When trading with XM, I think that MT4 is often used as the trading platform. What you need to know when using MT4 is “GMT”. I created this article as an article for those who don’t really know what this is. please refer.
What is GMT?
GMT stands for Greenwich Mean Time. It is an index when using the time measured at the Greenwich Observatory when railways were developed in England as the world standard time. Today, Coordinated Universal Time (UTC) is used, a time calculated based on the vibration of the cesium atom, but as a remnant of the past, GMT continues to be used as the standard time of the world.
world time zones
|Country/City||winter time||summer time|
|United Kingdom (London)||GMT±0||GMT+1|
|New Zealand (Wellington)||GMT+13||GMT+12|
|China (Shanghai, Hong Kong), Singapore||GMT+8||GMT+8|
|America (New York)||GMT-5||GMT-4|
What is daylight saving time? Difference from winter time
It is a system to advance the standard time by 1 hour for the purpose of making effective use of the time zone when the sun is out during the time of the year, mainly in the summer. In the United States, Europe, Australia, etc., it is called daylight saving time, and in order to make effective use of the long hours of sunlight, especially in the summer, the standard time is advanced by one hour. Forex trading hours start at 00:00 U.S. time worldwide, so it is common for brokers to start trading at 7:00 Japan time in winter and 6:00 in summer time.
XM server time
The time displayed on MetaTrader4 (MT4)/MetaTrader5 (MT5) will be the server time. GMT+2 when winter time is applied (7 hours time difference from Japan time), GMT+3 when summer time is applied (6 hours time difference from Japan time).
Forex market time division
The foreign exchange market operates 24 hours a day, except for Saturdays and Sundays. For this reason, there is a set time that marks a milestone in the day. In general, the day is divided at 0:00 (24:00), but in the case of foreign exchange, the 17:00 US Eastern time when the New York market ends corresponds to the time of the day. This time is called “New York Close” (NYC). In Japan time, it is 7:00 am Eastern Standard Time and 6:00 am Eastern Daylight Time.
Forex brokers with GMT set to New York time
Most FX companies set MT4 in “New York time (winter time GMT + 2, summer time GMT + 3)”. There is a reason for this.
|Company||summer time||winter time|
can’t keep feet off
In Forex, New York time is the standard, so trading is possible from Monday 00:00 New York time to Friday 24:00 New York time for 5 days on weekdays. If you adopt a different GMT from New York time, it will be off by several hours, so the daily chart will be off because it will start in the middle of Monday and end in the middle of Saturday.
EA is also based on New York time
As a matter of course, most EAs are created based on New York time (GMT+2 in winter time, GMT+3 in summer time), and if you use the EA on MT4 where GMT is not New York time, change the settings. will become necessary