What is the correct chart to use?

M

MethylSeasons

I am new to futures trading. When i pull up charts for ES and CL on different platform, I get different levels on each one. How do I know which chart is the correct one?

My levels on thinkorswim, ninjatrader, tradestation, metatrader 4, etc..... will all be different. It's confusing and I am not sure what to follow and what to ignore.
 
The correct chart is the one you used to develop your trading strategy and plan.

Just check session times, and see if they all start at the same time.

Bar start time is usually the difference

example:

60 min charts start on the hour

Regular trading session starts on the 1/2 hour i.e. NYMEX 09:30 EST
 
GoldenMember said:
The correct chart is the one you used to develop your trading strategy and plan.

Just check session times, and see if they all start at the same time.

Bar start time is usually the difference

example:

60 min charts start on the hour

Regular trading session starts on the 1/2 hour i.e. NYMEX 09:30 EST
More...

Here's an example. I drew a horizontal line at the recent swing low. You can see going back that this lines up with different levels on each platform. I can add a third chart from thinkorswim, and the level looks different than these two. It's very confusing. I did not have to deal with this in stocks.

http://imgur.com/dvHHE0c
 
If you have a broker and the chart is propagated with data from your broker then you will be fine. The reason for the differences has to do with how different platforms deal with contract roll over. On ninjatrader you are most likely looking at the front month but your tradestation chart is probably a continuous contract. Switch it to the front month as well and see if things line up.
 
MethylSeasons said:
Here's an example. I drew a horizontal line at the recent swing low. You can see going back that this lines up with different levels on each platform. I can add a third chart from thinkorswim, and the level looks different than these two. It's very confusing. I did not have to deal with this in stocks.

http://imgur.com/dvHHE0c
More...
That's a 4 hr chart

load a 5 min chart and compare.

Also as mentioned above, confirm not continuous contract.

There shouldn't be any difference, if all settings are the same and not a continuous chart.

Also ask your broker/platform provider if there is a spike filter.

In the end, the data provided by your broker is probably the best. As that is the data your executions are based on.
 
GoldenMember said:
That's a 4 hr chart

load a 5 min chart and compare.

Also as mentioned above, confirm not continuous contract.

There shouldn't be any difference, if all settings are the same and not a continuous chart.

Also ask your broker/platform provider if there is a spike filter.

In the end, the data provided by your broker is probably the best. As that is the data your executions are based on.
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Sometimes i need to continuous contract to get levels from far back... Still they look different on different feeds and I dont know which is correct
 
MethylSeasons said:
Sometimes i need to continuous contract to get levels from far back... Still they look different on different feeds and I dont know which is correct
More...
Continuous Contract are calculated different by each data provider, there is no standard. I don't suggest using them. Back adjusted data isn't reliable, as you can see by the inconsistencies in your platforms.

For ES you can use SPX
For CL you are pretty much S.O.L. as there isn't a cash index.

In the end, just use the data feed provided by your broker.
 
MethylSeasons said:
Sometimes i need to continuous contract to get levels from far back... Still they look different on different feeds and I dont know which is correct
More...

http://www.premiumdata.net/support/futurescontinuous.php

There are different ways to create continuous contracts. This doesn't make one of them right or wrong. Pick one platform that gets data from your broker. Build and test your system off of that data.

Of all the charting platforms you mentioned I believe tradestation is the most robust. If they are also your broker then I would recommend just using them. Ninjatrader would be my second choice with thinkorswim being 3rd. I've never used metatrader but it seems most popular with FX guys.
 
MethylSeasons said:
I am new to futures trading. When i pull up charts for ES and C* on different platform, I get different levels on each one. How do I know which chart is the correct one?

My levels on thinkorswim, ninjatrader, tradestation, metatrader 4, etc..... will all be different. It's confusing and I am not sure what to follow and what to ignore.
More...
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Good question,MS trender;
do NOT trade, especially do NOT trade futures, especially leveraged stuff /LOL till you know about those errrors.

barchart.com;
has real acurate [free]charts,yahoo charts may be OK sometimes/free,, but KEY is know what you are trading so well, that you just know about 95% of time when they errr + they will,err, any charts/data will err..... I caught barchart accidently printing same levels of weekly/daily volume levels. But i knew from my experience the weekly volume level was wrong, see what i am saying?????IB charts used to be good on price but i knew they goofed on volume frequently,LOL

Also you said ''levels''
well there can be more than one right answer,Printed chart of SPY has $10 levels,or 10% levels,;
it could just as easy be $5 levels, $20 levels,[21 day levels ]$50 levels,$55 levels- grid.............................................................................
Wisdom is profitable to direct:cool:
 
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