Ask, Bid, Mid price setting on chart

[eloronz]

Howdy folks! Maybe I'm opening a can of worms -- in my head. 🙃 As I was looking for a volume tick chart on the IG online platform (is there one?), I've just noticed the Ask, Bid & Mid price settings. It is set to Mid. Is this best? 

From my research opening and closing prices are Mid price anyway, whereas highs are usually Ask, and lows, Bid.

Any advice would be appreciated. 🍻

[Caseynotes]

35 minutes ago, eloronz said:

Howdy folks! Maybe I'm opening a can of worms -- in my head. 🙃 As I was looking for a volume tick chart on the IG online platform (is there one?), I've just noticed the Ask, Bid & Mid price settings. It is set to Mid. Is this best? 

From my research opening and closing prices are Mid price anyway, whereas highs are usually Ask, and lows, Bid.

Any advice would be appreciated. 🍻

Hi, to open a long trade you buy the ask price and to close that long trade you sell at the bid price, the mid is just a reference between the two, the difference between the two is the brokers markup. You are best to have the chart set to mid but be aware it won't show exactly where the in/out of the trade was activated.

Tick volume shows the number of orders processed but not the size of each, the online platform shows actual volume as taken from the exchange if there is one, FX must use tick volume as there is no central exchange. A tick chart just shows orders as they are matched and the resulting price change.

 

[eloronz]

1 hour ago, Caseynotes said:

Hi, to open a long trade you buy the ask price and to close that long trade you sell at the bid price, the mid is just a reference between the two, the difference between the two is the brokers markup. You are best to have the chart set to mid but be aware it won't show exactly where the in/out of the trade was activated.

Tick volume shows the number of orders processed but not the size of each, the online platform shows actual volume as taken from the exchange if there is one, FX must use tick volume as there is no central exchange. A tick chart just shows orders as they are matched and the resulting price change.

 

Thanks so much for the explanation, I better start flicking between settings. 🍻