Thread mt4upgrade to new york close charts faq s




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Thread mt4upgrade to new york close charts faq sThread: MT4 Upgrade to New York Close Charts FAQ's

MT4 Upgrade to New York Close Charts FAQ's

MT4 Upgrade to New York Close Charts FAQ's

Great news for FXCM MT4 traders! When trading opens 14 December 2014, MT4’s charts will be on New York close. Our automatic server upgrade will give you five true candles for five trading days.

How You Benefit

• See five, 24-hour daily candles each week

• Gain accuracy on daily candle indicators

• Better follow popular trading signals that use New York Close

This automatic upgrade brings balance to MT4’s daily candles. Switching to New York close (GMT +2 offset) aligns your charts with the market’s New York trading hours. The current offset (GMT 0) produces six candles for five trading days: a short Friday and a two-hour Sunday.

1. When does the server switch from GMT to New York time?

The automatic changeover is 14 December 2014 at market open.

2. What is the difference between New York close charts and GMT server time?

With this upgrade, FXCM’s MT4 server now more accurately represents the industry standard by showing five candles for five trading days (instead of the additional candle the GMT close added). Many popular trading groups use New York close (as does FXCM’s Trading Station platform), so now any confusion can be eliminated for more accurate, streamlined charting.

3. Do I have to update MT4’s GMT offset?

No. MT4’s settings will change automatically with the New York close upgrade.

4. Do I have to update my EAs and indicators?

It depends. If you have open trades that use EAs and indicators with GMT variables, then you may have to adjust the variables within the EA’s parameters.

5. How do I know what the GMT offset is for New York close?

New York is four or five hours off GMT (depending on time of year). Your offset is the remainder of hours between 5 pm New York and midnight GMT once you’ve adjusted for the time change. Simply put, because the United States recognizes Daylight Saving Time, you have to change your EA’s GMT offset twice a year. Use this chart for easy reference:

6. How is the new GMT offset equivalent to New York Close?

On MT4, new daily candles will begin at midnight for the time set on that server. By setting the server to GMT +2 (or GMT +3 for Daylight Saving Time), midnight on MT4 will now occur at the same time as 5 pm ET, also known as New York close.

7. Who can I contact if I need someone to modify the code of my EA or indicator to accommodate this change?

FXCM clients who need assistance making coding changes can contact FXCM’s Programming Services department at consultingfxcm .

8. Can I view MT4’s charts in my time zone?

Yes. You can use a free indicator called Local Time Frames to plot your own individual local time zone onto each chart.

Last edited by DailyFX Forum Administrator; 12-05-2014 at 10:33 AM.