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Can anyone tell me what the difference is between these contracts? The bold white line is at a pronounced angle on the /ES[M23] but almost flat on /ESM23.
Can you help answer these questions from other members on NexusFi?
What you're seeing is the difference between using the base symbol "/ES" vs a specific contract symbol "/ESM23". The one on the left is the continuous contract and ToS automatically stitches together contracts, in this case the H23 and M23 as it reaches rollover. I'm not sure of the exact method ToS uses, but basically, as long as the H23 contract has greater volume, the prices/charts reflect that contract. Once the M23 contract gets greater volume, the prices/chart on the continuous reflect the M23 contract.
The chart on the right simply shows the prices/chart of the M23 contract. That means there's relatively low volume that generates the price chart until it gets closer to rollover. It also means that there is a specific date when the M23 contract came into existence, and a specific date when it will cease to exist. It would be obvious looking at a daily chart of a previous contract to see its "birth" and "death".
Which one is "better" is subject to opinion and what your purpose/use for viewing the chart is. As long as you're aware of the differences, you'll be fine.
Note, you would see greater "differences" if you used something like CL which has monthly contracts. There will be times when multiple contracts will have decent trading volumes at the same time.
