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Daily chart times

Discussion in 'Beginners Bootcamp' started by robstephen, Jul 3, 2009.

  1. robstephen

    robstephen Recruit

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    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:confused:
     
  2. Pharaoh

    Pharaoh Colonel

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    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.
     
  3. FirePips

    FirePips Private

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  4. MDunleavy

    MDunleavy iticsoftware.com Representative

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    (GMT+01:00) Paris

    This time is used most brokers in Forex.
     

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