Hello, noob question here. I recently placed an overnight buy stop with a trigger of 51.16 on WTI. Now, the next session's high price thus far is 51.14 per MT4. However my trade has been executed at 51.15. My question is: If my trade did get executed at an ask of 51.15 shouldn't that be the high for the day? Or do brokers only display the bids as the high/low prices?
MT4, so charting is based on the bid price, not the ask. Sounds like you were short, so your stop would be triggered on the ASK price, not the bid. You got stopped out at high tick.
High for WTI is 51.18 at 7:30 AM EST. Highs and lows are based on trade prices, not bid or ask prices. 51.16 is only 2 cents off the high of the day. If you can pick highs and lows like that every day you can make a lot of money.
OP said the magic word: MT4 So he is not trading WTI, he's trading a CFD based on WTI. Therefore, there are no 'trade' prices, and the entire platform charts off the bid quote, and stops get triggered based on the quotes themselves (asks for buy stops, bids for sell stops.)
Thanks for correcting my errors. I was wondering why a post about WTI was in the Forex forum. The heck with WTI CFD on a Forex platform, hard enough to trade WTI futures with real trade prices. I found a Forex forum post that says ask price can be shown along with the bid price on MT4 chart. "By default it shows the SELL price. In MT4 platform, go to TOOLS - OPTIONS - You will see a tab called CHART. In that "Show Ask Line" is unchecked by default. You can check it and restart the platform. You should be able to see BUY price as well."
Anybody know where brokers take feed of WTI? From LPs or some other source. Had a WTI introduced on Tickmill want to know how stable and liquid is feed there to be aware of potential slippages, etc.. Thanks in advance.
I think it's comes from broker's LP, check on their website ( bottom page ). seem they had WTI as single symbol for oil trading. it's a perfect time to use their oil price to test my EA, last time I still use contract based feed, which keep changing the quote price symbol, so I need to attach into different oil chart each months.
Yeah and demo spreads inspires a confidence. Interesting is there significant difference with real account spreads and how big is spread widening during volatile times?
well, since I also new with their WTI price. next NFP release should be their first test. I would look closely during news released, I've been observe with their most major pair. as Tickmill offer 0.4 pips average spread on WTI price, I assume their widening are not really much during volatile time such NFP. perhaps I would enlist oil price into my current trading system, ( so far works mostly with major pair, below 1 pips spread).