Is there no "standard" opening close price on charts

Discussion in 'Forex Trading' started by whirl, Jan 4, 2006.

  1. whirl


    I downloaded about 5 demos. Since Forex is 24 hours, what do people use for open and close on daily charts? On the demos I installed, the daily chart looks totally different on 3 of them.

    If you are short term I guess it wont' matter, but from a longer term, it's hard to decide on support resistance when each has candlesticks that show different things?

    What time do you guys have set for daily open and close?

    thank you
  2. Chart providers use arbitrary daily open and close times. The common ones are NY close (5 pm ET) and Midnight ET. For example GTS, which comes with the FXSol platform, uses Midnight ET as the close. FXTrek uses 5 pm ET.

    Best regards
  3. strat3x


    There is no standard time, but many of the platforms use 5 PM EST because it is morning in the Australia, Singapore, etc. at that time. Monday morning reaches that part of the world at about 5PM EST on Sunday