Does the opening of a new candle for a daily chart form at a specific time zone?

Hi all I am a real newbie!!
Does the opening of a new candle for a daily chart form at a specific time zone?

Yes, at 5PM EST new daily candle will be formed!
regards,
NVGU

I thought the formation of the daily candle doesnt have a universal time to be formed, it depends on the time zone of the broker…

MT4 works that way. But the forex day ends at NY close and opens with the opening of pacific markets

Ah! I never knew this… guess you learn something new everyday!

Thanks :slight_smile: