You probably get that data from the best price/trade on their liquidity pools

Do you know names of banks and partners where MBT gets its liquidity?
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I don't believe that information is public though I think some years ago they mentioned something like being connected to about 12 banks. I may be mistaken though.
 
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