an ECN broker which aggregates liquidity from 22 tier-1 banks and ECNs. Ill tell you why in a moment, but lets first take a step back and explain what tick charts are. I still wouldnt want to rely on data that might be valid (but also might not be). On forex data, for that, we need to take a step back. This is also the reason why charts of different brokers may not look exactly the same. Data accuracy, in a way, the prices you get at your broker will be a reflection of that liquidity network. . Forex brokers usually get their data from one or more liquidity providers (or make their own liquidity by acting as a market maker). While this might hold some truth, its highly dependent on the broker you use.
Forex tick chart
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So instead of showing time-based charts like a 5 minute or 4 hour charts, tick charts will only print a new candle after a number of trades have happened. Here we can see this in action using euro dollar futures. My problem is with forex tick charts, and the data that is used for these ticks. Why you shouldnt use them, it does sound good! Theres no central exchange as with stocks or futures, basically every broker will have their own slice of the total forex market pie (with the liquidity providers in between). When you trade forex, the order will be placed with your broker, not a central exchange. What you should do instead, given the fact that tick and volume data is unreliable and inaccurate, here are a couple of options to circumvent this: Currency futures. The orders that are placed by the customers of that broker, together with the orders from the liquidity network, is what makes up the trades and volumes you might be able to see in your brokerage platform. And tick charts can be a quite valuable asset in the traders toolbox, but. It will never match the worldwide forex market data, but at least it will probably be a relatively accurate, scaled-down representation of the entire market. The number of trades is completely configurable, so you could have tick charts that print a candle after 144, 233 or 333 trades. The volume and tick data you get will be a 100 accurate representation of the current market participants.