Daily chart times

robstephen · (#1 (**permalink**))

I have a quick question.
A peculiarity of the FX markets is they are open 24 hours 5.5 days a week yet they have daily charts.
My question is this, what is the correct time for cut off for the daily interval on a chart?
In Ninja Trader daily interval cutoff for FX is midnight EST, most websites calculate pivot points using 5pm EST cutoff.
I am a little confused as a website like actionforex uses the 5pm EST cutoff to calculate pivot points etc but the charts on their website appear to have a midnight cutoff.
I guess I am keen to find out what the majority of punters use for the cutoff, on their daily charts.

Rob

Pharaoh · (#2 (**permalink**))

Defining "daily" for candles and pivots is a bit of a problem. End of trading day (5 pm) or midnight New York Time or GMT are some ways to figure it, but by no means universal. Different brokers are tied to different time zones.

FirePips · (#3 (**permalink**))

Pharaoh is right. You can also read my post here Are You Using Right Charts For Forex Trading?

MDunleavy · (#4 (**permalink**))

(GMT+01:00) Paris

This time is used most brokers in Forex.