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.
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 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:
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.
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All the success,