Hello,

I'd like to ask for a midprice bar chart mode added to the already existing BID and ASK modes. So the OHLC values in each bar were calculated using midprice.

midprice=(ASK+BID)*0.5

This is more important for daytraders and scalper that longer term traders.

I enclose a very basic chart built with midprice values showing the High Ask and Bid prices and the Low Ask and Bid prices in just a glance.

Hello, please can somebody from Dukascopy answer...

I'll post a recent example showing the importance of paying attention to both sides of the market (bid and ask), and the way to do it easily is watching midprice bars and ask/bid overlay on them:

We will create an indicator for this.

Task: JFOREX-8204

Hello and thanks for your answer:

I don't think an indicator can be the right way to draw midprice bars.

I'll explain: If I'm not wrong, an indicator has access to high/low/open/close from ask and bid historical bars and it will calculate for each bar:

midprice bar high= 0.5*(high Ask + high Bid)

But this can be wrong:

Due to the variable spread, the tick with the highest Ask in a bar can be different to the tick with the highest Bid price in the same bar.

Example:
Notation: (Ask/Bid)

Tick with the highest Ask price in the example bar: (1.45000/1.44800) ----> 20 pips Spread due to news or another reason
Midprice of this tick: 0.5*(1.45000+1.4480)=1.44900

Tick with the highest Bid price in the example bar: (1.44920/1.44910) ----> 1 pip Spread.
Midprice of this tick: 0.5*(1.44920+1.44910)=1.44915 (This is the High of the midprice bar)

High of the Ask bar: 1.45000
High of the Bid bar: 1.44910


Indicator result: 0.5*(1.45000+1.44910)=1.44955 (wrong)

So I think another chart mode has to be calculated from the tick data to chart the midprice bars so there will be Ask, Bid and Midprice.

Best regards.

Francisco

Will do based on ticks.

Many thanks

Francisco

Indicator MIDDLE_PRICES will be available in version 3.0.18 on DEMO very soon.

Thanks