New daily candle, when should it be drawn?

Hello traders,

My broker (forexyard) is using GMT-1 as their timezone.
This means that a new daily candle is drawn 1 hour before GMT (right?)

I am wondering whether this makes any difference in my candles, compared to people using other timezones on their platforms..

When SHOULD a new candle be drawn? Chicago time? British time? Or what?
Does it even matter? Can I change any settings in MT4 to fit the correct time?


Also, what timezone should I set my pivot calculator to?


Any help appreciated, thanks!

You open a whole new can of worms when you go into TIME , some strong opinions here on FF about that, and twice per year, you have to deal with Daylight Savings Time, not the same day change in each country, you know.

Daily candles will vary slightly from broker to broker, and also the 4 hour candles will change at different hours, but I believe other time frames will be the same, e.g. an hour chart is an hour chart.

Given that different brokers may have slightly different data, I doubt whether or not it would affect your trading system, which you didn't mention; are you depending on indicators, trading price action, combination.

You can "time shift" your charts to enable the daily candle to rollover at any time of the day that you desire.

Read about it here on FF -

Improved multi-timeframe/offset/chart period converter, P4L PeriodCon.mq4

And you can also design candles not available in MT4, like my favorite 12 Hour (see picture) and then design your trading system so you can check for signals twice daily at a time that suits you, hope that helps, time for me to go...

I agree with Erebus's comments. If consistency with others is important stick to hourly or lower TF. But consider that there will be times when an entry on a daily chart will show up on your charts and not on others who are on GMT-2 and vice versa. This also means there will be times that you avoid a losing trade that others take. In the long run, I am sure that things would average out and results would be similar for a similar strategy despite the variations on a short term basis.

I see. Thank you both for your input, may look around a bit more on the subject, whether it matters if I keep my charts non-shifted or shifted.
Since I am a price action-trader, I want my charts to be as accurate as possible. I tend to draw a lot of trendlines etc and I also rely alot on pivots. At the moment my pivots are calculated using GMT time.

I can't imagine that the start of day timing would have any effect on chart accuracy. Accuracy has to do with timely updating (no disconnects) and little else. You are trading on your broker's price feed and not on somebody else's.