Hey everyone, I have recently been using a demo account with FXCM on MT4 and metaquotes with MT5 just to look at the differences between the platforms. What I noticed is a difference in candlesticks:
This is the four hour chart of the CAD/CHF just a few hours ago, and as you can see the candlesticks throughout the last few days do not match each other… Then i thought this could be because maybe the candles were from different time zones and were being completed at different times.
but they later went on to close at the same hour and start a new four hour candle.
Wouldn’t this affect price action traders or many systems as each graph could show different entry and exit points?
wait, are you saying that different brokers are able to show slightly different candle details (albeit they match the overall trend / movement / levels)???
hmm… what does it mean when someone says “forex is a decentralized market”…???
Spidypips hit the nail on the head. It has to do with different start and end times for the 4 hour charts on the two platforms. For example, FXCM’s MT4 platforms use midnight 00:00 GMT as the beginning of the new trading day. That means our 4 hour MT4 charts begin and end at 00:00, 04:00, 08:00, 12:00, 16:00 and 20:00 GMT. Another broker might use 5pm New York time (21:00 GMT) on their MT4/MT5 platforms. That would mean their 4 hour charts begin and end at 21:00, 01:00, 05:00, 09:00, 13:00 and 17:00 GMT.
This 1 hour shift means that candles will have a slightly different shape but should not affect your technical analysis much in the long run, since these differences will even out. If you ever have questions about FXCM’s platforms in the future, feel free to hit me up in the Broker Aid Station.
It depends on the timezone of your broker as you read twice before. I would just ignore that and focus on the broker of your choice. Prices are the same, give or take a few pipettes. Spreads will differ according to what your broker offers.
I don’t agree with you. Different brokers have different candlesticks. If you don’t believe this, look at my attached photo of 3 brokers’s gold chart (XAUUSD). You look at the photo and compared them. Time frame is same but candlesticks are totally different. My friend told me that he loss money by hitting stop loss because of huge candlestick. So i check another broker’s platforms and i found this. In my opinion, it depends on broker types ( ECN and market maker) and different liquidity providers.Especially huge spread and candlesticks’s difference happens on the day before holiday. I recommend BD Swiss broker. How do you think?
Try to use regulated broker, controversial brokers always show the fake candles! You can check 4-5 popular brokers chart to know the right trading chart!
