The DAILY candlestick is not the universal DAILY candlestick on PRT IG

• 07/31/2016 at 1:40 PM #11030
  David

  I’ve recently worked on daily moving average that can be used on timeframes which are less than the daily chart. Searching online I’ve read that the daily close is set to New York close at 17:00 (which would actually mean 165959 because the new candle would start at 17:00.

  I’ve also read that the daily candle is the daily candle no matter where you are located. Asia, Europe or the US it should be the same but this seems not to be the case on PRT well not with IG Markets. On other platforms like cTrader this is the case. You can change the current time and the daily candlestick is exactly the same.

   

  From PRT IG please see the attached screenshots of 1 being +10 Australian Eastern Standard time and the other UTC+3 and you will see that the daily candlesticks are different. If this is the case then we’re looking at different daily data if we’re set to different time zones and the daily moving average would be different too.

  Hopefully, I’m wrong and someone can point this out to me.

  Nicloas, I was having an issue adding 2 separate files. Everytime I tried to select the 2nd file it would just duplicate the first file showing the 2 same files. I edited my post and still had trouble uploading but used Insert into Content and that worked.

  

  

  

  David

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  08/05/2016 at 9:12 AM #11224
  robertogozzi

  I am experiencing the same issue, not just with IG, but with PRT in general, I asked them but their replies only confirmed that there is no STANDARD on candles.

  Many brokers (and MT4) use NY timings, tht is the new daily candle starts at 17:00 (NY, or UTC -4, Paris/Berlin/Rome 23:00), while some, especially non-US brokers, assume the new candle starts at UTC +0 (NY 19:00 or 01:00 next day in Paris/Berlin/Rome).

  This also affects multiple hour charts (2 and 4 in my case). The candles we see can differ!!!

  I don’t know how to handle it, I just simply ignore it, despite this doesn’t allow a universal pattern recognition. I may see an engulfing candle on a 4-hour chart, but my next door friend using a different broker may see another configuration.

   

  

  robertogozzi

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  08/05/2016 at 2:02 PM #11239
  David

  I don’t like the idea of ignoring it. If we’re trading systems we need to be consistent. I just found this which is clear and to the point suggesting GMT+2 (or +3 during European Summer DST): Forex brokers whose servers are based off GMT+2 (or +3) server time usually tend to offer 5 candlesticks during a week, representing 5 days of trading sessions in the week. Typically, GMT+2(+3) brokers follow the GMT timings of 5PM EST as the open and close of a new day’s trading session.
  http://www.profitf.com/articles/forex-education/forex-broker-server-time-gmt-offset/

  Still my issue is I set the time to UTC +3 on PRT and I still get a small candle for Sunday. I can see a candle on 31 July 2016 which is  a Sunday. The link suggest that a good way to deal with this it is to only see 5 candles for the 5 trading days of the day. Frustrating.

  

  David

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  08/08/2016 at 12:20 AM #11330
  David

  This is what IG says…

  Due to the trading hours for FX available to us, you won’t be able to skew the time zone so it will only show 5 candlesticks for the week. There would always be an additional hour showing if you skew the time zone either way.

  However, there is an option for you to not show weekend data to ensure you only see 5 candlesticks. If you shift the data to include as much as possible which should be UTC +3, you may have a candle stick for Saturday. In the section where you change the time-zone, you should be able to see an option to display weekend data. After this is done, you can toggle it off and it will only show 5 candles.

  

  David

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  08/08/2016 at 10:33 AM #11338
  robertogozzi

  Time zones cannot affect candles, because the hour changes not the candle, at this very moment a 4 hour candle is being built and, despite where you are, it IS (or should be) the same candle in Europe, Usa, Japan, just everyone assigns it a different time label, but it’s just a label!

  Wht’s annoying and may affect trading is that THIS candle is about to being closed at 11:00 (started at 07:00) while the one in PRTstarted at 09:00 and will close at 13:00. They will be DIFFERENT, no matter what time label you apply. The previous one in PRT was an engulfing candle, not the same for the other broker, should I trade it as an engulfing candle or not?

  I know Forex is not a standard and avery broker does not know what’s going on with other brokers because averyone may have different prices quoted by money makers, but the difference can be at most a couple of pips, maybe less than a pip, I don’t thing X broker is quoted, as a simple example, EurUsd 1.1200 and Y broker 1.1230! maybe 1.1201, not that huge difference at the closing of the same candle. In this case, being the construction of candles shifted by 50% (two hours over a 4-hour chart), it’s a completely different chart!

  

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  08/08/2016 at 11:12 AM #11347
  David

  I agree, I think the intraday candles should be the same universally because as you say 1 hour is 1 hour regardless of your timezone but the Daily is different because it depends on the time you set the day to start.

  Let’s say the day starts at 00:00 and your timezone is UTC 0 and then you change/shift the timezone to UTC +3 in this case you’ve just made the start or the day 3 hours later so you will not include those 3 hourly candles prior within the daily candle because they will be part of the previous day. If one of those hourly candles made a very high close or low close then reverted back up then the daily at UTC +3 will not show that. If you have a trading system based on the OHCL of the previous day then its based on the time you’ve set your day to start.

  

  David

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  12/29/2016 at 4:06 PM #19366
  fesxeurex

  @David i agree with you its like watching a separate chart of S&P with daily close not aligned with CME

  Forex is segregated but at least all take daily close at 2200GMT or 1700 NY Time zone.  We should be able to remove weekend data with Monday starting from 2200GMT London time

  Its ironic  that IG Watch-list calculates the Daily% change correct but the daily candle it displays is completely wrong.

  

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