PRT - Can the Daily Candles on FX pairs be adjusted to close/open at 5pm EST?

[ST]

 

For many price action traders like myself who trade FX off the daily and four hour time frames both the simple and advanced charts provided by IG are completely useless. The daily candles close/open at 00:00 GMT adjusted for day light saving time. Please see below for why this is not any good.

 

Best Charts For Forex Trading

Most people prefer to use charting provided by their broker. Though this may seem harmless but could result in disasters. Let me tell you why there is a chance they won’t be the Best Charts for Forex Trading.

Due to Forex 24 hour nature each broker has a different time for the new daily candle depending on the location and server time. As we know that daily candles are formed once in 24 hour period. However not all brokers are same and they differ as to when their charting platform opens the new daily candle. A traders goal, and especially ones who rely on technical analysis and candlestick patterns is to find the broker whose charting platform is the most ideal for technical analysis.

Let’s think for a second, what makes technical analysis work? The reason it works is due to the fact that it not only represents market behaviour but also widely understood and practised by big institutional and bank traders. It is true that technical analysis is a self fulfilling prophecy and Bank and Institutional traders are the ones moving the market more than any other players. So this brings us to a very important point that what are these people looking at. Are they trading on a daily chart? If yes then when do they analyse these charts? Are they trading intra-day? Then what time frame are they looking at? Is it a five-minute chart or an hourly chart?

Going back to the stock market, where it all began and New York being the centre location for all stock trading activities. A typical trading session ends at 5 PM EST. This is the time when most bank and institutional traders look to analyse daily trades. Hence this is the time we should also be looking at when placing and analysing daily trades. The idea is to look at the same price action as them so as to match their actions with ours. By doing this you would more accurately draw support and resistance lines and accurately analyse candlestick patterns. For those that use indicators these would also sync up better. The whole idea is to follow the "big players" the banks and institutional traders, after all they are the ones moving the markets.

 

Also please see the article in the link below, here you will see how charts which do not conform to the New York close can mislead. (Necessary to scroll down a little)

 

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

 

At the moment I am trading price action with another spread better even though their spreads are wider than IG's. They have the right charts and it would be unethical for me to just use them for their charts. I use my spread betting account with IG for swing trading US and UK stocks and my ISA for longer term stock investing but it would be nice to consolidate all my trading with IG.

 

Thank you for reading and I hope you will seriously consider my request. 

[Guest DanC]

Hi ,

 

I've spoken to the team at IT-Finance, who provide the ProRealTime charts, and it's possible to shift the close/open for FX pairs. You'll just need to select 'Use intraday data to build daily candles' option, and then selecting the appropriate GMT shift within the timezone and trading hours preferences.

 

I hope this helps, but do let me know if you don't have any success with the settings!

 

Dan

[ST]

Thanks for enquiring Dan, I've tried this before and it did n't work. I sent screen shots to CS at IG to show this. If a recall correctly it would not accept the settings. I'll go back and try again though.

[Guest DanC]

Hi ,

 

Below are the settings you'll need to select to show the daily candles closing/opening at 5pm EST.

 



 

This shifts the 10pm BST close price (5pm EST) to Midnight, and now acts as the reset time. Do you want to give these settings a go and let me know how you get on? 

 

Thanks
Dan

[ST]

Dan, I'm a very happy camper! That worked a treat, thank you very much.

 

I must have been suffering from a senior moment or two when I tried it last time :-)

 

What's really great is PRT is my preferred charting package and I'm looking forward to the improvements discussed here coming down the pike.

 

Thanks again. 

[ST]

Unfortunately my jubilation on this point was short lived. Comparing the adjusted ProRealTime chart (advanced charts with IG) to my brokers charts where the daily candles close at 5pm EST by default I found a number of candles were not the same. The data feeds on price did not agree which distorts the shape of the candles crucial for identifying the patterns for trading opportunities. For example I looked at the AUD/JPY pair (only because I have a trade open on that one at the minute) on the daily candles for 18th and 19th July. Lets take the 18th first, the opening price was 20 pips more on IG's PRT  and on the 19th the opening price was 6 pips less on IG's PRT, the closing price 11 pips more on IG's PRT. Both discrepancies distorting the size of the real body of the candles, especially the latter. Whilst it would not have had a detrimental affect on my trading in this instance unfortunately this data feed cannot be relied upon for Price Action Trading using Japanese candlesticks as mentioned above.

[Caseynotes]

Hi    Do you mean there is a discrepancy between  IG's (a broker) prices coming through the PRT platform and the prices of another broker that you are using are using to place trades? If so can you take advantage of the discrepancy, potentially every traders dream. 

[Guest valu]

What about mobile platform?

 

Daily charts are misaligned...

[Guest valu]

Hi

 

What about FX Daily (weekly) charts on Android platform. We cannot change the settings there.

 

However, I don't think we need a community forum in order to fix problems in the charts.

They should be set as default on opening and closing accordingly (from Auckland to New York) not UTC or Bangladesh time etc.

 

Who wants to trade on a different picture chart unless IG wants us to do that.

 

I think the opening and closing should be done accordingly on commodity markets as well without us to change time settings and I hope IG can fix that once and for all.

 

 

[Guest valu]

To Caseynotes

 

They see different opens and closes on daily charts (and weekly) which is very important.

 

If you use UTC opening hours you end up with a different chart picture then when is set to open and close normally around the exchanges (from Auckland and close in New York)

[Guest DanC]

Hi ,

 

As you mentioned, it's not currently possible to amend the trading hours shown on the IG charts on the web platform or apps, although we do currently have a project in the pipeline for this functionality. You'll only be able to do this our advanced charting package, ProRealTIme, for the time being.

 

We do appreciate your feedback, as this helps to drive future development and do let us know if you have any other suggestions for any of our products, as we'll ensure this gets passed on for future consideration.

 

Thanks,
Dan

[ST]

I thought I'd revisit this thread to show with a recent example how not having the right 5pm New York close charts can mislead price action traders trading off Japanese candlestick lines. Note the first chart uses New York close time charts and sports a good example of a reversal candle off a key resistance level, a  pin bar or some may call it a shooting star. The second chart is IG's PRT chart adjusted as Dan kindly suggested. It can be seen that the reversal signal cannot be seen.

 

 https://www.tradingview.com/x/KbkJ5HeK/

[ST]



[Guest DanC]

Hi ,

 

Thanks for providing a follow up to this. I'm going to escalate this to ProRealTime to see if they are able to offer any further advise on setting up the charts to close/open at 5pm EST.

 

I'll let you know when I receive any feedback.

 

Thanks,
Dan

[ST]

Thank you very much Dan, much appreciated. I feel sure once implemented you will get a lot more price action traders interested in the IG platform! I shall certainly make it known.

 

I never thought about looking at the charts on your MT4 platform but presume they rely on the same data feed as the PRT charts. Is that correct?

 

Cheers  

[Guest DanC]

Hey ,

 

Some good news from ProRealTime. In the next version of the charts, 10.3, they're adding improvements to the way you can construct your candles - so you hopefully should be able to achieve the display you require.

 

No date for Version 10.3, but we'll keep you posted as soon as we hear anything. Also, you're correct, we use the same feeds across the platforms.

 

Thanks,
Dan

 

 

[ST]

Oh, a light at the end of the tunnel.

 

Thank you for your efforts.

[Guest Futures]

Hi Dan

 

Im seeing the daily close on mobile platform does not conform to 2200GMT. DashBoard displays it correctly i wonder whats missing for Daily candles. Its taking away my logic and making my trades not what i suppose them to be.

 

Please can someone fix this asap on Mobile, Prorealtime 10.2 till i get new ones.

 

Let me know when can this be fixed.

 

 

[Guest Futures]

Pretty messed up extra candles than DailyFx or other chart providers. Open/Close different Its really troubling. Highlighted in red extra candles from weekend and open close different than those of other providers.

 

 

 

[ST]

, your IG chart is showing Sunday 6th as a separate days candle. No good if you are price action trading as mentioned above. You can remove this candle and have the data incorporated in the candle on Monday. Go to the options drop down menu on the main menu bar, select Platform Options. From the resultant dialogue box select Time zone and Trading hours then remove the tick from Display weekend data. Before closing save the change by clicking on apply changes at the bottom of the box.

 

Having said all that you will need to wait until IG get PRTs version 10.3 before we are able to set the daily candles to close at 22:00 GMT (17:00 EST) See Dan's comment above.

 

PRT released 10.3 several weeks ago, perhaps Dan will pop back and let us know when IG are going to get the update?   

[Guest Futures]

I tried sometime back with PRT support to change the timezone with custom start end time with no success ill try the checkbox for weekend candles. not fond of PRT is breaking so many times connection dropping making it a lot difficult to place orders.

[ST]

I can't comment on trading through PRT charts as IG have disabled it. I have trading rights on another account under a power of attorney and apparently when I am logged in the software is not sophisticated enough to differentiate between which account I am trading through! So I have to do without in that respect.

 

Very rarely have I had a dropped connection on just the data feed with IG PRT charts. I would therefore suggest that your issue is  probably a local one. 

 

I have downloaded PRT's own software version 10.3, the charts are free for EOD data if you register. However I cannot see any thing different from IG's version 10.2 in the Time zone and Trading hours dialogue box to change the daily closing time of the candles? Not that it will be doable as a free EOD data user but one would at least expect to see the facility there even if its only ghosted etc.

[Guest Futures]

I don't know it was not the case when I started using PRT recently my account has taken a wild swing down-up and I find this issue persisting enough for me to change brokers. I just look at one instrument and asap their is 4-5 pip up-down connection dropped or if it's at some imp level and I hover my mouse over buy sell buttons to place trade it's greyed and orders cancelled if pressed button so can't do any scalping at all . 10.3 one imp thing is graphics design so we can code Color diff time zones or draw horizontal vertical lines. If it comes with time based entrycexit that would be excellent

[Guest Srinivas]

Hi Dan,

Tried this settings for currency markets and set the time to New York timezone in the first box (I live in Singapore) for FX markets. However the candles do not seem to be aligning to FX markets. Can you please advise the correct settings I should use.

Thanks - Srinivas

[Vinter]

So its july 2019   question are we able on PRT/IG  to get New York close charts that work correctly ??  if not any recommendations ?

[Caseynotes]

27 minutes ago, Vinter said:

So its july 2019   question are we able on PRT/IG  to get New York close charts that work correctly ??  if not any recommendations ?

Hi, I've not used PRT for years but you could change the time zone settings as IG's DanC reports in the thread above but for some reason the settings he pasted into his post have not been reproduced.

see this video;

 

[Guest th.]

On 19/08/2016 at 16:23, DanC said:

Hey ,

 

Some good news from ProRealTime. In the next version of the charts, 10.3, they're adding improvements to the way you can construct your candles - so you hopefully should be able to achieve the display you require.

 

No date for Version 10.3, but we'll keep you posted as soon as we hear anything. Also, you're correct, we use the same feeds across the platforms.

 

Thanks,
Dan

 

 

Hi,

Is it possible to have on MT$ the 5pm New York closing candles instead of GMT? 

[Caseynotes]

1 hour ago, Guest th. said:

Hi,

Is it possible to have on MT$ the 5pm New York closing candles instead of GMT? 

hi, yes. see this video.

 

[Caseynotes]

38 minutes ago, Caseynotes said:

Is it possible to have on MT$ the 5pm New York closing candles instead of GMT? 

sorry I miss-read that and was fooled by the thread title, I'm thinking you are asking can you change the mt4 time zone, if so then no unfortunately, same as the web based platform mt4 is broker time stamped and can't be changed. It's usually only 3rd party platforms such as PRT or Tradingview that allow time zone changes

[abacus23]

Hi,

Did this ever get sorted?

I would like to change my PRT so its the same as tradingview, I've tried various options, in Time zones and trading hours,  but I cant make the charts the same. 

Any help would be appreciated.