Conclusion so Far
1) Most datafeed vendors are using NSE Level 1 datafeed
2) All trading terminal is provided with Level 2 datafeed. Of course they don't have data vending license and so not allowed to extract data out of their platform. it is only provided for trading.
3) Only NSE tick by Tick data will produce the 100% accurate Candlestick chart with accurate OHLC values.
4)In any other types of datafeed there is always chance of inaccuracies. The candelstick price nothing but bunch of ticks. But say if a tick is missing towards the high and low of the candle then the high, low values will be inaccurate for the candle. There is also possible we are missing a lot of ticks within the high low of the candle but it does not affect the candle.
The same issue will occur for open and close of a candle. During the precise time when a candle is closing and the next candle is opening if some ticks are missing the open and close prices will be inaccurate.
5) There is also no guarantee that 2 data vendors using same NSE level 1 datafeed will match as we have seen for some comparison. This may be how the individual vendors handle the data themselves. or NSE distribution of the data.
6) NSE Tame charts data is also inaccurate must be using the NSE level 1 data.
7)For charting Level 1 datafeed Vs Level 2 datafeed Vs Level 3 datafeed are all same if we are concerned about candelstick chart and Volume.
The only difference is that Level 2 and Level 3 datafeed contains additional marketdepth info upto 5 ,20 places respectively which is used for advanced volume profile analysis. Not used by Indian traders so no difference.
8) Comparison between different data vendors is futile because we don't know who is correct vs who is incorrect, as there is no reference point.
If a data vendor will provide Tick by Tick data charts that can become the reference point.
1) Most datafeed vendors are using NSE Level 1 datafeed
2) All trading terminal is provided with Level 2 datafeed. Of course they don't have data vending license and so not allowed to extract data out of their platform. it is only provided for trading.
3) Only NSE tick by Tick data will produce the 100% accurate Candlestick chart with accurate OHLC values.
4)In any other types of datafeed there is always chance of inaccuracies. The candelstick price nothing but bunch of ticks. But say if a tick is missing towards the high and low of the candle then the high, low values will be inaccurate for the candle. There is also possible we are missing a lot of ticks within the high low of the candle but it does not affect the candle.
The same issue will occur for open and close of a candle. During the precise time when a candle is closing and the next candle is opening if some ticks are missing the open and close prices will be inaccurate.
5) There is also no guarantee that 2 data vendors using same NSE level 1 datafeed will match as we have seen for some comparison. This may be how the individual vendors handle the data themselves. or NSE distribution of the data.
6) NSE Tame charts data is also inaccurate must be using the NSE level 1 data.
7)For charting Level 1 datafeed Vs Level 2 datafeed Vs Level 3 datafeed are all same if we are concerned about candelstick chart and Volume.
The only difference is that Level 2 and Level 3 datafeed contains additional marketdepth info upto 5 ,20 places respectively which is used for advanced volume profile analysis. Not used by Indian traders so no difference.
8) Comparison between different data vendors is futile because we don't know who is correct vs who is incorrect, as there is no reference point.
If a data vendor will provide Tick by Tick data charts that can become the reference point.
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