CQG is high-performing solution to combine global market data, analytics, and advanced electronic trading in one integrated installation. Market data coverage includes futures, options, fixed income, foreign exchange, equities, news, OTC, proprietary data, indices, and reports from around the world.
The pros of CQG are:
– It offers an industrial strength charting package, with highly resilient backup in the shape of a global server network that is designed for an institutional customer base (although the basic reliability does not quite extend to all the add-ons – see below).
– You can add as many technical indicators as you could shake a stick at, if you are prepared to pay extra, and the basic indicator set is not at all bad.
– As an add-on, there is a very well written tool kit for creating and testing trading systems, with pretty good stats and graphics on system performance.
But, there are also cons:
– It is expensive, and the additional features, such as Market Profile or the system toolkit, make it even more expensive;
– If you write a system, you then find that the way CQG implements signals (and alarms etc) is that they come in 2 bars late, but the trading account of the system is written in such a way as to suppose that you got the signal at the beginning of the previous bar – so the system gets the credit for a trade that you couldn’t possible have executed. In practice, I fixed this by coding my systems to issue the signals on time, while keeping a ridiculously overstated trading account, and running a second copy that was coded to show the trades taking place at the correct time and with the correct financial result (although the system would not in fact have issued the signals on time);
– I had problems with the alarms and alerts, which would sometimes appear out of a clear blue sky, maddeningly telling me that I should have taken a trade 15 minutes before the moment when the alarm went off;
– For these reasons, it would not have been appropriate to try to use models resident in CQG to run trades automatically (eg through a broker’s API).
Some of this was very irritating, given the price. The quality of the charting tools and reliability of the datafeeds are top notch. The add-ons are not.