IG is one of the leading brokers in the forex market, providing a wide range of products and services to traders worldwide. One of the essential features of forex trading is the use of candlestick charts, which provide valuable insights into market trends and price movements. However, traders often wonder when IG broker daily forex candles update, as this can affect their trading decisions and strategies. This article will explore the different factors that influence the update of daily forex candles on IG and how traders can use this information to their advantage.
Firstly, it’s important to understand that forex trading is a 24-hour market, meaning that trading takes place around the clock. However, the timing of daily forex candles update on IG may vary depending on several factors. The most significant factor is the time zone in which the broker operates. IG is headquartered in London, which is in the GMT time zone. Therefore, the broker’s daily candles update at midnight GMT, which is the start of a new trading day.
However, this does not mean that all forex pairs update their daily candles at the same time. Forex trading involves different time zones, and each currency pair has its unique trading hours. Therefore, the update of daily candles on IG varies depending on the market hours of the currency pair. For instance, the EUR/USD pair is one of the most traded currency pairs globally, and its trading hours are from 9 am to 5 pm EST. Hence, its daily candles update at 5 pm EST, which is midnight GMT. On the other hand, the AUD/USD pair’s trading hours are from 5 pm to 3 am EST, meaning its daily candles update at 3 am EST, which is 8 am GMT.
Another factor that affects the update of daily forex candles on IG is the type of candlestick chart used by the trader. IG offers two types of candlestick charts, namely the GMT close chart and the New York close chart. The GMT close chart updates daily candles at midnight GMT, while the New York close chart updates daily candles at 5 pm EST. Therefore, traders using the New York close chart will have a different candlestick pattern compared to those using the GMT close chart.
Traders should also be aware that the update of daily forex candles on IG may be delayed due to technical issues or server maintenance. In such cases, traders should contact the broker’s customer support for assistance or wait until the issue is resolved. Delayed updates can affect trading decisions, especially if traders rely heavily on technical analysis.
In conclusion, the update of daily forex candles on IG varies depending on several factors, including the broker’s time zone, the trading hours of the currency pair, and the type of candlestick chart used. Traders should be aware of these factors to make informed trading decisions and avoid confusion. Moreover, traders should always keep an eye on the market and the latest news that may affect their trades. With the right knowledge and strategies, traders can make the most out of daily forex candles and maximize their profits.
