1. What is the New York close in trading?
The New York close refers to the closing time of the market in New York, which is also the end of the daily trading session. It is commonly used by traders to determine the daily candle close.
2. Why is the New York close important in trading?
The New York close is important because it provides a clear and consistent end to the trading day, making it easier for traders to analyze price action and make trading decisions based on daily candle closes.
3. How can you tell if an MT4 broker uses New York close?
You can tell if an MT4 broker uses New York close by checking the daily candle close time on the platform. If the daily candles close at 5 pm New York time (or 9 pm GMT), then the broker is using New York close.
4. Can brokers manipulate the closing time of candles on MT4?
Yes, some brokers may manipulate the closing time of candles on MT4 to make it appear as if they are using New York close when they are not. It is important to verify the closing time independently.
5. Why do some brokers not use New York close in MT4?
Some brokers may not use New York close in MT4 because it requires additional server resources to update the closing time of candles, which can be costly for the broker. They may opt for a different closing time to save on expenses.
6. What are the advantages of using New York close in trading?
The advantages of using New York close in trading include having a clear daily candle close time, which helps traders to accurately analyze price action and make informed trading decisions based on the daily timeframe.
7. Are there any disadvantages to using New York close in trading?
One potential disadvantage of using New York close in trading is that it may not be suitable for all trading styles or strategies. Some traders prefer different closing times for their candles based on their specific trading approach.
8. How can I confirm if my broker actually uses New York close?
You can confirm if your broker actually uses New York close by comparing the closing time of candles on their MT4 platform with the New York close time of 5 pm New York time (or 9 pm GMT). If they match, then your broker is likely using New York close.
9. What should I do if my broker claims to use New York close but the closing time does not match?
If your broker claims to use New York close but the closing time does not match, you should raise this concern with them and ask for clarification. It is important to use a broker that is transparent and honest about their trading practices.
10. Can I switch brokers if I discover that mine does not use New York close?
Yes, you can switch brokers if you discover that yours does not use New York close. It is important to use a broker that aligns with your trading preferences and provides the best possible trading conditions for your strategy.
11. What other factors should I consider when choosing a broker besides New York close?
Besides New York close, you should also consider other factors when choosing a broker, such as regulation, spreads, commissions, customer service, platform reliability, and available trading instruments.
12. Is New York close relevant for all trading instruments on MT4?
New York close may not be relevant for all trading instruments on MT4, as some markets have different trading hours and closing times. It is important to understand the specific trading hours of each instrument you are trading to determine the relevance of New York close.
In conclusion, understanding whether your MT4 broker uses New York close is crucial for accurate analysis and decision-making in your trading. By verifying the daily candle close time on the platform, you can ensure that you are using the most reliable and consistent data for your trading strategy.