What is my MT4 time zone?
Wondered what time those candles on your MT4 charts refer to?
We explain how to find your MT4 time zone, and why is it usually GMT +3 (GMT+2 during non-daylight savings)
How to find your MT4 platform time?
- Press Ctrl+M to open up ‘Market Watch’
- Your broker’s time is underlined in red above. In most cases, it is in GMT+3 or +2 (during non daylight savings)
Why is my broker’s time GMT +3?
Seems quite random that a broker would choose Finland (A non-finance hub unlike London or New York) to base their MT4 platform time on.
There is actually a good reason for this.
Choosing GMT +3 would avoid the dreaded ‘Sunday Candle’ on your MT4 daily charts.
This means there would only be 5 daily candles per week, which is what it should be, since the financial markets are closed on Sundays.
The problem with Sunday candles
The problem with Sunday candles is messes up your indicators, and if your EAs are trading based on those indicators, you might have very different backtesting results.
Is it possible to change my MT4 time zone?
Unfortunately no, because it is a server side setting. It means only your broker can change it on their end. Perhaps you could create offline charts in MT4 with your preferred time zone, but I am not sure as to the process to achieve this.
There are two other solutions
In cTrader you can switch to any time zone you prefer
It would cost about USD100 per indicator. There are some good coders you can find on upwork.com, which I also use.
Most MT4 brokers now have switched to GMT +3 as their time zone, and in general most of them have fixed the issue of Sunday candles.
If you are trading manually, it may not be such a big issue, but if you trade using indicators and EAs, it may cause minor issues because of the differences in data.
If you are looking for a GMT +3 broker with no Sunday Candles, I have traded with the following brokers and recommend them.
They’ve got a great offering of low spreads and responsive customer service. They’ve recently partnered with Psyquation – An advanced data analytics platform for retail traders. It works like your own trading coach, analysing your trading style, identifying mistakes and helping you avoid them. It is available free to all Axitrader clients.
We’ve arranged a 22% commission discount with Axitrader for their PRO account. Commission rates have been reduced from $7 to $5.50 per rt lot.
I started trading with them since 2012. I find their support to be highly responsive and always willing to help. They have very low spreads, which means it is great for scalping. I personally trade my EAs on them. I like that they provide VPS sponsorship for just 15 lots per month, for CNS Elite Trader’s VPS or Beeks VPS bronze package
We’ve arranged a 22% commission discount for IC Market’s True ECN account on MT4/5 platform, and a 8% commission discount for cTrader. Commission rates have been reduced from $7 to $5.5 per rt lot for MT4/5, and $6 to $5.50 per rt lot for cTrader.
They are the retail arm of institutional broker Gleneagle securities. Well known for their pure A book post trade transparency (They are willing to show liquidity receipts of liquidity providers that filled your trade, so you are aware they don’t trade against clients), they are also known for great customer service and support. I trade my EAs with them because of their fantastic VPS offer of 40 lots per month to get a Beeks Gold VPS and their pure A book policy.
We’ve arranged a 22% commission discount for Global Prime. Commission rates have been reduced from $7 to $5.50 per rt lot.
If you have any questions about the offer or about broker timezones, feel free to type them in the comments below, or email me, [email protected] and I will respond to them within 24 hours. Cheers.