Social trading broker Darwinex to change MT4 charts to NY close

Social trading broker Darwinex to change MT4 charts to NY close

Darwinex NY close

Online social trading platform and broker Darwinex said on Wednesday it will move its MetaTrader 4 (MT4) charts to New York close.

The change will be into effect from 12 June, 2016.  From that day on, MT4 charts will be on GMT +3, instead of GMT +0, and MT4 candles will begin at midnight for the time set on the server. The charts will also be affected by daylight saving time (DST) and will be set up at GMT +3 in summer time and GMT +2   when DST ends.

Once the switch is finalized, the broker will offer only five daily candles per week as the New York close carries that much, instead of the current six. Darwinex will no longer offer a Sunday candle chart, which could be a good news considering it makes price action trading and analysis more difficult, the broker said.

Traders who use expert advisors (EAs) for automated trading need to change the GMT setting on their platform to +3 prior to the market opening on 12 June.

Darwinex said it decided to switch to New York close charts since many traders have requested it to change to it. As an unwritten rule, most forex brokers use the New York market close as an unofficial close of the forex market. This is the industry standard and most indicators, strategies and EAs are optimized for New York close charts. Traders who chose brokers with New York close work with charts that open with the start of the Asia session and close together with the New York session.

Some other brokers that use New York close are Forex Capital Markets (FXCM), Alpari, FxPro, FXDD, HotForex, Pepperstone, AxiTrader, etc.

Darwinex is part of Tradeslide Trading Tech, a company licensed and regulated by the UK Financial Conduct Authority (FCA). The social platform supports trading in forex and contracts for difference (CFDs) instruments. Darwinex was set up in 2012 but started operations in 2014 and recently reported a profitable first year.

Source: Darwinex

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