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Why I find the new charts are unusable for Technical Analysis of Stocks and other feedback

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Firstly, a comment on the new platform. I do not wish to consider the new platform if the essential features for the charting package listed below cannot be accommodated for. Besides, the classic platform only needed a few tweaks to improve it. If the classic platform goes, unfortunately, so do I and that includes my girlfriend who I trade for under a power of attorney. Does the last sentence remind anyone of the film The Life of Brian :-)

 

My trading strategy does not require any indicators or features which are not usually provided as standard on most basic charting packages. 

 

First of all the essential features/indicators necessary without which it is not feasible for me to use these charts.

 

I feel sure there will be others who cannot use the charts with one or more of these features/indicators missing. Please speak up if that's you. The list, not necessarily in order of importance.

 

1) No moving average on the volume indicator.

2) Charts are not adjustable for dividends, essential to view correct support and resistance levels. 

3) There is no three vertical chart side by side configuration in multi charts

4) No "pop out" option in the multi chart configuration

5) No fib expansion tool!

6) No relative strength comparative indicator, not standard RSI but and indicator which will show the relative strength too, for example, an index. Displayed as a single line in a box blow the chart with the facility to add a moving average.

7) "Points through current" not available on orders e.g stop buy or stop sell orders. Ironically this is exactly when one most needs these orders for swing trading to avoid being filled on an opening day gap!

8) The closing times of the candles are not suitable for price action trading. They do not close at 5pm New York time, I brought this up in a separate thread please see the link below. 

 

https://community.ig.com/t5/Suggestions/PRT-Can-the-Daily-Candles-on-FX-pairs-be-adjusted-to-close-open/td-p/6861

 

9) I cannot see any way to adjust the charts to show cash charts i.e. prices traded during normal market hours e.g. FTSE 8am - 4.30 NYSE 2.30pm - 9pm. Therefore correct support and resistance will not be seen or gaps for gap traders.

 

Useful features:

 

1) Fib retracement tool configuration is limited to colour and line thickness, optional levels would be better.

2) Non of the charts on the multi chart configuration can be resized e.g. to full screen

3) The 70 and 30 lines on the standard RSI are not configurable

4) Having a dropdown menu up near the time frame menu would be quicker and much more convenient than the current labourious method of loading chart layouts

5) The price data box would be best if it cold be anchored anywhere on the chart or relegated to the task bar when not needed. It following the cross hairs around is a nuisance, having to turn it on and off is also. The time and date placed in the box would also be helpful.

6) Events displayed on charts would be useful e.g. Earnings releases and ex dividend dates

 

I am forever hopeful that at least the essential elements can be incorporated.

 

Regards

 

Rob

 

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One more to add to the useful features list:

 

7) Can the Sectors and Industry Groupings be shown on the charts for the S&P500. This was a request of mine back in July last year. For an explanation please see the link below.

 

I would like to add to it that the sectors and subsectors be shown on LSE stocks, all good charting packages show these on both LSE and NYSE.

 

https://community.ig.com/t5/Suggestions/PRT-Can-the-Sectors-and-Industry-Groupings-be-shown-on-the/td-p/6863

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Hi

 

Thank you for taking the time to send in your detailed feedback. Allot of your suggestions are not available in the current platform and I will send it to our developers to consider, some features are available in ProRealTime and a couple of features are already available on the new platform. I will try to answer the questions in the order you sent them:

 

  1. No moving average on the volume indicator.
  1. This is not currently available on our classic, new web trading platform or ProRealTime, I will send this suggestion to our developers for consideration.

 

     2) Charts are not adjustable for dividends, essential to view correct support and resistance levels.

  1. A) This would also be a new feature on all our available platforms so this will also be sent to our developers.

 

3)There is no three vertical chart side by side configuration in multi charts

  1. Although you can compare 3 charts it would place two next to each other with a third placed on the bottom so I will share your feedback with our developers to consider placing the 3 charts side by side.

 

     4) No "pop out" option in the multi chart configuration

  1. A) This would be a new feature, I will send it to our developers

 

     5) No fib expansion tool!

  1. A) The Fibonacci expansion tool is available on ProRealTime but I will send your suggestion to our developers to consider adding it to our web platform.

 

 

    6) No relative strength comparative indicator, not standard RSI but and indicator which will show the relative strength too, for example, an index. Displayed as a single line in a box

         blow the chart with the facility to add a moving average.

  1. This would be new to all platforms including ProRealTime, so the suggestion will be sent to our developers.

 

     7) "Points through current" not available on orders e.g stop buy or stop sell orders. Ironically this is exactly when one most needs these orders for swing trading to avoid being filled  

         on an opening day gap!

  1. I am not 100% sure what you mean by this, can you please elaborate on what you would like to see in terms of stop order?
  2.  

     8) The closing times of the candles are not suitable for price action trading. They do not close at 5pm New York time, I brought this up in a separate thread please see the link below

  1. A) This feature is available on ProRealTime where you can set trading hours for certain instrument groups such as US shares.

 

     9) I cannot see any way to adjust the charts to show cash charts i.e. prices traded during normal market hours e.g. FTSE 8am - 4.30 NYSE 2.30pm - 9pm. Therefore correct support    

         and resistance will not be seen or gaps for gap traders.

  1. As mentioned above, this feature is available in ProRealTime but can be considered for the New Platform

 

In terms of useful features:

 

  1. Fib retracement tool configuration is limited to colour and line thickness, optional levels would be better.
  1. This will also be sent to our developers as feedback as currently there is no option to do this, you can configure the levels on ProRealTime however.

 

  1. None of the charts on the multi chart configuration can be resized e.g. to full screen
  1. You would need to set it back to one chart before you can resize it but this will be resolved if the pop out feature is available.

 

  1. The 70 and 30 lines on the standard RSI are not configurable
  1. These lines are standard on ProRealTime and our web platform but I will also send it in as feedback.

 

  1. Having a dropdown menu up near the time frame menu would be quicker and much more convenient than the current labourious method of loading chart layouts
  1. Currently this can be achieved by right clicking on the chart but your suggestion of a drop down menu will be considered for future updates.

 

  1. The price data box would be best if it could be anchored anywhere on the chart or relegated to the task bar when not needed. It following the cross hairs around is a nuisance,
  2. having to turn it on and off is also. The time and date placed in the box would also be helpful.
  1. This will also be feedback to our developers

 

  1. Events displayed on charts would be useful e.g. Earnings releases and ex dividend dates
  1. This is already available on the new platform by adding the economic calendar to your chart. To do this right click on the chart and go to events, then select the events you are interested in such as unemployment rate decisions etc, this will add a little calendar icon at the bottom of your chart and if you hover your mouse cursor over it then it will give you information on that particular announcement.

 

 

     7) Can the Sectors and Industry Groupings be shown on the charts for the S&P500. This was a request of mine back in July last year. For an explanation please see the link below.

          I would like to add to it that the sectors and subsectors be shown on LSE stocks, all good charting packages show these on both LSE and NYSE.

  1. Adding the exchange associated with the instrument would be a new feature so it will be sent to our developers.\

 

Thank you again for all the specific feedback, we value your input and this will definitely be considered for future updates.

 

Thanks

Anton

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Thank you for your reply 

 

First of all, IG's PRT charts have nearly all the attributes that are missing in IG's new charts mentioned in my first post in this thread. So you may well say, then just use them then. Well, I have for a number of years but only in a very limited way because of the quality of the data and the lack of pro-active chart maintenance. Please see the third paragraph of my post in reply to 's post in the following thread:

 

https://community.ig.com/t5/Web-platform-and-Apps/Why-don-t-I-have-the-Premium-version-of-ProRealTime-as-per-their/td-p/9313

 

I provided a more detailed description of the issue in August 2016 here: 

 

https://community.ig.com/t5/Suggestions/Bad-Ticks-on-PRT-Charts/td-p/7650

 

Before I continue, it must be said, that in my opinion there is little point in developing your new charts if they are fed with the same data as your PRT charts and there is the same lack of pro-active maintenance. e.g. I recently looked through some IG PRT charts and found chart after chart with defective data. These were not some obscure small cap stocks but the list I was looking through was the DOW 30!. 

 

Anyway, in order to continue I will be optimistic and assume that there is the will to remedy the situation. Most of your answers were informing me that you will pass my suggestions on to the developers for which, being the eternal optimist, I am grateful. For others which require a comment please read on.

 

 6) No relative strength comparative indicator, not standard RSI but and indicator which will show the relative strength too, for example, an index. Displayed as a single line in a box

         blow the chart with the facility to add a moving average.

  1. This would be new to all platforms including ProRealTime, so the suggestion will be sent to our developers.

FYI, this indicator is available in IG's version of PRT charts. 

 

   7) "Points through current" not available on orders e.g stop buy or stop sell orders. Ironically this is exactly when one most needs these orders for swing trading to avoid being filled  

         on an opening day gap!

  1. I am not 100% sure what you mean by this, can you please elaborate on what you would like to see in terms of stop order?

A more detailed description of this can be found in the thread I started in January 2017

 

 https://community.ig.com/t5/Suggestions/Stop-Buy-Sell-Limit-Orders-on-New-Platform-for-both/td-p/11203

 

8) The closing times of the candles are not suitable for price action trading. They do not close at 5pm New York time, I brought this up in a separate thread please see the link below

  1. A) This feature is available on ProRealTime where you can set trading hours for certain instrument groups such as US shares.

You have obviously ignored the link to the thread I posted in July 2016 or you would not have posted that answer. I have posted the link again below:

 

https://community.ig.com/t5/Suggestions/PRT-Can-the-Daily-Candles-on-FX-pairs-be-adjusted-to-close-open/td-p/6861

 

7) Can the Sectors and Industry Groupings be shown on the charts for the S&P500. This was a request of mine back in July last year. For an explanation please see the link below.

          I would like to add to it that the sectors and subsectors be shown on LSE stocks, all good charting packages show these on both LSE and NYSE.

  1. Adding the exchange associated with the instrument would be a new feature so it will be sent to our developers.\

It is the Sectors and Industry Groupings that I would like to see on the charts, not the exchanges. I provided a more detailed description of this, also in July 2016 in the following thread:

 

 https://community.ig.com/t5/Suggestions/PRT-Can-the-Sectors-and-Industry-Groupings-be-shown-on-the/td-p/6863

 

Yours sincerely

 

ST

 

 

 

 

 

 

 

 

 

 

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I don't like the new platform. can we have the classic back as an option please?

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Hi ,

 

The classic platform is still available and the old IG charts are still accessible if that's what you mean.

 

The classic platform loads by default for me using this link

 

https://www.ig.com/uk/login.html

 

Once you're logged in go to the "My IG" web page. There you will see the option to choose either the new or classic platform. Also on the right side near the top of there is the option to choose to open "my IG" or the platform on logging in. Perhaps if you choose and save platform first before opening the classic version then it will be remembered in future.   

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Hi

 

You are correct in saying that the ProRealTime charts provide the same data as our web platform, we are in the process of evaluating the way in which we provide data on the charts. Allot of the errors (spikes) on the charts are due to us displaying out of session data also, you will find this on almost every "all session" chart on  NASDAQ.

 

The spikes are legitimate data from the exchange but we appreciate that it does not help much when doing analysis and in allot of cases would render the chart almost useless in terms of backtesting.

 

Some of the options currently being looked at would be to have a setting where you could include/exclude out of hours data in order to improve the flow of the chart and enable you to run a backtest.

 

On CFD accounts you can also switch the price to last traded price which will remove allot of spikes from the charts, this would not be a solution on spreadbetting accounts.

 

At this stage we do not have a date or allot of details on when you can see improvements on the charts but it is something we are aware of and we are looking into it.

 

Thanks

Anton

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Hi ,

 

The majority of the many charts I have reported over the recent past have not been on stocks with "all session" charts. If I have reported an "all sessions" chart then it is for the benefit of other clients. I avoid them as the big players will be using cash charts to enter and exit positions. In terms of TA, one will not be seeing the same charts as them. This concept was explained in a previous post referred to (link provided) above with regard to not seeing the same candlestick lines and patterns as the institutional players. However, it is equally applicable to indicators, moving averages, support and resistance or in short anything on a chart which is a function of price.

 

Some of the options currently being looked at would be to have a setting where you could include/exclude out of hours data in order to improve the flow of the chart and enable you to run a backtest.

 

In ProRealTime charts there is already a facility in place to set chart data to cash hours. However, setting the charts up like this severely limits the amount of back data that can be viewed. I have UK shares data set up like this but have to consult another chart outside of the platform to get a complete picture for my analysis. If I recall correctly I tried the same set up with US shares with the same result. It's a shame because many of the big momentum stocks are "all session". This is just another one of the reasons that support my view that the charts are of limited use for technical analysis of stocks. Not to mention the pro-screening facility, indicator alerts and back testing in ProRealtime charts.

 

Arguably, one of the biggest issues which is the easiest to remedy is the one you have not mentioned i.e proactive chart maintenance typically where stock splits have occurred. 

 

It is encouraging that the issues are on your radar but how does one know what improvements are under consideration, with a timescale for completion? Surely, that deserves a dedicated thread with a separate thread for each improvement to discuss and give feedback?

 

 I have to say it surprises me that there are not more clients active in this discussion. Presumably, no one trades stocks at IG using TA? 

 

Well, that's all I can do to tell you about issues with the charts. I have spent a lot of time on this, it's all up to you now.

 

Yours sincerely

 

ST

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Cash Hours.png

 

The above image of my layout demonstrates how useless IG PRT charts are if one uses the settings in the software so that only cash hours data is shown. Less than one month of data is shown in each chart.

 

Below is a screenshot of the software settings used.

 

 Cash Settings.png

 

So in conclusion, both IG's new charts and IG's version of PRT charts are unusable for TA of stocks. The new charts for all the reasons given above and IG's PRT charts primarily for data quality issues as pointed out in this and previous posts and threads. 

 

The same results are obtained regardless of which US market is chosen i.e. Wall Street, Tech or Minor.

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Hi 

 

On ProRealTime you are able to specify trading hours as you have correctly mentioned in your reply,  you are also correct in saying that it limits the historical data you will be able to see and it is something we are aware of. The reason for this is that in order to display custom trading hours the system would require access to intraday data, typically we only keep intraday data for 1 month per instrument.

 

We are looking at ways that we can improve our charts and if you do see any errors on charts then let us know so we can investigate it. Due to the large number of instruments we offer we sometimes do miss some errors on charts.

 

Thanks

Anton

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Hi 

 

There is another significant flaw in IG's PRT software which could mislead a lot of traders. I feel sure I have expressed my concern before and will go through the threads I have started when I have time and provide a link. In the interim, I will show you an example using the S&P500 index DFB chart. The basic problem is that when a chart for an instrument, in this case, the S&P500 index DFB is set for cash hours 14:30 to 21:00 the charting software does not accommodate for this on the hourly time frame. Instead of the daily opening candle showing on the hourly chart showing 30 mins of data i.e.14:30 to 15:00 hours it shows a full hour from 14:00 to 15:00. It, therefore, ignores the 14:30 to 21:00 data settings for cash market hours.

 

I have applied the fibonacci expansion tool on what should be the same data in the images below. The first image shows the tool in yellow on the hourly time frame. The second on the 30 mins time frame in white and the final image shows how the fib levels are distorted using the hourly time frame. Note I have my cursor on the low bars so that you can see the difference in prices. I discovered this initially as a result of drawing diagonal trend lines on the two time frames and found they did not match, so it affects not just fib levels.

 

Hourly S&P500.png30 mins S&P500.pngHrly & 30mins S&P500.png

 

Regards

 

ST 

 

 

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As promised the link below is to the thread I started in which I conversed with Tim about this issue in November 2016. He did say he would pass it on to the developers but obviously, the problem remains.

 

You will see in that example I have used the FTSE100 index DFB chart so I imagine a lot of your customers will be affected. In this example, I have only provided one image of the 30 minute chart. Please note the fib expansion tool was being applied on the hourly chart. It's also clear from this how fib levels will not be based on cash markets when using the hourly time frame and other time frames above the hourly but below the daily. Drawing trend lines are affected too!

 

  https://community.ig.com/t5/Charts/Time-Zone-amp-Trading-Hours-on-US-Indices-not-working-correctly/td-p/10409

 

Thanks

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