Hhan44
06 Sep 2016, 19:54

RE:

mike.challis said:

Forex trading requires five daily candles, Monday to Friday, that coincide with the New York close.  This article explains why.

http://www.learntotradethemarket.com/meta-trader-demo-account-sign-up-new-york-close-charts#

http://tradingwithpriceaction.com/trading-with-new-york-close-charts/

http://www.fxtimes.com/significance-of-the-5-day-new-york-close-forex-charts

Many ECN brokers on other platforms (such as MetaTrader) use this EST +07:00 standard.  EST +07:00 is chosen because it means the New York close coincides with midnight on the platform, giving a new daily bar at the correct time.

In order that cAlgo and cTrader conform to this standard, the tick and bar data should be shifted to GMT+02 with daylight saving in line with the USA.  This is so that the bars remain constant (5 daily bars, Monday to Friday) all year round in line with New York.

Without using GMT+02 for forming the candles, you will never see the same price action candles that the serious forex traders are looking at, and it renders cAlgo and cTrader unsuitable for professional forex trading.

Many thanks for looking into this.

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