FCA-UK regulated asset manager and broker Darwinex informed MT4 traders today that the firm is changing their MT4 server to New York close charts starting on Sunday 12 June 2016.
When trading opens on 12 June 2016, Darwinex MT4 charts will be on GMT +3 (instead of GMT +0) so MT4 charts will contain only five daily candles per week.
Note: DST will be observed, MT4 will display GMT +3 charts in summer time and GMT +2 charts when DST ends.
Why change?
The company says it has been approached by thousands of traders asking to change to NY close because this is the industry standard and most indicators, strategies & EAs are optimised for NY close charts.
Their current setup (GMT +0) produces six candles for five trading days, introducing a Sunday candle that makes price action trading & analysis more difficult.
Thus, starting on 12 June 2016, new daily candles on the Darinex MT4 will begin at midnight for the time set on the server. By setting the server to GMT +3 (or GMT +2 when Daylight Saving Time ends), midnight on MT4 will occur at New York close, removing the 6th daily candle in weekly charts.
Action required
If you are not using an EA with a GMT offset, no action is necessary. However, if you are using an EA with a GMT offset setting, it is very important that you change the GMT offset to +3 on 11-12 June before market opens on 12 June 2016.