How does your EA handle wide 5PM EST spreads at GMT+2 brokers? | Forex Factory

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How does your EA handle wide 5PM EST spreads at GMT+2 brokers?

  • #1
  • First Post: Feb 24, 2015 1:33pm Feb 24, 2015 1:33pm
Hi all,

I have an end-of-day strategy that I trade on a discretionary basis and would like to automate. The thing is, it's impossible to trade it on daily bars that close at 5PM EST (GMT+2) due to the widening of the spread. This has launched me on a search for a suitable GMT+0 broker offering trading on MT4. However, there aren't many left, and I've yet to find one that meets all my requirements (one of which is a non-expiring demo).

Based on this experience, I'm hoping to get advice/help from other traders with automated end-of-day strategies.

Do you use a GMT+2 broker? If so, how do you handle the wide spreads at 5PM EST?

Do you use GMT+0 broker (or a broker with some other time setting) to avoid the wide spreads. If so, could you let me know the broker's name so I can check them out.

Thanks in advance,
drofwarc
  • #2
  • Feb 25, 2015 5:16am Feb 25, 2015 5:16am
5pm NY close time. Brokers or Dealers all do tricks to clear out table. So, yours small stoploss will hit.
Making you loss is dealer's job, remember.

Daily start line:
2 gmt is Asian open, day traders start till 17 NY.
4 gmt is Japan open.
6 gmt is European open.
8 gmt is London open.
10 am NY is USA big guys, Algo, tech small traders, ..., etc, computers start to trade after 30 minute of 9:30 am, due to first market profile completed, all news completed. Then, smoothy move for your EA to run 7 hours to close before 7 pm NY.
  • #3
  • Feb 25, 2015 5:21am Feb 25, 2015 5:21am
You cant avoid this just need to choose best broker! Pepperstone and Tickmill are the best Ive seen, go for Razor account and ECN account as spread is the most minimal along side small commission even during new york close quiet time, I have an EA that trades only this time so I know exactly what you are talking about.
All posts are my personal opinion
  • #4
  • Feb 25, 2015 10:09am Feb 25, 2015 10:09am
Quoting Jack168
5pm NY close time. Brokers or Dealers all do tricks to clear out table. So, yours small stoploss will hit. Making you loss is dealer's job, remember. Daily start line: 2 gmt is Asian open, day traders start till 17 NY. 4 gmt is Japan open. 6 gmt is European open. 8 gmt is London open. 10 am NY is USA big guys, Algo, tech small traders, ..., etc, computers start to trade after 30 minute of 9:30 am, due to first market profile completed, all news completed. Then, smoothy move for your EA to run 7 hours to close before 7 pm NY.
Hi Jack,

Thanks for responding. I don't have a small stoploss, however, so my stop getting hit isn't the problem. The issue is the wide spreads when opening a new trade at 5PM EST. If I'm trading manually, I can wait until the spreads return to normal, but the EA would open trades immediately at the opening of the next daily bar, resulting in high spread costs.

drofwarc
  • #5
  • Feb 25, 2015 10:11am Feb 25, 2015 10:11am
Quoting Jack168
5pm NY close time. Brokers or Dealers all do tricks to clear out table. So, yours small stoploss will hit. Making you loss is dealer's job, remember. Daily start line: 2 gmt is Asian open, day traders start till 17 NY. 4 gmt is Japan open. 6 gmt is European open. 8 gmt is London open. 10 am NY is USA big guys, Algo, tech small traders, ..., etc, computers start to trade after 30 minute of 9:30 am, due to first market profile completed, all news completed. Then, smoothy move for your EA to run 7 hours to close before 7 pm NY.
Hi RTM,

Thanks for your input. I'll check out Pepperstone and Tickmill.

drofwarc
  • #6
  • Last Post: Mar 16, 2015 1:19pm Mar 16, 2015 1:19pm
I've just discovered another potential solution to my problem: code the EA to delay opening a trade at the start of a daily bar for X minutes after the new bar opens (X being whatever number of minutes it takes on average for spreads to return to normal)

See a discussion here: http://www.forexfactory.com/showthread.php?t=445859
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