TradingView

[Reuben Blamey]

Hello guys and girls,

I have a question regarding TradingView (it also applies to FXCM's TradingStation). As the data feed from FXCM seems to be two hours behind (daily closes at 22:00 instead of 00:00 like on MT4), the 4h candle closes and daily candle closes are often slightly different than of that on MT4. Will this ultimately cause a slightly warped view of the markets and make candlestick formations less reliable? I find it odd why this is the case, how can a platform from the biggest broker in the world provide candles that are different from MT4 due to time? It took me a while to figure it out as I wouldn't have expected it to happen. Can anyone shed light on this?

Thanks.

Reuben

 

[Jason Rogers]

Hello guys and girls,

I have a question regarding TradingView (it also applies to FXCM's TradingStation). As the data feed from FXCM seems to be two hours behind (daily closes at 22:00 instead of 00:00 like on MT4), the 4h candle closes and daily candle closes are often slightly different than of that on MT4. Will this ultimately cause a slightly warped view of the markets and make candlestick formations less reliable? I find it odd why this is the case, how can a platform from the biggest broker in the world provide candles that are different from MT4 due to time? It took me a while to figure it out as I wouldn't have expected it to happen. Can anyone shed light on this?

Thanks.

Reuben

Hi Reuben,

That's a great question. :smart:

First, it's important to note that the 24-hour trading day in forex begins and ends at 5pm New York Time. Currently, that corresponds to 22:00 GMT. That is why the candles on your TradingView and Trading Station charts begin and end at that time.

Candles work differently on MT4 charts than with other platforms. They begin and end at midnight 00:00 server time, regardless of the time zone to which the MT4 server is set.

For this reason, FXCM has some MT4 servers set to the time zone GMT+2. That way midnight 00:00 on the MT4 server corresponds to 22:00 GMT which in turn corresponds to 5pm New York Time. MT4 servers set to this time zone are said to have charts in sync with the "New York Close". These charts will have daily candles begin and end at the same time as your TradingView and Trading Station charts, though the time zone will be displayed differently.

It's worth noting that FXCM also has some MT4 servers set to the time zone GMT. These charts will have daily candles begin and end at midnight 00:00 GMT which as you noted is 2 hours later than your TradingView and Trading Station charts. That means on daily charts, you will have an extra Sunday candle each week of 2 hours in length, and your Friday candle will be only 22 hours in length. This can result in a different calculation for moving averages on daily charts.

The choice is yours as to which is more important. If you want 5 daily candles, use MT4 charts in sync with the New York Close. If you don't mind the extra Sunday candle, you can use MT4 charts with the time zone set to GMT.