What is wrong with Metatrader price data?

[achilles28]

I've read from a few posters here that price data from Metatraders feed is not accurate.

Can anyone elaborate as to the accuracy of this statement, and specify what, if anything, is the problem with Metatraders price data?

Period highs or lows too large or small? Period open/closing prices too large or small?

Thanks

[fairwind]

G'day Achilles28,

MetaTrader version 3.xx uses (bid+ask)/2 as the FX 'price'. Then they place +2 and -2 on that as well. So the chart will never have a true bull candle or a true bear candle. Take a look at any MT3 chart and you will see what I mean. There is always a 'shadow' on every candle.

Their new MT4 doesn't do that. It has the bid price as the chart price and true bull/bear candles will now appear when they occur.

I have used MT3 for a couple of years and the discrepancy is a minor one in my view. At the moment I use MT 3 and 4. The MT4 is still being updated almost daily but it is a really good package.

MT3 is available still form Alpari and some other brokers I believe.

Hope this helps a bit and

Good trading to all...................

[achilles28]

Fairwind.


I am working on a non-scalping/medium term trading strategy so the minor variation in MT price quotes shouldn't affect test results.

Thanks and good trading to you!