Data Recording Modes


Introduction

Sierra Chart offers several data recording modes. These are suffixes that can be appended to any symbol (Example: EURUSD-BIDASK) of an Intraday chart.

An Intraday chart is opened with File >> New/Open Intraday Chart or File >> Find Symbol >> Open Intraday Chart.

These data recording suffixes cannot be used with Historical charts.

These data recording suffixes affect the method by which Trade (actual trades) and Quote (Bid and Ask) data are written/recorded to an Intraday chart data file (.scid file extension) and how the current Daily Quote Data (Daily Open, Daily High, Daily Low, Daily Close/Last) are updated.

By default, only the last trade prices are written/recorded to an Intraday chart data file and set the Current Daily Quote Data. In the case of spot Forex markets, the average of the Bid and Ask price is used instead of the last trade price since there is no last trade price.

The data recording suffixes do not affect the Historical Intraday data downloaded with the exception of some special cases. Also, there is no historical data service that exists that provides historical Bid and Ask prices which occur in between trades, except for spot Forex data which usually only provides Bid and Ask prices to begin with. For other than the spot Forex markets, this data simply does not exist and if you have a belief otherwise, you are misinformed.

These data recording suffixes also have no effect upon the Bid and Ask prices displayed in the chart.

Note: In the case of the spot Forex markets, there is no Last trade price. There is only a Bid and Ask. Therefore, when we say the Last trade price is ignored, there is not anything that is actually ignored. Spot Forex prices by default are constructed from the average of the Bid and Ask price data.

Data Recording Suffixes

-BID

Only the Bid price is recorded in the Intraday data file. The Ask and Last trade prices are ignored.

-ASK

Only the Ask price is recorded in the Intraday data file. The Bid and Last trade prices are ignored.

-BIDASK

The Bid and Ask prices are recorded in the Intraday data file. The Last trade price is ignored.

-BAAVG

The average of the Bid and Ask is recorded in the Intraday data file. The Last trade price is ignored.

In the case when the symbol provides a last trade price which is not an average of the Bid and Ask prices, then to have the price box on the right side chart scale show the Bid and Ask average, select Chart >> Chart Settings. Set the Trade and Current Quote Symbol to the same as the Symbol field and include a -BAAVG suffix on the symbol.

When using this suffix, it will not be possible to trade from the chart. However, the chart can be used for normal charting purposes.

-ALL

The Bid, Ask, and Last trade prices are recorded in the Intraday data file.

-BID_ASK_TRADE_SYNC

The Bid, Ask, and Last trade prices are all recorded in the Intraday data file each time any one of these values changes. So they are kept synchronized with each other.

This data recording mode requires Sierra Chart is set to store data tick by tick. Refer to Tick By Tick Data Configuration.

For example, if the Bid price changes, then this new Bid price, the current Ask price and the current Last trade price are recorded in a single Intraday data record.

With this data recording mode, to actually see the Bid and Ask prices, you need to add the Bid and Ask Prices study to the chart. The Bid and Ask values are not part of the chart bars.

In the case where the symbol does not provide a last trade price and only Bid and Ask price updates which is commonly the case for Forex symbols, it does not make any sense to use this data recording mode suffix. Therefore, do not use it in this case.

To create a chart where at each column in the chart you see the current Bid price, Ask price and Last trade price all synchronized to each other, follow these instructions:

  1. Select File >> Find Symbol.
  2. In the list of symbols, select the particular symbol you want to open an Intraday chart for.
  3. In the Selected Symbol box append the -BID_ASK_TRADE_SYNC suffix to the symbol.
  4. Press the Open Intraday Chart button.
  5. Select Chart >> Chart Settings.
  6. Set Use Number of Days to Load >> Days to Load to a small number like 1 or 2.
  7. Set the Intraday Chart Bar Period to Number of Trades Per Bar.
  8. In the box below the above setting, enter a 1.
  9. Press OK.
  10. Add the Bid and Ask Prices Study to the chart through Analysis >> Studies.

Trading When Using a Data Recording Suffix

When using a Data Recording Suffix on a symbol in a chart, and you want to trade from the chart, it is necessary you follow the below steps. Otherwise, the order is going to get rejected.

  1. Go to the chart and select Chart >> Chart Settings .
  2. Set the Trade and Current Quote Symbol, to the symbol of the chart without the Data Recording Suffix. The easy way to do this is to press the Find button beside the edit box and select the symbol from the lists.
  3. Press OK.
  4. You can proceed to trade from the chart normally without any symbol related issues. In many cases the Trade and Current Quote symbol will already be set properly in which case you do not need to perform any of these steps.

Charting the Bid and Ask Price Separately

You may want to chart the Bid price and Ask price separately within a single chart. Follow the below steps to do this.

This documentation only works with Intraday charts.

Since this documentation was written, there is now the Bid and Ask Prices study which effectively does the same thing.

  1. Open a new chart for the symbol you want to chart by selecting File >> Find Symbol. Select the symbol and open an Intraday chart.
  2. Open a new Intraday chart for the symbol you want to chart by selecting File >> Find Symbol. Select the symbol and then manually type in the -BID Data Recording Suffix after the symbol. Example: EURUSD-BID.
  3. Open a new Intraday chart for the symbol you want to chart by selecting File >> Find Symbol. Select the symbol and then manually type in the -ASK Data Recording Suffix after the symbol. Example: EURUSD-ASK.
  4. Go to the first chart you opened, the one without a Data Recording suffix. Add the Overlay (Single Line) study through Analysis >> Studies.
  5. Open the Study Settings window for the Overlay study. For instructions, refer to Adding/Modifying Chart Studies.
  6. Select the Settings and Inputs tab.
  7. Press the Scale button and set the Scale Range to Automatic. Press OK.
  8. Set the Chart Region to 1.
  9. Set the Chart Number to Overlay Input to the chart with the -BID suffix.
  10. Press OK.
  11. Add a second instance of the Overlay (Single Line) study through Analysis >> Studies.
  12. Open the Study Settings window for the Overlay study.
  13. Select the Settings and Inputs tab.
  14. Press the Scale button and set the Scale Range to Automatic. Press OK.
  15. Set the Chart Region to 1.
  16. Set the Chart Number to Overlay Input to the chart with the -ASK suffix.
  17. Press OK.
  18. Press OK.
  19. On the first char you opened you will now have separate lines for the Bid and the Ask.

Creating a 1 Tick Bid or Ask Chart

To create an Intraday chart where at each column in the chart there is the Bid or Ask price as it occurred at that moment in time, follow these instructions.

  1. Set Sierra Chart for a Tick by Tick Data Configuration.
  2. Select File >> Find Symbol.
  3. In the list of symbols, select the particular symbol you want to open an Intraday chart for.
  4. In the Selected Symbol box append the -BID or the -ASK suffix to the symbol depending upon whether you want to chart the Bid prices or Ask prices.
  5. Press the Open Intraday Chart button.
  6. Select Chart >> Chart Settings.
  7. Set Use Number of Days to Load >> Days to Load to a small number like 1 or 2.
  8. Set the Intraday Chart Bar Period to Number of Trades Per Bar.
  9. In the box below the above setting, enter a 1.
  10. Press OK.
  11. The chart will now consist of individual Bid prices or Ask prices and update in real time.

*Last modified Tuesday, 30th August, 2016.