Hello this may sound like a dumb question but,I am using Oanda for a broker and they have the option of ignoring weekend data.I must be having a brain freeze or something,but I just can’t seem to figure out the settings so they are correct.I live in the U.S on central time.Any help would be appreciated:confused:
Never been able to make this work effectively for me but maybe if
you work it out you can let me know.
The Asian market opens at 1:00am GMT (although New Zealand and Australia open about 1 hour earlier). At 7:00am GMT, the European market opens. London, the most active center for forex, opens at 8:00am GMT. Finally at 1:00pm GMT, the North American market becomes active.
If you subtract 5 hours from the figures above you will have NY time
(GMT-5) So the asian market opens at 2000hrs on Sunday, (NZ 1900hrs)
I’m not sure of what your question is nor do I have the answer BUT I can tell you that having the option to ignore weekend (and public holiday / closed martket data) is essential to any trading system or indicator that relies on data from the previous day or two e.g. TR (True Range). As a matter of fact, including this data, will throw off indicators that use longer periods e.g. ATR (Average True Range) e.g. if you were using an ATR of 7 let’s say (for the sake of argument) for some or the other purpose and it just so happens that the broker closed on Friday night and the next Tuesday was a holiday and the market was therefore closed on the Monday (for extra holiday time) as happened with the DAX at the end of last year and the broker therefore could only allow trading from the Wednesday. Your ATR for 7 days would now include four days of data (Saturday, Sunday, Monday, and Tuesday in this case) where there was in fact no movement at all rendering it useless until you have waited again for a full seven days of data to be recorded.
What I’m saying is this: if you are wanting to know whether or not to include weekend data then my answer would be a definite and resounding ‘no’ BUT if that’s not your question then I’m afraid that you’re going to have to be a bit more specific.
Edit:
Sorry, daydreamer65 must have replied to your post while I was typing my reply so I did not see his post until after I had submitted mine. Anyway - looks like I did not understand your question but I’m going to leave my message up here anyway because I feel that it’s important stuff to note.
I downloaded the widget engine from Yahoo as there is an Oanda fx market hours widget which gives the correct trading times set for your own timezone