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  1. #1
    Specialist Member marc's Avatar

    Gold and Oil symbols? !!!

    A question to all Goldfingers and Rockefellers (and anyone else who can answer my question) ...

    I know that there are various Oil-brands out there and maybe the same applies to Gold ...
    In my BO-platform it's of course just called "GOLD" and "OIL" ... and in my MT4 I have "XAUUSD" and "BCOUSD" or "WTICOUSD"

    So, do these charts 'fit together'? ...[or I am damned to make my millions just with currencies ]

  2. #2
    Veteran Member hchandra's Avatar
    Hi Marc,

    In your BO-platform, I think gold means XAUUSD, for Oil usually the one used is CL
    need to differentiate with futures where we use symbol /GC with code maybe /GC08 (This is monthly contract and might not available when the month change).

    WTICOUSD = WTI crude oil compare with symbol CL (Light sweet crude oil) and QM (Crude Oil)
    BCOUSD = I think this one is Brent Crude Oil

    Maybe comparing the price and history will give more clue. CMIIW

  3. #3
    Specialist Member marc's Avatar
    Ahh, ok ... that enlightend me somewhat, many thanks! ... I will check the price history to be sure ...

  4. #4
    Administrator Martin Kay's Avatar
    it differs. go to your broker and check "Asset Index".

  5. #5
    Veteran Member Dan21's Avatar
    Quote Originally Posted by hchandra View Post
    Hi Marc,

    In your BO-platform, I think gold means XAUUSD, for Oil usually the one used is CL
    need to differentiate with futures where we use symbol /GC with code maybe /GC08 (This is monthly contract and might not available when the month change).

    WTICOUSD = WTI crude oil compare with symbol CL (Light sweet crude oil) and QM (Crude Oil)
    BCOUSD = I think this one is Brent Crude Oil

    Maybe comparing the price and history will give more clue. CMIIW
    You are absolutely right hchandra BCOUSD is Brent Crude Oil as compared to WTICOUSD, West Texas Crude Oil. In the history they are very highly correlated, but their price is not absolutely the same and sometimes the difference is more than 10%.

  6. #6
    Specialist Member marc's Avatar
    Quote Originally Posted by Martin Kay View Post
    it differs. go to your broker and check "Asset Index".
    Thanks Martin, that was helpful! ... could have thought about hat myself

    The Oil at my broker has the Code COV1 ... definitely different
    And Gold has the code XAU= ... I suppose, that's not the same as XAUUSD, right? ... at least, the price history looks similar but not exactly the same ...

    So, it seems no Oil and Gold for me ... so, I am stuck trading just currencies ...

    Maybe that's just me, but to me it's a complete secret which broker use which data ... it would be nice that such info would be available at the startpage of the broker (before you open an account) ... actually I have not only to choose a good BO-broker, furthermore – if I want to use MT for analysis – I have to look for a data-provider which fits my broker exactly ... at least, if I don't want to pay for data, that seems quite difficult ...

    And it seems, that BO-broker have not really an interest that you get your hands on meaningful charts ... my support-guy sent me to investing.com and freestockcharts.com ... both very good sites, ofc , but nothing in comparison to the possibilities I have in MT

    *sigh*
    end of rant

  7. #7
    Administrator Martin Kay's Avatar
    Well i've no idea what COV1 is... As for gold, it's usually set for XAUUSD. Either way, notice that the expiry price is calculated different than the original price of gold. I would refer this question to my account mananger. In my opinion, better trading currencies or stocks (major stocks)

  8. #8
    Specialist Member marc's Avatar
    Many thanks, Michael ... and while I am at asking:

    I have very limited screen space but would like to see 15M and 5M of each currency I trade ... usually 2-3 pairs ... so that would be 4-6 windows in MT4, which is definitely to small for me .... always clicking the tabs below is not very comfortable

    I tried setting up profiles in MT for each currency pair, but that seem not to work ... whenever I switch, I get basic charts without all the previous settings and indicator ... [sometimes MT drives me crazy]

    So, how do you manage this?

  9. #9
    Administrator Martin Kay's Avatar
    Quote Originally Posted by marc View Post
    Many thanks, Michael ... and while I am at asking:
    Im not sure you meant to post this here... was it a part of another discussion?

    Anyways, I think it's better if you open a new discussion on Binary Options Trading tools and Indicators room. This problam is something that many new traders are going through, and defiantly desreves a propar discussion. If you wish, ask our forum Admin Kolyo to open a new discussion on forum and move this post there.

  10. #10
    Specialist Member marc's Avatar
    Sorry, for messing up the thread :/
    I will ask Kolyo to move this question ...

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