Does the opening of a new candle for a daily chart form at a specific time zone?

Eroica · April 4, 2012, 10:21am

Hi all I am a real newbie!!
Does the opening of a new candle for a daily chart form at a specific time zone?

nevergiveupss · April 4, 2012, 10:25am

Yes, at 5PM EST new daily candle will be formed!
regards,
NVGU

SanJ · April 4, 2012, 11:32am

I thought the formation of the daily candle doesnt have a universal time to be formed, it depends on the time zone of the broker…

bobmaninc · April 4, 2012, 11:51am

MT4 works that way. But the forex day ends at NY close and opens with the opening of pacific markets

SanJ · April 4, 2012, 2:07pm

Ah! I never knew this… guess you learn something new everyday!

Thanks