I used to trade on FXCM's platform, which was based on U.S. Eastern Time. Therefore the day closed at 1700 EST and the new day candle opened accordingly. Since FXCM clients were forced out, I have now transitioned to Gain Capital and I use their data in MT4. That data is based on GMT (London). The daily candles close/open at 0000 (Midnight GMT). Gain's in-house platform runs yet another time zone. I have looked at other brokerages and there seems to be a variety of time zones for plotting charts.
As you can imagine, this disparity across charts creates daily candles that look different. While one could be a bullish engulfing, another could be a hammer. This is also true of the 4 hour charts. However, 1 hour charts are identical across the spectrum (obviously).
So now I am wondering; what is the standard? What do the big institutions (banks) use?
As you can imagine, this disparity across charts creates daily candles that look different. While one could be a bullish engulfing, another could be a hammer. This is also true of the 4 hour charts. However, 1 hour charts are identical across the spectrum (obviously).
So now I am wondering; what is the standard? What do the big institutions (banks) use?
What is the most common time zone for charts?
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