Quote:
Originally Posted by jhansen
so the "universal proper GMT Offset Formula" should read:
Scalper_GMTOffset = Your MT4 Market watch HH:mm:ss - (minus) GMT HH:mm:ss. this will then result in either a positive offset, 0, or a negative offset.
And just to make sure: gmt offset is completely irrelevant if trading long term on the chart, right?
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Right on both counts.
This thread is one of the best examples I've ever seen of making things more complicated than they have to be.
There is only one Greenwich Mean Time and that is the time it is at the Greenwich Observatory in Greenwich, England, a little town outside London where the Greenwich Meridian was established long ago, as an effort to determine longitude through having a zero point from which to calculate how many degrees West of England a ship was on the Atlantic ocean in their ongoing effort to discover a sea route to India and the far East. The outstanding need was for accurate clocks that were set to GMT and once they calculated local time, the difference between GMT and local time gave them their longitude.
There is no such thing as "my GMT" or "your broker's GMT" or "Hawaii GMT."
All you need to know is the time in your market watch window and GMT. The difference is the offset. If your market watch window says 16:36:38 and GMT is 20:36:38, the offset is -4. If your market watch window says 00:36:38 and GMT is 20:36:38, the offset is +4.
Your local time zone has nothing to do with it other than when the markets open and close, if you want to be sitting in front of your computer at that time. The FOREX markets for us little people open at 2200 GMT on Sunday, and close at 2200 GMT the following Friday. Some brokers arbitrarily stop trading an hour earlier on Fridays and start trading an hour later on Sundays. The GMT times don't change, but local time may or may not change with Daylight Savings Time.
Unnecessary Complexity
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