Hi, I am running 4 MT4 demo accounts on 4 different brokers. I understand that they would have different server times, but regardless of the listed time, shouldn’t all of the actual daily candles close at the same time?
I have one broker (IG) where the daily candles continue for 2 extra hours. How can find out why this is happening and correct?
Thank you!
My advice: pick the ones with NY close because that’s the most standard one. Tradingview has NY close so you can compare broker charts to that.
I tried FX charts with TC2000 once–it confused the heck out of me–that’s when I found out the candles begin and end the same time as the U.S. stock market. My point: you can spend a lot of time trying to figure it out or just stick with NY close daily candles and be done with it.
If you really want to spend a lot of time on it, you can pay someone to develop an indicator that adjusts to NY close no matter what broker you have and then redraws the candlesticks–or you can buy one that’s already made.
Its common for UK-based brokers to close their daily charts at about 2200hrs UK time. This can lead to inaccuracies if the trader depend on daily closing/opening prices but also to daily bars being labelled with the preceding day’s date. Caution required.
However, since the 2400hrs price is set when volume is about its lowest in the daily cycle, how significant is it? Surely the NY closing price means most of all three sessions?
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Thank you so much for your response. Quick question - how do I find out if a broker is using GMT or NY close times?
A little effort to search on Babypips yields the answer but to summarize what was said, compare the daily candle close to known NY close brokers such as Pepperstone and Tradingview.