Forex is not centralised like many other markets and there is no official open and close time.
Stock markets for example have a central open and close time that traders can work off and operate around, but, Forex is a 24/7 market with no actual close.
This means that different brokers charts can end up looking very different depending on what data they use.
This lesson is going to cover;
- The charts we use at Forex School Online
- How traders can change the time frame on their MT4 platform to anything they like to find more trading opportunities.
Why Use New York Close 5 Day Charts
When you are trading with any sort of technical or price action analysis your charts and price data are critical.
One chart showing the EURUSD daily time frame can look completely different to another brokers chart showing the EURUSD daily time frame because of the data they are using – even though the price is the same.
New York close 5 day charts start and end the markets in the order that they open and close. This gives you an accurate representation in the price action through the week and the day; which is crucial for your price action.
The charts open at the start of the week with the Asian session in New Zealand which is the first market to open and then close in New York.
This repeats each day for daily candles, closing at New York and opening for the Asian Session.
Six Day Charts
You have probably seen charts that have strange gaps everywhere, small inside bars and out of place looking small candles.
Chances are these were six day charts with the sixth day not being created with a full trading day.
Brokers choose the data and times they give their charts. You cannot change the makeup of the candles or when they close on metatrader. If the charts do not close at New York close, they are not New York close charts.
Best Charting Equipment
Metatrader 4 (MT4) is widely recognised as the premium charting platform for Forex trading. The majority of brokers offer the MT4 platform 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 traders, 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.
Whilst a lot of brokers are starting to add MT5, the MT4 is still far and away more popular for traders.
Open a Free Demo Account With Recommended Broker
Below is a link to read about two 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 markets including; Forex, Gold/Silver, Major indices and Oil/Gas and offer free New York close demo accounts.
Both brokers have good trading conditions i,e; good to deposit/withdraw funds and traders can make trades on multiple platforms such as mac, android and iPhone.
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, 2HR or 2day charts that can be really great trade setup time frames 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;
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.
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All the success,