If you’re looking at daily candles, what time will the next candle be produced? Is it 10pm GMT? I am using FXCM’s MarketScope
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Your software will “start the day” (i.e. the daily candles will end and re-start) whenever its programming instructions tell it to start the day.
In most decent charting packages, that’s specified by the user as an input. Some people prefer it to be 12.00GMT; some people prefer it to correspond to their own time-zones, etc. etc. This is why it’s flexible.
There are also one or two (inferior) platforms which don’t allow it to be changed, or provide only a couple of options, but I think you can normally adjust it by putting in your own time-zone, somewhere, and if you want it to work from an “unusual” starting-time for the day, that facility can provide “a way round the system”.
So the short answer, really, is that you need either to “read the manual” or to ask FXCM, if it’s software they’ve provided.
FXCM’s Daily candles open and close at [B]5 pm New York time,[/B] which is 10 pm [I]London time.[/I]
10 pm London time is 10 pm GMT [I]only[/I] during the winter months, when the U.K. is on standard time. During the summer months, when both the U.S. and the U.K. are on daylight saving time, 5 pm New York time is 9 pm GMT.
FXCM’s 2-hour, 3-hour, 4-hour, 6-hour, and 8-hour charts are synchronized with the Daily charts, as well. That is, at 5 pm New York time, all of those charts open a new candle. You can check this fact by scrolling across the candles on any one of those charts, and noting the time-stamps along the bottom of the chart. Those time-stamps show the [I]opening times[/I] of the candles, as you scroll over them.
The opening/closing time of Daily candles does not affect the opening time of minute-candles, 1-hour candles, Weekly candles, or Monthly candles. Those candles open and close at the same time everywhere in the world, and on every trading platform.
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If you are in Pakistan it starts at 03:00AM these days.