Chart Offset and Time Zone

[niells18]

Hi,

I'm using a MetaTrader platform to practice Marc's M1 method. My problem has to do with how to set the parameters for the BreakoutBox indicator he provides.

My platform is 5 hours in front of my actual time. My timezone is E-DST or GMT-4.

I understand that the Asian session is typically considered 2300-0700 GMT and that is how the BreakoutBox indicator is already set up.

I've now landed in the Paralysis by Analysis zone. I can't seem to figure out if I even need to change the BreakoutBox parameters? Isn't 2300-0700 GMT the same no matter where you are in the world? In which case I wouldn't need to change the paramters?

Or do I need to account for my time zone and the chart offset when setting up the parameters? If so, why?

I have a suspicion this is a simple answer and if so, please let me know. I've WAY overthought this and need help!

[capsmart]

What is important is the broker time and not your time.
Brokers have different times so the breakout time has to be adjusted accordingly.
Did that help?

[niells18]

Thanks for the reply.

So if the broker is 5 hours in front of me, should I subtract 5 hours from the breakout box parameters? Changing it from 2300-0700 to 1800-0200?

This is why I'm guessing I need to this but I don't know if I'm correct.

If I'm looking at 1800-0200 on my chart, but my chart broker is actually 5 hours in front of me, does that mean I'm actually looking at 2300-0700?

[marc walton]

Hi Niel, I was just about to reply to your email, but if I post on here it may help others & reduce my email load

Forex Timezone Convertor Timezones confuse the hell out of me. Just go to this site and put in your time zone. Then enter your time zone. You want the time 1 hour before the Australian market open & close. Now (as Vassilis said above) add the difference for your platform. So for me on London time the AUstralian market open and close is 23.00 to 07.00. SO I choose 22.00 & 06.00. Then add the time difference for my platform.

In your case as your platform is 5 hours in front you would have 22.00 + 5 = 03.00 to 11.00. Hope this makes sense, regards, marc

[capsmart]

Forget about your time zone.
What is important is your broker timezone compared to the "actual" time zone.
So change your watch to GMT time.
At 23 GMT watch the time of the current candle.
If it says 23 then you set your box 23 - 7
Now if at 23 GMT (according to your watch) your broker says 22 then since you want your box to start at this very moment change the box to 22 - 6
Again if at 23 GMT (according to your watch again) the broker says 24:00 and since you want the box to start this moment change the settings to 24 - 8

[niells18]

Vassilis and Marc,
Thank you both for the help. It makes complete sense now, thank you.
Niel

[niells18]

So I worked it out based on capsmart's formula to be 24-8.

This is just a goofy technical question. When I set the breakout box up as 24:00 - 08:00, the box starts at 23:00.

When I use 0:00, the box gets distorted and doesn't work properly.

I figure 23:45 is close enough and it actually puts the start of the box at 23:45. But has anyone else experienced this with the breakout box on metatrader?

[capsmart]

Good to hear that you found your way.
Concerning the start of the box on my platform it will start exactly at the time set. So if I set the start at 23:00 it will start at 23:00.
Concerning the 00:00 or 24:00 yes you are correct that it will not work as it should but it easy to overcome since you can set it at 23:45 and it will not make a difference.

[niells18]

great, thanks so much. sometimes i wonder if my system isn't working properly since i'm such a novice. 23:45 it is!