Is there a TradingView chart that matches IG's "Oil-US Crude" chart?

[CharlieB]

Has anyone found an "Oil - US Crude"  chart on TradingView that vaguely matches the IG chart?

I like to do my charting on TradingView so can be tricky when there isnt a decent like for like

Would be so much better if IG was partnered with TradingView...

[MongiIG]

14 minutes ago, CharlieB said:

Would be so much better if IG was partnered with TradingView...

Hi @CharlieB

Thanks for reaching out and your suggestion.

We are actively investigating TradingView and the values it can deliver to our clients. Naturally we are taking this very seriously and also using this as an opportunity to look at how we can work with 3rd party client trading technologies as a whole. Given the importance of this we have to prioritise the client experience of using TradingView and so this investigation phase has taken quite some time.

Being realistic it is not something we can expect this year but the next is looking promising. Apologies we are unable to be specific with a time frame however there are a number of moving parts. We will continue to give updates and feedback.

 

All the best - MongiIG

[CharlieB]

Hi @MongiIG

Thanks for your reply.

In this instance the issue is that the IG Oil price is some sort of derision of futures - not sure how it is calculated exactly but it is very different from all other providers - I mean the numbers themselves don't matter to be honest but IG chart will for example put in a swing higher high when others are putting a lower high and I cant find any other provider that is vaguely similar to IG pricing (which is odd in itself as they all seem to be roughly similar to each other with IG being the stand out exception).

All other markets I have looked at (FX, Commodities, Indices) I can pretty quickly find a chart to match IG, so it is very easy to do my charting on TradingView system which is hands down the best and almost become industry standard.

Point in case, take a look at these 4 other providers -   all pretty consistent with each other.  Look at the two swing high points - high followed by a higher high. 

IGs however, as you can see is quite different - high followed by a lower high (see attachment).

So its not as if we are talking a little off, which is really odd, and hence my post asking if anyone knows of any other Oil price provider is even close to what IG presents as I cant be the only one hoping to solve this one.  Its a bit of a head scratcher to say the least as to why IG doesn't agree with any of the others, as the pricing has to come from somewhere

Its no great drama, I can always work a "fudge" but if you or any of your colleagues do have a brain wave or explanation, Im all ears!

Cheers

Charlie

PS Before hitting send on this post I did some more searching on TV, and  have now been able to answer my own question - it looks like the IG chart is almost the same as Nymex Light Crude Oil Futures.  I'll still post this reply as it may be helpful for someone with the same quest in future!

 

[CharlieB]

its not ideal as IG has different trading hours to Nymex, so there is missing data - but its as close as we can get, and at least the swings allign...

Fast track TV partnership please ☺️

[CharlieB]

ahhh and you have to buy the data feed on TV for the Nymex otherwise the data is delayed by 10m  😬

[AndaIG]

Hi @CharlieB

Just to add some context on the pricing. The IG undated contract, which is the screenshot you have above is an IG derived cash price for the underlying commodity. This is a synthetic price created by IG. We do this because a cash price does not exist in the underlying market. We price our undated contracts using two of the most liquid futures contracts(NYMEX Crude Oil futures). In between the expiry of the two futures contracts our price will move from the one with the nearest expiry towards the price of the one with the further expiry. The price will move up or down depending on whether the futures contracts are in contango (second contract with higher price than the first contract) or backwardation (second contract with a lower price than the first contract). As this is an IG derived price it maybe different from what you will see elsewhere because competitors could have a different method for calculating their cash price. 

The IG futures contracts on the other-hand, currently May and June contracts are priced directly from the exchange, with IG spread wrapped around the exchange price. The futures charts are more comparable to competitors accounting for differences in spread. 

I hope this helps. 

All the best, 

 Anda

[CharlieB]

Hi @AndaIG that was very helpful thanks!  So I was half way there using the Nymex Light Crude Oil Futures.  I'll take a look at the IG futures to see a closer correlation.

Thanks for the tip.