Can anyone explain to me why aud.nzd fx pair stops trading with IB from 3-3:15PM EST while the majority of the fx pairs stop trading 5-5:15pm? Are these arbitrary times unique per broker or unique only to NZD or is there some industry standard? Furthermore, as you setup your db/charting ysstem. do you consider RTHours from 12midnight to 11:59pm or in the case of Ib from 5:15pmEST to 5pm EST the next day. Thanks.
I have not traded kiwi pairs with IB in a long time, have they finally managed to run a continuous trading session aside those 15 minutes? Last time I checked they took all kiwi pairs off the hook for 2-3 hours in early Asian morning hours (2-4am or so Japan time)
Except NZD/USD, the market convention is that the roll is done at 5pm New York time. NZD/USD used to be rolled forward at 7am Auckland time. I think some(most?) do it at 5pm est now too. So, depending on where you live, these times can vary due to differing DST rules from country to country. If you want to set up sessions for your charts or what ever, the logical choice would be to start a new one after the roll - since that is a new spot date (trades will have a new value-/settlement-date after the roll - even tho the trade-date(utc) still says its 'today').
I think it makes sense to start the day after the 5pm roll BUT the question is do you define the day from 17:01 EST to 17:00 OR 17:15 to 17:00 next day? I am new to forex so I'd appreciate insights from the Fx pros. I have 2 fx data sources- one from FXCM another thru IB and am trying to decide what to use for backtesting and live trading. IB has a 15 min gap starting at 5PM EST (3:15PM for NZD pairs) while FXCM does not. Would you consider that 15m important or noise? Do most of the dealers close at 5pm or are some of the big guys dealing which probably gives that time slice some importance. Thanks.
Hi MS, The time around 5 PM rollover tends to be a period of very low trading volume, since the business day has just ended in New York and is yet to begin in Japan. In fact, that's the reason why banks choose this time to apply rollover interest in the first place. That said, it can be nice to know you can place orders at this time, in case you ever have to do so for some reason. You mentioned that you're looking to backtest data, so you might be interested to know that FXCM supports several platforms with automated trading functionality including Trading Station, Mirror Trader, MetaTrader and NinjaTrader. If you have questions about any of these options, please feel free to ask me. Jason
Hi Jason, so you are saying that while some brokers are closed for that time, some brokers like Fxcm are open during that time period? I have done any orders with IB but I would think that IB is closed since their quoteserver is down during that time.
Contrary to popular belief, the Forex market never really stops. Even during the weekend, banks and other financial institutions, as well as a few high net worth individuals (think Gordon Gekko for instance) continue to issue buy/sell orders between themselves. "Money never sleeps, pal. I just made $800,000 in Hong Kong gold...", remember that line from the classic movie "Wall Street"?