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I keep my clocks at the timezone I live in (MST) and just do the quick calculations off the top of my head if I need to time something for EST or London.
Can you help answer these questions from other members on NexusFi?
Are there any suggestions for how to setup chart session times correctly when charting both the US and EU sessions.
For example say you want to trade the Euro and you would like to chart both the London and the US session. These are the periods where the most volume and volatility exists for this product. So the Asian session would be thought of as the overnight.
The problem comes in the fact that the London and US daylight savings times start/end at different times of the year. There is about 1-2 weeks difference coming into and out of daylight savings between London (EU) and US.
So if you were to use a London session template, the start time would always line up to the start of the London session. However when London goes into daylight savings, the US doesn't do so for another couple weeks.
This is not an issue for those trading US based products (eg: ES). However for Currency futures, there is no doubt that the majority of the volume and volatility happens during both the US and EU sessions.
This is only really a problem twice a year for 1-2 weeks. But never the less this screws with what you're seeing (especially gaps)
Any suggestions?
(I use Sierra Chart so would appreciate any direct advice on the platform. But any general non platform suggestions will help too)
Giving this a quick bump and then ill shut up if no one responds. There's quite a few Euro traders on the forum. If you've ever wanted to only chart the EU + US session (ie: the highest volume and volatility periods), then the above issue will affect you. For US based products this isn't really an issue, but it certainly is for EU currency trading (eg: Euro, Pound).
I use several of the eth/rth session templates in Ninja, according to what I want to see for different instruments, rth patterns/highs/lows/fibs and eth highs/lows/fibs are all relevant. Interestingly, the one I am finding more useful now is the Eurex 14 hour period, basically it says Asia time doesn't currently matter anywhere near as much and, as it drives the 4 hour cycles, that works for me. I don't know SC so can't help there.
I have no good platform solution for the clock time-shift week(s), but then I am usually a screw-up at those times of year anyway, so gap concerns would just be white noise.
Thanks ratfink. I kind of figured there was no platform solution but thought id throw it out there just in case.
Im surprised that this hasn't come up more often, specifically with currency traders. The fact that daylight savings in the EU and US starts/ends a couple weeks apart makes a big difference in what you're looking at over that period.
so I am going thru this thread and I got some questions:
(1) So I set my PC to my local time zone (GMT+8)
(2) When I load the templates (all CME Group products), by default, they will be on the time zone of the exchange because they have been preset per instrument manager. (I'll ignore 'importing data' for now as I don't know what it really does)
(3) I m looking at daily chart and tick chart. The tick chart is correctly displayed as per my local time zone (e.g. 4.13 pm 14 Feb 2014) but the daily chart is one day ahead (15 Feb 2014)...Did I miss out on something here? Refer to attachment
@dimpledbrain: The session template is only applied to intraday charts such as minute or tick charts. All intraday charts are displayed in local time as selected for your PC. Session templates are used to determine the start and end of the contractual trading day.
If you look at a daily chart, the data is shown as supplied by your data provider. For example, if your data provider supplies daily bars with a time stamp (closing time) of 4:00 PM Central Time (for 6E), this time stamp is converted to your local time, which would be 6:00 AM next day. Yesterday's daily bar which closed at 4:00 PM on February 13, therefore got a time stamp at 6:00 AM on February 14. Therefore it is displayed with a date of February 14.
If you display a daily chart for a Malaysian or other Asian exchange, those bars will not be shifted forward by one day, because their time stamps are more or less in line with local time. There is nothing wrong with this ... the globe is round and somehow the charting software has to take that into account.
Ok, got it. So in this instance, I'll just have to read the daily chart and tick charts as it is now right? The daily chart bars will not be adjusted retrospectively right...meaning in this instance, it will always be 1 day ahead....
Yes, the daily chart will always show 1 day ahead. This is because you are located in Malaysia.
6E closes a 4:00 PM CT. That means that a trader located in Athens will see the close at midnight local time and still have the correct trading day.
However, that same trader will get a daily bar with the date of the next day for CL, as CL closes at 5:15 PM EST, which is 0:15 AM in Athens.
Anybody located east of Athens will see the same behavior. Traders in Central Europe and further West are not affected, as the US trading day typically ends prior to 6:00 PM EST.