Ben Carter
The opening and closing times of daily candles differ between brokers, and some brokers have Sunday candles while others do not. This is because the candle opening time depends on the broker's server time, which can vary depending on the time zone and the use of Daylight Savings Time. For example, Oanda uses EST time with daily candles opening at 5 PM on Sunday and closing at 12 AM on Monday, while TOS uses the US market close time of 5 PM EST for candle openings and closings. Some brokers, like Orion, also use Saturday bars during certain times of the year when trading ends on Fridays at 5:00 PM New York time, which corresponds to Saturday in time zones that don't use Daylight Savings Time, such as Dubai (GMT+4).
| Characteristics | Values |
|---|---|
| Broker with Sunday candles | Oanda |
| Daily candle opening time | 5 pm Sunday |
| Daily candle closing time | 12 am Monday |
| Timezone | EST |
| Subsequent candles | Open and close at midnight EST |
| TOS daily candle closing time | 5 pm EST |
| Orion | Uses Dubai time (GMT+4) on their charts |
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What You'll Learn
- Oanda's Sunday candle opens at 5 pm and closes at midnight on Monday
- TOS's Sunday candle opens according to when the US market closes around 5 pm EST
- MT4 broker Orion uses Saturday bars during the New York winter months
- Some brokers close trading earlier than 5 pm New York time on Fridays
- Forex trading on Saturdays is available in some time zones during certain times of the year
Oanda's Sunday candle opens at 5 pm and closes at midnight on Monday
The OANDA FX broker publishes specific trading hours, which are "All FX Products (New York) Sunday 17:05 - Friday 16:59". This means the Sunday candle opens at 5 pm and closes at midnight on Monday, according to Eastern Standard Time (EST). The variation in candle opening and closing times across different brokers can be attributed to differences in server time, liquidity providers, dark pools, banks, and aggregators. These factors can result in discrepancies between price feeds, although the variations should not be significant.
OANDA's Sunday candle trading hours may be influenced by the broker's server time, which is believed to be based on EST. This is in contrast to other brokers, such as TOS, which operates according to the closing time of the US market, typically around 5 pm EST. The difference in candle opening times between OANDA and TOS can be as much as seven hours, as suggested by one user.
The availability of Sunday candles can be confusing for traders, especially when considering that there is typically no trading on Sundays. This discrepancy arises due to the varying practices of different brokers and their definitions of trading days. Some brokers may include Sunday as part of their trading week, resulting in the formation of Sunday candles.
It is worth noting that the resampling of OANDA's bid and ask prices may not accurately represent the data on candlestick charts. This is a known limitation of the volume-weighted moving average method employed by FX brokers. While the resampled data may not be ideal for candlestick charts, it could still find utility in other forms of technical analysis.
In summary, OANDA's Sunday candle opens at 5 pm EST and closes at midnight on Monday. This unique trading hour structure is influenced by the broker's server time and other factors that contribute to the variation in price feeds across different brokers. While OANDA's data resampling may not perfectly align with candlestick charts, it remains a valuable tool for traders engaging in FX trading and technical analysis.
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TOS's Sunday candle opens according to when the US market closes around 5 pm EST
Traders on forums have discussed the differences in the daily candle opening times for different brokers. One source states that the ThinkOrSwim (TOS) trading platform shows its candles according to when the US market closes around 5 pm EST. This means that the end of the day for TOS is considered to be at 5 pm EST, while another broker, Oanda, considers the end of the day to be at midnight.
Some traders have noted that they prefer the 5 pm US market close over the midnight close. However, the candle opening time depends on the broker's server time, and it cannot be changed. Traders have suggested using TOS for charting and placing trades on Oanda's MT4 platform to benefit from the preferred candle opening time.
In terms of specific candle timings on TOS, one trader mentions that they use 130-minute candles, which gives them three candles for the day, or 78-minute candles, which give them five candles for the trading day. Another trader mentions that the 4-hour candle on TOS opens and closes at noon, while on TradingView, it opens and closes at 2 pm. This discrepancy is attributed to the difference in time zones between the US and Canada, where half of the traders in the discussion are based.
To summarise, TOS's Sunday candle opens according to when the US market closes around 5 pm EST, and this timing influences the structure of the trading day for TOS users. Traders have noted differences in candle timings between TOS and other platforms, which has sparked discussions about the preferred candle opening and closing times.
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MT4 broker Orion uses Saturday bars during the New York winter months
During the New York summer, New York is on Daylight Savings Time or GMT-4, while Dubai remains on GMT+4 time. Hence, a 3:59 PM New York time close for trading at Orion would be only 11:59 PM Dubai time, meaning there is no need for Orion to have Saturday bars when New York is on Daylight Savings Time.
The use of Saturday bars by Orion during the New York winter months is an example of how the trading hours of brokers can vary depending on the time zone and the time of year. It is important for traders to be aware of these variations to ensure they understand the opening and closing times of their trades.
It is worth noting that some traders have expressed confusion about the existence of Sunday candles, as there is typically no trading on Sundays. However, some brokers may show Sunday candles due to differences in server time and the time zone used on their charts. For example, UGMFX uses EST time on their charts, resulting in a false Sunday candle. These variations in candle formation times can provide different perspectives on the chart and should be considered when analysing price feeds.
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Some brokers close trading earlier than 5 pm New York time on Fridays
Forex trading typically ends at 5:00 PM New York time on Fridays. However, some brokers choose to close trading earlier than this standard cutoff time. This early closure can be attributed to the fact that liquidity dries up towards the end of the day as some banks also close earlier than 5:00 PM.
For example, the broker Orion closes at 3:59 PM New York time on Fridays. This early closure is likely due to their use of Dubai Time (GMT+4) on their charts. During the New York winter, when New York is on Eastern Standard Time (GMT-5), their 3:59 PM Friday close corresponds to 00:59 AM Saturday in Dubai, necessitating Saturday bars on their charts. In contrast, during the New York summer, when New York switches to Daylight Savings Time (GMT-4), their trading close at 3:59 PM would be 23:59 PM in Dubai, eliminating the need for Saturday bars.
The variation in closing times between brokers can lead to differences in candle formation on charts. For instance, TOS and Oanda, two popular brokers, exhibit discrepancies in their candle creation. TOS bases its candles on the US market close of 5:00 PM EST, while Oanda uses midnight EST as its cutoff. This difference can cause confusion for traders, especially when comparing charts from multiple brokers.
To address this issue, some traders suggest using TOS for charting and executing trades on Oanda's MT4 platform, taking advantage of both brokers' features. Ultimately, the candle opening and closing times are dependent on the broker's server time and may not be customizable. Traders need to be aware of these time differences when interpreting charts and making trading decisions.
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Forex trading on Saturdays is available in some time zones during certain times of the year
Forex trading is typically available 24 hours a day from 10 pm (UTC) on Sunday to 10 pm (UTC) on Friday, accommodating the four major trading sessions in Sydney, Tokyo, London, and New York. However, it's important to note that forex trading does not occur on a regulated exchange, and trading is conducted through a network of financial institutions and retail trading brokers, each with their own operating hours.
While forex trading generally occurs during weekdays, some brokers may provide data or charting tools that include "candlesticks" or "candles" representing price movements or trading activity on Saturdays or Sundays. These candles do not necessarily indicate that trading is available during those times but rather reflect the broker's server time or the timing of their data sources.
The availability of Saturday trading in certain time zones during specific times of the year could be influenced by factors such as daylight savings time transitions, which affect market hours in March, April, October, and November. These transitions can result in variations in market opening and closing times, potentially extending trading hours into Saturdays in some time zones.
It is worth noting that the best times for forex trading are periods of high market activity, which typically occur during overlaps between the major trading sessions. Traders generally focus their energy on these specific sessions or time periods, as trading during active market hours increases the chances of executing trades at desired levels and managing risk effectively.
In summary, while forex trading on Saturdays may be available in some time zones during certain times of the year due to factors like daylight savings time transitions, the primary focus for traders should be on weekdays when the major trading sessions overlap and market activity is highest.
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Frequently asked questions
Oanda has Sunday candles that open at 5 pm and close at 12 am on Monday. TOS also has Sunday candles that close at 5 pm EST.
Some brokers have Sunday candles because they use EST or New York time on their charts. This means that the market opens at 5 pm on Sunday.
No, not all brokers have Sunday candles. Some brokers, like MT4, only have Friday and Monday candles.
The difference in candle opening times between brokers depends on the broker's server time and the time zone they use on their charts.
No, you cannot change the candle opening time on your broker's platform. However, you can use a different broker's platform for charting if you prefer their candle opening times.
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