New York Close 5 Day Forex Charts & Change Time Frames MT4

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This article is going to cover the charts we use at Forex School Online and also how traders can change the time frame on their MT4 platform to anything they like.

To spot and trade the same signals we trade at Forex School Online it is very important that you use the same charts we use. Forex is not centralised like many other markets and there is no official open and close time. Because of this different broker’s will have different candle close times. This means that different broker’s charts can end up looking very different depending on what data they use.

 

Using New York Close Daily Charts

At Forex School Online we use New York close 5 day MT4 daily charts. The close of New York session is seen as the unofficial close of the international Forex markets. Using the New York close charts means the daily candle starts when the Asian session opens and runs through the 24hrs until the New York close.

It is very important that not only traders use New York close daily candles, but they also use a charting platform that has a 5 candle week and not 6 like some brokers use.

Important Note: Every charting platform has a platform time. This time can be altered by the trader to be whatever they like. This does not change the time of the candle or when the candle closes. Each broker uses different banks and liquidity providers for their data, and it is this data the broker uses which determines the candle close.

 

Best Charting Equipment

Metatrader 4 (MT4) is widely recognised as the premium charting platform for Forex trading. Many brokers have now adopted the MT4 platform to give to their traders because of the ease of use and outstanding capabilities.

metatrader 4

For price action traders MT4 offers a very simple and comprehensive charting package with a ton of benefits. Whilst many brokers offer MT4 to their clients please remember just because they offer MT4 does not mean the charts are New York close daily candles. Only a few brokers offer true New york close MT4 charts.

 

Open a Free Demo Account With Recommended Broker

Below are two links to brokers that traders can use to open a free demo account of a broker with New York close daily 5 day candles. Both of these brokers are highly reputable, regulated and have everything that a price action trader needs such as small spreads, covers a wide range of markers including; Forex, Gold/Silver, Major indices and Oil/Gas. Both brokers have good trading conditions i,e; good to deposit/withdraw funds and and traders can make trades on multiple platforms such as mac, android and iPhone.

For All Traders Outside the US - Click Here To Open Free Demo From Suggested Broker

For Traders In the US - Click Here to Open Free Demo From Suggested Broker

 

Changing MT4 Candle Time Frame

One drawback of MT4 charts is that they only have nine time frames that range from 1min-1 month. Some of the other common time frame charts such as the 8HR or 2day candles are not automatically installed.

To fix this problem traders can use an indicator that is simply installed into their MT4 platform which allows them to change the time frame into anything they would like.

Below are the instructions of how to download and use this indicator:

 

Download the Change Time Frame Indicator

Before going ahead make sure your MT4 is closed first.

Note: Since the update of MT4 build 600, the instructions on how to upload indicators has changed. You can now find an article on how to simply upload the new indicator here; How to Save/Download  Change Time Frame Indicator 

1: Open your MT4 platform and the chart you want to change the time frame of.

2: Go into your indicators and select the period converter indicator you have saved into your indicators. A box will now open on your chart.

3: In the box under “Common” make sure the box “Allow DLL imports” is ticked.

4: In the box under “inputs” you will see “period multiplier”. This is where you will change the time frame to whatever you wish. If you opened up a 1hr chart and want to make a 2hr time frame, in the period multiplier you would add in “2” because 1hr x 2 = 2hr. Another example is; if you opened a 1hr chart and wanted to create an 8hr chart of that pair, in the period multiplier you would add “8”, because 1hr x 8 = 8hr chart.

5: Once this is done click okay and the box will close.

6: Open your MT4 platform.

7:  Go into file and select “Offline charts”. (The charts are not really offline)

8: Look through the list for the time frame you created and select to open it.

9: You will now have the new time frame chart ready to go!

 

If you experience any problems with this or have any questions just ask them in the comments box below. Most brokers are still using MT4 and will soon begin the transition over to MT5. The good thing about MT5 is it has a few more time frames such as the 2hr and 8hr candles built in to choose from. It still does not have any multiples for the daily candle such as the 2day candle.

If you found this article helpful make sure you hit the Like buttons!

All the success,

Johnathon

 

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About Johnathon Fox

Johnathon Fox is a professional trader who is widely known as the ‘Master’ at all things Price Action Trading. Johnathon acts a tutor and mentor to many aspiring traders world wide and specialises in helping them realise their full potential as traders. To learn more about how you can become one of Johnathon’s students and begin learning the correct way to master Price Action with a Lifetime membership view here: Forex School Online Trading Course.

  • sachith

    thanks you…….

  • Naomi

    When you said, “New York close charts means the daily candle starts when the Asian session opens and runs through the 24hrs until the New York close”, does a daily candle opens/closes at EST0:00 or EST17:00?

    • jonfox

      The New York close candle closes at 5pm NY time.

  • joni

    thanks

  • Rosemary Lee

    One Of A Kind… Valuable Guidance… Something For Everyone… Thanks

  • Marcel van Vliet

    Hi,

    Great article exept the off-line mode on MT4 seems not to be working. The price on the daily and 4h moves while the price on the new 8h chart stood still at the same price.

    • http://www.ForexSchoolOnline.com Johnathon Fox

      You have to leave the indicator on the original chart and the new chart will stay as an offline chart, but even though it says it is “Offline” it will is live and works exactly as a live chart as long as you leave the indicator working on the original chart.

  • Tanveer

    hi,
    thanks, good article, i am planning to open an account with insta forex, can you guide me for this.

    • http://www.ForexSchoolOnline.com Johnathon Fox

      Hello Tanveer,

      I would most def not recommend instaforex. You can email me if you like but no I would most def not recommend instaforex at all. The link above in this article for traders outside the US is who I normally recommend traders go for because they have everything we need and they are well regulated broker with segregated accounts and also everything we need including the correct NY close charts. They have very solid spreads and good deposit/withdrawal etc where as instaforex are dodgy as and last time I dealt with them they locked my money away for 45 days and I could not get onto any one at all to find out where my money was.

  • Paul

    Hi, thanks for the info. Unfortunately every time i open a chart i get an alert telling me its looking for a chart. do you know anyway of stopping this ..ive tried google :)

    • http://www.ForexSchoolOnline.com Johnathon Fox

      Hello Paul,

      I have emailed you with more help to try and fix this.

      Johnathon

  • William

    Hi there, I clicked on the downlaod place for the time change indicator but when i tried to open it , a message came up saying that it couldnt open it as it didnt know the program. ANy suggestions
    Regards
    William

    • http://www.ForexSchoolOnline.com Johnathon Fox

      Hello William,

      please follow the above instructions of the tutorial. You should not be trying to open this file. When you click on the link save it to your indicators file (experts – indicators) in your MT4 platform (make sure your MT4 is off). Nothing on your computer will run this as this indicator as it’s made only for MT4.

      The once saved open your MT4 and follow the above instructions to run.

      Johnathon

      • william clegg

        OK, I’ve managed to get the new time frame chart to open up but it stands still, not moving with the current price. You say we have to keep the original indicator open for price to move but which indicator are you talking about?

        • http://www.ForexSchoolOnline.com Johnathon Fox

          If you have follow the instructions to open the new time frame chart and the market is open and moving, even though the charts say they are offline and you opened them from the offline charts they will continue to move and operate as “online charts”. They will stay this way and updating for as long as you leave the indicator on the original chart. For example; if you went to the daily chart of the EURUSD and added the indicator to it to make a 2 day EURUSD chart, you have to leave the indicator on the daily chart of the EURUSD. If you go back onto the daily EURUSD and delete this indicator it will effectively stop the new chart you have made updating because what you have done is cancelled the indicator.

  • Chong Chee Wai

    I was using this indicator for some while without any problem. But after recent update of MT4 to version build 625, this indicator is unable to use. It has disappeared from Custom Indicators. Do you know what is the problem?
    Thanks if you can provide some help.

    • Chong Chee Wai

      This problem happened in Win 7 Pro. But when I checked in Win XP Pro, it is working fine. Strange enough!

      • Chong Chee Wai

        I have do some google and found the solution. Thank you very much if you already spend time on my question. Bye!

    • http://www.ForexSchoolOnline.com Johnathon Fox

      Hello Ajnin,

      you need to make sure you save the indicator in the correct spot on your computer. This indicator is made for MT4 only. It does not work for anything else and cannot be opened on the computer.

      You need to hit the ” Download the Change Time Frame Indicator” button and your computer will ask you where you want to save/download it. You then need to save it in your MT4 expert – indicator file. This will be in your “my computers local disk” or “C drive”. If you are not sure how to do this just go into Youtube and search for “How to insert indicators into MT4″.

      Johnathon

  • Andrw

    Hi Johnathon, when you mention 2 day candle, do you make daily chart x 2 with the custom time frame indicator ? So essentially you have 2 day chart, every candle is 48hr candle ? what is that ? better setups on the 2 day chart ?

    regards

    Andrew