hi does anyone know a broker that operates mt4. with a 5 day candle . and new york close.
and by the way can someone please explain what a 5 day candle is.
i assume it means that over the weekend the price changes are mixed in with either friday or monday candle.
i dont know if they mix saturday into fridays candle and sunday in to mondays
or if they mix all movement from new york close on friday into mondays candle...(ie monday open will be the price of fridays close)
and another thing when you do a ctrl y on an mt4 platform daily chart..will the seperators show from new york open until the next new york open...or will the seperators be midnight new york time .
as you can see ....im quite confused about the whole issue.
I don't have anything to contribute towards solving your issue - I'm curious about this myself. I've been using Oanda, and only this week did I realize that it has 6 candles, effectively mucking up all my candle formations...
i have been looking into this for a few hours, and it appears that a 5 day candle...basically means that the fx market is open from monday & closes on friday(new york close).
over the weekend the FX market is closed.
depending on which broker you use...you may have candles that represent each day of the week and then an extra candle at the weekend. (thats 6 day candles in a week on your MT4 platform)
apparently a lot of the pro's only use brokers that have a candle for each day of the week and then ZERO Candles for over the weekend. (thats 5 day candle s in a week on your MT$ platform)
I believe the way to check is to go to daily timeframe on your system and put your cursor over a day and check the date then keep cursor moving and if you check with your calender ....the days should go from monday to friday and then straight back to monday again.
the other point about new york close .
this basically means that a new day candle will end at exactly new york close time 5:00 edt.
if your MT4 platform makes a day candle end at for instance 12 00 midnight GMT then your candles will look different to those that close at new york close..
most professionals use candles based on 5 day week and new york close...so a lot of action and decisions are made on the new york close candles ...and you want to be in on that.
you dont want to be looking at a resistance line and when your GMT close candle indicates that price could not break through it.....but the new york close candle guys have it that price broke through the resistance level for sure .
they put on their orders and make some cash ...while you are waiting for the next day candle to close GMT (through the resistance line) and by the time your trade is on you missed the action and end up getting stopped out and margin called...
There may be a broker who uses their own software with a 5 day candle however on MT its not possible at all. Only 1D and 1W
A "5 day candle" would be 1 weekly candle. y'know 5 trading days = 1 week
what we were discussing is that some brokers have 6 candles because they include sunday instead of rolling sunday data into the monday data. BTW the sunday data is actually just monday in london. It's considered sunday in the US because of the timezones.