We’re happy to announce that we are the first brokerage in India to introduce continuous charts on the web across all the listed futures contracts on NSE and MCX. Starting today, traders can access continuous futures data for all segments including equities, currencies and commodities.
How does Continuous Futures work:
A continuous futures chart shows you the real-time and historical near-month futures data for that particular instrument. When you load a continuous futures chart on a particular scrip, you will be able to see the futures data for the current month and historical months but the difference is that the previous months’ data is replaced with the previous near-month contracts instead of the same series. Essentially, it is a chart which adjoins all the near-month contracts’ data in a single continuous futures chart so that traders can get a better perspective of the price action in the instrument in the past and present. For example, if you load the Bank Nifty near-month futures, you will get data of January series (current near-month) and all the historical near-month series monthwise starting from January 2018. In short, it is not a single futures contract but rather a combination of previous month near-month futures contracts to create a long-term chart. These charts eliminate gaps and give traders a clear picture of the price action. For example, take a look at this Bank Nifty continuous futures chart:
As you can see, the long-term chart is made up of previous near-month contracts arranged in order in the scrip. The dates shown in the X axis represent the starting day of each contract. For instance, the Jan 2019 contract becomes a near-month contract after the previous one expires (In Equity F&O, it happens on the last thursday of every month).
Continuous Futures data on FYERS Web:
Here’s what’s available on our platform, FYERS Web as of now:
It is available for all segments Equities, CDS and MCX contracts.
End of Day Data is available starting from January 2018.
Intraday historical data on the charts is available starting from 1 minute timeframe.
Continuous futures is available by default. You will not need to load them as such.
How Continuous futures charts are useful:
Continuous futures charts combine previous and current near-month contracts and reduce the price gaps which are caused due to time premium in futures. After joining them together, it creates an artificial price series which is helpful in forecasting trends because the charts are smoother. Traders can use technical analysis indicators, tools, moving averages etc., to help make the best use of the available data. In India, these charts are most useful in in scrips where the underlying price is not readily available. This is especially applicable to commodities listed on MCX. In such cases, it is the best reference point for commodities which are traded over the counter (OTC) in the spot market.
As a trader, in the past I always wanted to have this feature on a trading platform but unfortunately, no broker was able to provide it. Fast forward a few years and we’re the first broker to deliver this feature across all segments on the web. If you have any doubts or need further clarifications, please write to me in the comments section below. I will reply at the earliest.
Happy trading folks!
Tejas is the Co-Founder & CEO at FYERS, the youngest team to get NSE’s broker license. He has a specialization in finance and has over 10 years of work experience spanning across proprietary trading, risk management, and broking. Tejas & his team started FYERS, a technology-focused brokerage as a mission to transform the trading/investment landscape in India.