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NYMEX/COMEX has a long history of bad price reporting (bad ticks).
I'm sure eSignal is as tired of cleaning up their data as traders like me are trying to figure out if the last trade is "for real".
I believe almost all the bad ticks come from the pit session. The Globex trading, being all electronic, appears to be quite clean.
Unfortunately it appears the exchange has made a poor decision (unlike the CME and CBOT) and merged the side-by-side trading into a single price reporting data stream.
This creates a problem where prices really represent 2 different markets. For example, the Crude Oil pit prices usually trade in multiples of a nickel with the spread often being 10 cents, while Globex has a spread of 2-3 cents. I've had similar problems trading Gold.
When placing a Stop or Limit order it almost impossible to tell whether it's been filled due to the 2 markets being mixed. Additionally, the wide spread and chaotic nature of the pit session (which I'm not trading) makes trendlines and price extremes hard to determine.
Assuming NYMEX/COMEX reports whether a trade occured in the pit or on Globex, I'd like to see eSignal separate them into 2 different symbols.
This way all the bad ticks will go to the pit symbol, which in my opinion off-floor traders don't really care about anymore.
This would solve almost all the complaints eSignal gets regarding bad ticks on the NYMEX/COMEX. And, the prices would truly represent the market that traders are placing orders in.
I'm sure eSignal is as tired of cleaning up their data as traders like me are trying to figure out if the last trade is "for real".
I believe almost all the bad ticks come from the pit session. The Globex trading, being all electronic, appears to be quite clean.
Unfortunately it appears the exchange has made a poor decision (unlike the CME and CBOT) and merged the side-by-side trading into a single price reporting data stream.
This creates a problem where prices really represent 2 different markets. For example, the Crude Oil pit prices usually trade in multiples of a nickel with the spread often being 10 cents, while Globex has a spread of 2-3 cents. I've had similar problems trading Gold.
When placing a Stop or Limit order it almost impossible to tell whether it's been filled due to the 2 markets being mixed. Additionally, the wide spread and chaotic nature of the pit session (which I'm not trading) makes trendlines and price extremes hard to determine.
Assuming NYMEX/COMEX reports whether a trade occured in the pit or on Globex, I'd like to see eSignal separate them into 2 different symbols.
This way all the bad ticks will go to the pit symbol, which in my opinion off-floor traders don't really care about anymore.
This would solve almost all the complaints eSignal gets regarding bad ticks on the NYMEX/COMEX. And, the prices would truly represent the market that traders are placing orders in.
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