This article is going to cover the charts we use at Forex School Online and also how traders can change the time frame on their MT4 platform to anything they like. To spot and trade the same signals we trade at Forex School Online it is very important that you use the same charts we use. Forex is not centralised like many other markets and there is no official open and close time. The close of New York session is seen as the unofficial close of the international Forex markets.
Using the New York close charts means the daily candle starts when the Asian session opens and runs through the 24hrs until the New York close.
It is very important that not only traders use New York close daily candles, but they also use a charting platform that has a 5 candle week and not 6 like some brokers use. Every charting platform has a platform time. This time can be altered by the trader to be whatever they like. This does not change the time of the candle or when the candle closes. Each broker uses different banks and liquidity providers for their data, and it is this data the broker uses which determines the candle close.
Metatrader 4 MT4 is widely recognised as the premium charting platform for Forex trading. Many brokers have now adopted the MT4 platform to give 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 clients 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. Below are two links to brokers that traders can use to open a free demo account of a broker with New York close daily 5 day candles.
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 or 2day candles 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.
Since the update of MT4 build , the instructions on how to upload indicators has changed. Go into your indicators and select the period converter indicator you have saved into your indicators. A box will now open on your chart. This is where you will change the time frame to whatever you wish. The charts are not really offline. If you experience any problems with this or have any questions just ask them in the comments box below.
Most brokers are still using MT4 and will soon begin the transition over to MT5. The good thing about MT5 is it has a few more time frames such as the 2hr and 8hr candles built in to choose from.
It still does not have any multiples for the daily candle such as the 2day candle. Johnathon Fox is a professional Forex and Futures trader who also acts as a mentor and coach to thousands of aspiring traders from countries right around the world. Johnathon specialises in helping traders transform their trading with high probability Price Action trading methods and correct money management strategies. 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. 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.
Hi, thanks for the info. Unfortunately every time i open a chart i get an alert telling me its looking for a chart. 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. 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. You say we have to keep the original indicator open for price to move but which indicator are you talking about? They will stay this way and updating for as long as you leave the indicator on the original chart. 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.
I was using this indicator for some while without any problem. But after recent update of MT4 to version build , 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. I have do some google and found the solution. Thank you very much if you already spend time on my question.
This indicator is made for MT4 only. It does not work for anything else and cannot be opened on the computer. You then need to save it in your MT4 expert — indicator file. 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? The software time does not match the NY time. 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. 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; http: 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. Your email address will not be published. Notify me of followup comments via e-mail. You can also subscribe without commenting. The New York close candle closes at 5pm NY time. Hello Jonathom, you are too much.
I wana enjoy your analysis. Hi, Great article exept the off-line mode on MT4 seems not to be working. Hello Tanveer, I would most def not recommend instaforex. Hello Paul, I have emailed you with more help to try and fix this. Hello William, please follow the above instructions of the tutorial.
The once saved open your MT4 and follow the above instructions to run. Fox got the time frame indicator working. I have problems downloading the time frame indicator. Hello Ajnin, you need to make sure you save the indicator in the correct spot on your computer. Hi John, thanks for your comment.More...