Volume indicator - IG charts vs MT4 charts

[TommyT]

The values of the volume indicator in the IG charts  and the MT4 charts are different - they are not the same values and they are not even a scalar proportion of each other

So where is IG getting is volume and where is MT4 getting its volume?

Using the IG Streaming Companion tool  one can see the various field values in the" Chart" data items of the stream 

Comparing this stream to the IG chart I can see that IG chart's volume is equivalent to the stream's LTV - last traded volume

doing the same for MT4 I can see that the MT4 chart's  volume is equivalent to the stream's LTV CONS_TICK_COUNT - tick count

Given that IG's own chart presents the LTV as the volume, it would seem that this is the preferred measure, and I have to agree. On that basis, I would say MT4 is using the wrong value

I would like to use MT4 to trade, but I don't like tick-count-as-volume. Is there anyway via the MT4 configuration or custom code that I can get hold of the LTV volume. Does anyone at IG know if the LTV data in MT4's tick variables so that I might be able to build my own indicator?

 

 

  

[Caseynotes]

1 hour ago, TommyT said:

The values of the volume indicator in the IG charts  and the MT4 charts are different - they are not the same values and they are not even a scalar proportion of each other

So where is IG getting is volume and where is MT4 getting its volume?

Using the IG Streaming Companion tool  one can see the various field values in the" Chart" data items of the stream 

Comparing this stream to the IG chart I can see that IG chart's volume is equivalent to the stream's LTV - last traded volume

doing the same for MT4 I can see that the MT4 chart's  volume is equivalent to the stream's LTV CONS_TICK_COUNT - tick count

Given that IG's own chart presents the LTV as the volume, it would seem that this is the preferred measure, and I have to agree. On that basis, I would say MT4 is using the wrong value

I would like to use MT4 to trade, but I don't like tick-count-as-volume. Is there anyway via the MT4 configuration or custom code that I can get hold of the LTV volume. Does anyone at IG know if the LTV data in MT4's tick variables so that I might be able to build my own indicator?

 

 

  

Hi, which asset type are you looking at, FX looks the same on the IG web based platform and mt4.

[TommyT]

Quote

Hi, which asset type are you looking at, FX looks the same on the IG web based platform and mt4.

 

Casey,

Thank you for your response

I was looking at indices - ftse100 specifically by way of example.

I will check the same for FX and report what I find in that case too

Regards 

Edited September 24, 2021 by TommyT
include quote

[Caseynotes]

6 minutes ago, TommyT said:

 

Casey,

Thank you for your response

I was looking at indices - ftse100 specifically by way of example.

I will check the same for FX and report what I find in that case too

Regards 

I think MT4 can only use tick volume and FX uses tick volume for both platforms but indices are different.

For indices see Ludwik's reply to volume question 2 down.

click on  the pic (link) below.

 

[TommyT]

3 hours ago, Caseynotes said:

Hi, which asset type are you looking at, FX looks the same on the IG web based platform and mt4.

Casey,

From viewing the IG stream it appears that, for FX, the tick_count and LTV are the same value. This confirms that in MT4 indicators, for both FX and indices, the volumes are equal to the tick_count. 

Ludwig' response explains why FX uses tick count, but indicies can have a better, calculated LTV. Ludwig makes no reference to MT4.

I would infer that IG/MT4 feed had been poorly implemented to used the tick_count rather than LTV. For FX this is trivially equivalent but for indicies, this is sadly deficient. I will not be using MT4.

regards 

[Caseynotes]

13 hours ago, TommyT said:

Casey,

From viewing the IG stream it appears that, for FX, the tick_count and LTV are the same value. This confirms that in MT4 indicators, for both FX and indices, the volumes are equal to the tick_count. 

Ludwig' response explains why FX uses tick count, but indicies can have a better, calculated LTV. Ludwig makes no reference to MT4.

I would infer that IG/MT4 feed had been poorly implemented to used the tick_count rather than LTV. For FX this is trivially equivalent but for indicies, this is sadly deficient. I will not be using MT4.

regards 

The data that brokers provide for free is always going to be limited compared to subscription providers and MT4 has additional limitations being a third party platform.

Research has shown that tick volume data is relative to real volume data but at end of day it's a case of how much we are willing to pay and what level of accuracy we require. 

[TommyT]

 

On 25/09/2021 at 09:28, Caseynotes said:

The data that brokers provide for free is always going to be limited compared to subscription providers and MT4 has additional limitations being a third party platform.

Research has shown that tick volume data is relative to real volume data but at end of day it's a case of how much we are willing to pay and what level of accuracy we require. 

Casey,

Thank you for all your input on this - much appreciated.

As "free" streams go IGs is quite good. I make the assumption that the integration into MT4 uses this stream, as the correlation to tick count is so exact. I just wish MT4 took advantage of better features of the stream. Perhaps my assumption is wrong and MT4's feed is generic which is independent of the underlying broker

There is some rough correlation between tick volumes and trade volumes but it is far from a linear scalar and diverges even further at higher volumes, when the market is more volatile. For this reason I disregard it

I have looked at other feeds and the best I could discover in terms of content was dxFeed, though like many other similar broker-oriented feeds it is too expensive for me given the base+exchange increment price structure. Of the free or "inclusive" feeds, I think there are none better than IG's so I will happily use the IG feed, though I will be using the REST access. The sample app is very useful once one sorts the 3rd party package updates.

Regards Tom

[Caseynotes]

34 minutes ago, TommyT said:

 

Casey,

Thank you for all your input on this - much appreciated.

As "free" streams go IGs is quite good. I make the assumption that the integration into MT4 uses this stream, as the correlation to tick count is so exact. I just wish MT4 took advantage of better features of the stream. Perhaps my assumption is wrong and MT4's feed is generic which is independent of the underlying broker

There is some rough correlation between tick volumes and trade volumes but it is far from a linear scalar and diverges even further at higher volumes, when the market is more volatile. For this reason I disregard it

I have looked at other feeds and the best I could discover in terms of content was dxFeed, though like many other similar broker-oriented feeds it is too expensive for me given the base+exchange increment price structure. Of the free or "inclusive" feeds, I think there are none better than IG's so I will happily use the IG feed, though I will be using the REST access. The sample app is very useful once one sorts the 3rd party package updates.

Regards Tom

You're welcome, am fairly certain that all mt4 markets use tick volume which is number of trades but no indication of the size of trades but think that MT5 is upgraded to include real volume though not sure where that data might come from. If coming from an exchange then presumably there must be a subscription charge. IG are working towards providing MT5 but no time frame as yet.