I’ve noticed spreads get really wide at 9 PM GMT but go back to normal in sometime. But in the few minutes after 9 PM GMT, they get really wide. Why is that?
I see it everyday at 5 PM eastern, don’t know why
Yes, this is something completely normal as at 5 pm ET is the so called “rollover” when the trades open at that time are being rolled to the next day, e.g. simultaneously closing the existing position at the daily close rate and re-entering at the new opening rate the next trading day — the trader artificially extends the settlement period by one day.
1-2 minutes before and after the rollover the spreads are wider so that all exciting orders can be “transferred”
More info about the rollover you can read here: What does rollover mean in the context of the forex market?
Cheers 