Broker time = Sydney OPEN or 22:00 GMT ?? | Forex Factory

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Broker time = Sydney OPEN or 22:00 GMT ??

  • #1
  • First Post: Sep 29, 2016 12:40am Sep 29, 2016 12:40am
Hello traders ,

Hope to get your personal feedback about reliable brokers with MT4 that opens a new candle with Sydney Open.

Thanks for your help
What goes up will come down...
  • #2
  • Sep 30, 2016 6:12am Sep 30, 2016 6:12am
I got a broker in europe but i relaised they are scammers
Let me fill my acount wallet then will take Ur advice
  • #3
  • Sep 30, 2016 10:58am Sep 30, 2016 10:58am
Quoting rafat habeb
I got a broker in europe but i relaised they are scammers
Thanks rafat , would you share their name please , are they on Sydney Local time ?
Best Regards
What goes up will come down...
  • #4
  • Edited 4:33pm Oct 4, 2016 10:51am | Edited 4:33pm
Quoting sam68
{quote} Thanks rafat , would you share their name please , are they on Sydney Local time ? Best Regards
Hi Sam,

I saw your post in this other thread asking for help: http://www.forexfactory.com/showthre...19#post9176819

You asked specifically about MT4, so it's worth noting that with the MT4 platform, daily candles begin and end at midnight (00:00) server time. FXCM has MT4 servers for accounts denominated in AUD and USD with the server time set to GMT+3. That way daily candles on the MT4 charts begin and end in sync with the New York Close at 5pm New York Time.

  1. 5pm New York Time = 17:00 Eastern Daylight Time = 21:00 GMT = 8am Sydney Time
  2. Note this relationship will change when Daylight Savings Time ends in the US on November 6th
  3. Then 5pm New York Time will equal 17:00 Eastern Standard Time, 22:00 GMT, and 9am Sydney Time


If that suits you, then you can try a free AUD MT4 demo account.

There is a free Custom Time Zones indicator at FXCMapps.com that you can use to display the time zone of your choice on MT4 charts. That could be Sydney time, GMT, New York Time or your local time in the United Arab Emirates. Note that this will not change the server time zone or when daily candles begin and end on the server.

  • #5
  • Oct 4, 2016 3:59pm Oct 4, 2016 3:59pm
Quoting sam68
Hello traders , Hope to get your personal feedback about reliable brokers with MT4 that opens a new candle with Sydney Open. Thanks for your help
The whole market should work off NY close and Open and I agree with Jason with the above post.
  • #6
  • Oct 5, 2016 2:11am Oct 5, 2016 2:11am
There are thousands of brokers on the planet and it's a 24/5 market , surely some one draws his daily candle with Sydney open .... It's important for a strategy that depends on "time" hope to get some answers.

Also would like to invite you to follow this thread ,

http://www.forexfactory.com/showthread.php?t=609187

Best Regards
What goes up will come down...
  • #7
  • Oct 5, 2016 2:15am Oct 5, 2016 2:15am
Quoting Jason Rogers
{quote} Hi Sam, I saw your post in this other thread asking for help: http://www.forexfactory.com/showthre...19#post9176819 You asked specifically about MT4, so it's worth noting that with the MT4 platform, daily candles begin and end at midnight (00:00) server time. FXCM has MT4 servers for accounts denominated in AUD and USD with the server time set to GMT+3. That way brokers who start their cdaily candles on the MT4 charts begin and end in sync with the New York Close at 5pm New York Time. 5pm New York Time = 17:00 Eastern...
Thanks Jason, I am interested in daily charts following Sydney time.
What goes up will come down...
  • #8
  • Edited 6:29pm Oct 5, 2016 11:45am | Edited 6:29pm
Quoting sam68
There are thousands of brokers on the planet and it's a 24/5 market , surely some one draws his daily candle with Sydney open
Hi Sam,

While there are many forex brokers in the world, there is a reason you may still have difficulty finding one with daily candles that begin and end in sync with the Sydney Open on their MT4 charts. That's because, as I mentioned in my previous post, daily candles on MT4 begin and end at midnight (00:00) server time. This is a characteristic of the MT4 platform that cannot be changed by any broker.

Therefore, most brokers (even in Australia) set the MT4 server time zone to GMT+3 (this will change to GMT+2 when Daylight Savings Time ends in the US on November 6th) so daily candles begin and end in sync with the New York Close which is at 5pm New York Time. As you noted yourself, it's a 24/5 market, so most traders want to see five 24-hour daily candles on their charts per week. This is only possible, if your charts are in sync with the New York Close.

If the MT4 server time is set to anything other than GMT+2/3 (AKA New York Close charts) then you will see six daily candles per week instead of five. Four of the daily candles will be exactly 24 hours in length, while the remaining two daily candles will together add up to the remaining 24 hours of the trading week. Having six daily candles of uneven length, instead of five 24-hour daily candles per week, impacts calculations for indicators such as the 10-day moving average.

That said, FXCM does offer some MT4 servers set to GMT (instead of GMT+2/3) since this is the second most popular time zone requested. While we have dozens of MT4 servers, there is not enough demand (even from our clients in Australia) to justify setting one of these MT4 servers to a time zone in sync with the Sydney Open, rather than the New York Close or even GMT.

Quoting sam68
It's important for a strategy that depends on "time" hope to get some answers.
Did you code this strategy yourself? If so, you should be able to reprogram it to look at an hourly chart instead of a daily chart. Then you can use the data from the hourly chart to calculate your own Open, High, Low and Close (if that is your intention) based on the Sydney Open, instead of the New York Close.
  • #9
  • Oct 5, 2016 11:51am Oct 5, 2016 11:51am
Quoting sam68
{quote} Thanks Jason, I am interested in daily charts following Sydney time.
Note that an MT4 server with daily charts that begin and end in sync with the Sydney Open would not be "following Sydney time", since the time zone of the server would have to be set in such a way that midnight (00:00) server time would coincide with the Sydney Open. Keep in mind such a time zone setting would be very close to the GMT+2/3 setting used for New York Close charts. However, it would change based on when Australia begins and ends Daylight Savings Time instead of when the US begins and ends Daylight Savings time.

When consider it that way, you can see why there is so little demand for such a server time zone setting even in Australia. As an alternative, I mentioned earlier that there is a free Custom Time Zones indicator at FXCMapps.com which you can use to display the time zone of your choice on MT4 charts. That could be Sydney time, GMT, New York Time or your local time in the United Arab Emirates. Note that this will not change the server time zone or when daily candles begin and end on the server.
  • #10
  • Oct 5, 2016 6:04pm Oct 5, 2016 6:04pm
Quoting sam68
There are thousands of brokers on the planet and it's a 24/5 market , surely some one draws his daily candle with Sydney open .... It's important for a strategy that depends on "time" hope to get some answers. Also would like to invite you to follow this thread , http://www.forexfactory.com/showthread.php?t=609187 Best Regards
Sydney open ?

5.00am 6.00am 7.00am 8.00am 9.00am

these are the variances of a Sydney open throughout the year.

Your charts will be a mess
  • #11
  • Dec 5, 2018 5:37am Dec 5, 2018 5:37am
The closest to Sydney timezone I have been able to find is GMT+9 (Tokyo/Korea) at NatureForex. That's after checking 200+ brokers. Was anyone able to find an MT4 server with Sydney's GMT+11? I need it for testing purposes.
  • #12
  • Edited 1:27pm Dec 5, 2018 1:07pm | Edited 1:27pm
Quoting enivid
The closest to Sydney timezone I have been able to find is GMT+9 (Tokyo/Korea) at NatureForex. That's after checking 200+ brokers. Was anyone able to find an MT4 server with Sydney's GMT+11? I need it for testing purposes.
Hi @enivid,

With all due respect, is it possible there might be another way to test what you need on MT4 and still use an MT4 broker with a more conventional time zone setting? What about your testing requires an MT4 server set to GMT+11?

Even many traders who live in Sydney prefer MT4 servers set to GMT+2 (which happens to correspond to your time zone in Ukraine), because this results in five daily candles per week that are each exactly 24 hours in length and that begin and end in sync with the New York Close (5pm New York Time = Midnight on GMT+2).

Using any other time zone setting on MT4 servers results in six daily candles per week, with the Sunday candle and the Friday candle adding up to 24 hours together, while each of the other four daily candles are exactly 24 hours in length. This can impact calculations of daily moving averages.
  • #13
  • Dec 9, 2018 10:55am Dec 9, 2018 10:55am
Quoting FOREX.com
What about your testing requires an MT4 server set to GMT+11?
I am updating my Market Profile indicator with various settings regartding how Saturday/Sunday sessions are treated and need a broker with a long Saturday session, but not a 24-hour one (like I can get with cryptocurrencies).
  • #14
  • Last Post: Dec 10, 2018 12:28pm Dec 10, 2018 12:28pm
Quoting enivid
{quote} I am updating my Market Profile indicator with various settings regartding how Saturday/Sunday sessions are treated and need a broker with a long Saturday session, but not a 24-hour one (like I can get with cryptocurrencies).
That's interesting, @enivid.

Since you haven't been able to find a broker that uses the Sydney time zone for the reasons we cited above, have you tried programming your indicator to simply take the last few hours of one trading week, or the first few hours of the next trading week, however many you need, and use them for your calculation? You should be able to get the data you need from an hourly chart, regardless of the time zone setting of the MT4 server.
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