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I am always using the daily candle charts for trading and recently started using some indicator tools on Tradingview. Strangely, their daily charts close at 11pm GMT, unlike IG's which is midnight. This gives a different perspective as I tend to attach a lot of significance to the the daily closing price. I would be interested to know what the community thinks of the importance of the daily close price and if so, would they prefer midnight or 11pm GMT.

I would appreciate all feedback. Many thanks.

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3 hours ago, Nelsy-Boy said:

I am always using the daily candle charts for trading and recently started using some indicator tools on Tradingview. Strangely, their daily charts close at 11pm GMT, unlike IG's which is midnight. This gives a different perspective as I tend to attach a lot of significance to the the daily closing price. I would be interested to know what the community thinks of the importance of the daily close price and if so, would they prefer midnight or 11pm GMT.

I would appreciate all feedback. Many thanks.

Hi, on third party platforms (tradingview, prorealtime) you can change the time zone and thereby the candle close to any you want but a broker's has a fixed time zone and candle close which is based on the hours their markets are open.

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Thanks @Caseynotes. Do you think the time of the daily close bears any significance. When viewing the hourly charts, the volume and movements seem to be higher in GMT "working hours" and then slow down overnight. Therefore, are other countries trading on GMT I wonder?

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12 hours ago, Nelsy-Boy said:

Thanks @Caseynotes. Do you think the time of the daily close bears any significance. When viewing the hourly charts, the volume and movements seem to be higher in GMT "working hours" and then slow down overnight. Therefore, are other countries trading on GMT I wonder?

Lesser significance on the lower time frames. Plenty of traders trading predominantly US markets prefer to use the US time zone to look for candle patterns on the daily charts (pin and engulfing candles for example).

IG's vol is derived more from IG's own data and UK and Euro exchange data. Overnight vol is predominantly from the Asian market which typically lower than the London or the US session. 

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