A "spike" is a quote that substantially deviates from the market price. It may look like this:
A "spike" has the following characteristics:
Please note that our definition of "spike" differs from the traditional definition of the word: a rapid change in price.
There are two primary reasons for non-market spikes:
The second scenario may occur, for example, if an instrument is sold at a price significantly lower than the market price. After a trader jumps on the price and places a Buy order, the price will no longer be available for other traders, but will be recorded in the information system. If a trader does manage to make a trade at a spike on their live account, the trade will be voided and the spike will be deleted from the quote archive. These orders, however, will not be deleted on demo accounts.