05 May Market Rates Quote Types
Our two most popular sources of currency rates are OANDA and Xignite.
Both provide Bid and Ask rates for each currency pair, as well as the Mid-point between Bid and Ask. However, there are slight differences in what the rates represent over time.
OANDA publishes their rates once per day. The Bid, Ask and Mid rates they return are averages over the previous 24 hours from their cut-off, which is around 5pm to 6pm US Eastern Time, although the rates are not published until around 10pm US Eastern Time. They also provide high and low rates during that same 24 hour period as High Bid, High Ask, Low Bid and Low Ask.
Xignite update their published rates every hour, so you need to provide a ‘Fix Time’ to identify which hour you are requesting. They will then send the following quote types, for Bid, Ask or Mid:
- Open – rate at 24 hours before Fix Time
- Close – rate at Fix Time
- Average – average of rate over 24 hours up to Fix Time
- High – high-point of rate in previous 24 hours
- Low – low-point of rate in previous 24 hours
As you can see, to compare like with like, between OANDA and Xignite, you’ll need to use Average rather than Close, as OANDA do not provide a Close rate. This is worth considering when comparing any sources of market rates.
FXLoader Cloud Service can now provide any of these quote types for OANDA and Xignite, whereas in the past we only provided Close for Xignite and Average for OANDA. We also calculate the mid-point of the OANDA High Bid/High Ask and Low Bid/Low Ask, to fill that gap.
You specify the Quote Type via a new field on the Fetch stage of a Run.