In line with Admiral Markets (AM) goal of continuously improving their clients’ trading experience, the company announced an impending change in the time zone used on their MetaTrader platforms. Beginning 1st January 2014, both their MetaTraders 4 and 5 will officially be using EET (Eastern European Time). This move by the company is to ensure a higher level of accuracy of the pricing data being made available for all AM clients. “We will get rid of the ‘Sunday Bar Problem’ which led many technical analysis tools to give distorted values on daily charts”, AM Chief Operating Officer Aleksandr Ljubovski said in a statement.
These being established, shifting from GMT to EET (GMT+2 – winter; GMT+3 – summer) would mean a direct alignment to the New York trading session close at 4:59:59 PM EST (Eastern Standard Time), which also happens to signal the actual end of a Forex trading day worldwide.
"After the change in time zone, the close of the daily bar in our platforms will correspond to the New York trading hours close time", Ljubovski also stated. This will be very advantageous since closing prices reflect the result of the battle between the bulls and the bears in the Forex market. Furthermore, for traders focusing on daily price action, this will help in correctly determining and analysing real price action signals. “Higher timeframe price action traders will definitely like this change”, Ljubovski added.