Forex is not centralised like many other markets and there is no official open and close time.
Stock markets for example have a central open and close time that traders can work off and operate around, but, Forex is a 24/7 market with no actual close.
This means that different brokers charts can end up looking very different depending on what data they use.
This lesson is going to cover;
- The charts we use at Forex School Online
- How traders can change the time frame on their MT4 platform to anything they like to find more trading opportunities.
Why Use New York Close 5 Day Charts
When you are trading with any sort of technical or price action analysis your charts and price data are critical.
One chart showing the EURUSD daily time frame can look completely different to another brokers chart showing the EURUSD daily time frame because of the data they are using – even though the price is the same.
New York close 5 day charts start and end the markets in the order that they open and close. This gives you an accurate representation in the price action through the week and the day; which is crucial for your price action.
The charts open at the start of the week with the Asian session in New Zealand which is the first market to open and then close in New York.
This repeats each day for daily candles, closing at New York and opening for the Asian Session.
Six Day Charts
You have probably seen charts that have strange gaps everywhere, small inside bars and out of place looking small candles.
Chances are these were six day charts with the sixth day not being created with a full trading day.
Brokers choose the data and times they give their charts. You cannot change the makeup of the candles or when they close on metatrader. If the charts do not close at New York close, they are not New York close charts.
Best Charting Equipment
Metatrader 4 (MT4) is widely recognised as the premium charting platform for Forex trading. The majority of brokers offer the MT4 platform to their traders because of the ease of use and outstanding capabilities.
For price action traders MT4 offers a very simple and comprehensive charting package with a ton of benefits.
Whilst many brokers offer MT4 to their traders, please remember just because they offer MT4 does not mean the charts are New York close daily candles. Only a few brokers offer true New York close MT4 charts.
Whilst a lot of brokers are starting to add MT5, the MT4 is still far and away more popular for traders.
Open a Free Demo Account With Recommended Broker
Below is a link to read about two brokers that traders can use to open a free demo account of a broker with New York close daily 5 day candles. Both of these brokers are highly reputable, regulated and have everything that a price action trader needs such as small spreads, covers a wide range of markets including; Forex, Gold/Silver, Major indices and Oil/Gas and offer free New York close demo accounts.
Both brokers have good trading conditions i,e; good to deposit/withdraw funds and traders can make trades on multiple platforms such as mac, android and iPhone.
Changing MT4 Candle Time Frame
One drawback of MT4 charts is that they only have nine time frames that range from 1min-1 month. Some of the other common time frame charts such as the 8HR, 2HR or 2day charts that can be really great trade setup time frames are not automatically installed.
To fix this problem traders can use an indicator that is simply installed into their MT4 platform which allows them to change the time frame into anything they would like.
Below are the instructions of how to download and use this indicator:
Before going ahead make sure your MT4 is closed first.
Note: Since the update of MT4 build 600, the instructions on how to upload indicators has changed. You can now find an article on how to simply upload the new indicator here;
How to Save/Download Change Time Frame Indicator
1: Open your MT4 platform and the chart you want to change the time frame of.
2: Go into your indicators and select the period converter indicator you have saved into your indicators. A box will now open on your chart.
3: In the box under “Common” make sure the box “Allow DLL imports” is ticked.
4: In the box under “inputs” you will see “period multiplier”. This is where you will change the time frame to whatever you wish. If you opened up a 1hr chart and want to make a 2hr time frame, in the period multiplier you would add in “2” because 1hr x 2 = 2hr. Another example is; if you opened a 1hr chart and wanted to create an 8hr chart of that pair, in the period multiplier you would add “8”, because 1hr x 8 = 8hr chart.
5: Once this is done click okay and the box will close.
6: Open your MT4 platform.
7: Go into file and select “Offline charts”. (The charts are not really offline)
8: Look through the list for the time frame you created and select to open it.
9: You will now have the new time frame chart ready to go!
If you experience any problems with this or have any questions just ask them in the comments box below.
If you found this article helpful make sure you hit the Like buttons!
All the success,
Johnathon
Thanks for guiding about forex tradding thanks
TY
Jonathon
In the article you state that only a few brokers offer New York close. While that may have been true at the time of writing, things have changed and 5 pm New York is the recognized industry standard as the Forex close of day. FXCM, Axitrader and Pepperstone have NY close. In fact, probably most brokers have that, it would be harder to find a broker that doesn’t have NY close. Regards, John
Hi John,
thanks for your comment.
This is the older version to what we have since updated and split into two posts a recommended charts post and a tutorial on how to use the change time frame indicator post. You can find the recommended charts post here; https://www.forexschoolonline.com//recommended-forex-broker-charts-price-action-traders/ and time frame lesson here; https://www.forexschoolonline.com//change-mt4-time-frame-ea-indicator/
Yes, when writing this post New York charts were not the popular thing like they seem to be now. Brokers like FXCM did not have them or hardly any brokers at all, compared to now like the majority.
Safe trading,
Johnathon
Hello Johnathan
I have successful downloaded the indicator my problem now every time when I am changing the time frame on the original chart I get an alert with a “ping noise”. do you know how can i mute this noise?
Senzo
Hi Johnathon,
I followed your instruction to download the ICM demo software (outside the US). The software time does not match the NY time. Does that matters? Or the ICM software already give us the correct 5 candle with NY close which we don’t worry to adjust?
Shaofu Huang
Hello Shaofu,
what do you mean “does not match NY time” exacl;y?
There are no ways of changing the time candles close on MT4 charts, but IC are NY close 5 day charts.
Johnathon
Hi Jhonathon,
I’ve opened an account with the broker you recommended, could you please explain what differences or benefits I can expect over my current brokers FXCM,CMC markets if any? many thanks, Hugh
Hi Johnathon, when you mention 2 day candle, do you make daily chart x 2 with the custom time frame indicator ? So essentially you have 2 day chart, every candle is 48hr candle ? what is that ? better setups on the 2 day chart ?
regards
Andrew
I have problems downloading the time frame indicator. please advise…
Hello Ajnin,
you need to make sure you save the indicator in the correct spot on your computer. This indicator is made for MT4 only. It does not work for anything else and cannot be opened on the computer.
You need to hit the ” Download the Change Time Frame Indicator” button and your computer will ask you where you want to save/download it. You then need to save it in your MT4 expert – indicator file. This will be in your “my computers local disk” or “C drive”. If you are not sure how to do this just go into Youtube and search for “How to insert indicators into MT4”.
Johnathon
I was using this indicator for some while without any problem. But after recent update of MT4 to version build 625, this indicator is unable to use. It has disappeared from Custom Indicators. Do you know what is the problem?
Thanks if you can provide some help.
This problem happened in Win 7 Pro. But when I checked in Win XP Pro, it is working fine. Strange enough!
I have do some google and found the solution. Thank you very much if you already spend time on my question. Bye!
Thank you Mr. Fox got the time frame indicator working
thanks and nice articles
Hi there, I clicked on the downlaod place for the time change indicator but when i tried to open it , a message came up saying that it couldnt open it as it didnt know the program. ANy suggestions
Regards
William
Hello William,
please follow the above instructions of the tutorial. You should not be trying to open this file. When you click on the link save it to your indicators file (experts – indicators) in your MT4 platform (make sure your MT4 is off). Nothing on your computer will run this as this indicator as it’s made only for MT4.
The once saved open your MT4 and follow the above instructions to run.
Johnathon
OK, I’ve managed to get the new time frame chart to open up but it stands still, not moving with the current price. You say we have to keep the original indicator open for price to move but which indicator are you talking about?
If you have follow the instructions to open the new time frame chart and the market is open and moving, even though the charts say they are offline and you opened them from the offline charts they will continue to move and operate as “online charts”. They will stay this way and updating for as long as you leave the indicator on the original chart. For example; if you went to the daily chart of the EURUSD and added the indicator to it to make a 2 day EURUSD chart, you have to leave the indicator on the daily chart of the EURUSD. If you go back onto the daily EURUSD and delete this indicator it will effectively stop the new chart you have made updating because what you have done is cancelled the indicator.
Hi, thanks for the info. Unfortunately every time i open a chart i get an alert telling me its looking for a chart. do you know anyway of stopping this ..ive tried google 🙂
Hello Paul,
I have emailed you with more help to try and fix this.
Johnathon
hi,
thanks, good article, i am planning to open an account with insta forex, can you guide me for this.
Hello Tanveer,
I would most def not recommend instaforex. You can email me if you like but no I would most def not recommend instaforex at all. The link above in this article for traders outside the US is who I normally recommend traders go for because they have everything we need and they are well regulated broker with segregated accounts and also everything we need including the correct NY close charts. They have very solid spreads and good deposit/withdrawal etc where as instaforex are dodgy as and last time I dealt with them they locked my money away for 45 days and I could not get onto any one at all to find out where my money was.
Hi,
Great article exept the off-line mode on MT4 seems not to be working. The price on the daily and 4h moves while the price on the new 8h chart stood still at the same price.
You have to leave the indicator on the original chart and the new chart will stay as an offline chart, but even though it says it is “Offline” it will is live and works exactly as a live chart as long as you leave the indicator working on the original chart.
thank you Jonathon.
One Of A Kind… Valuable Guidance… Something For Everyone… Thanks
Hello Jonathom,
you are too much. I wana enjoy your analysis.
tnx
thanks
Thanks…..
When you said, “New York close charts means the daily candle starts when the Asian session opens and runs through the 24hrs until the New York close”, does a daily candle opens/closes at EST0:00 or EST17:00?
The New York close candle closes at 5pm NY time.
thanks
thanks you…….