MetaTrader 5, commonly known as MT5, is a platform MetaQuotes Software developed for online trading in forex, CFD, and futures markets. It provides traders with technical analysis tools, automated trading systems, the ability to create custom trading strategies, and more. It’s the successor to MetaTrader 4 and offers additional features like more timeframes, analytical tools, and the capability to trade on more markets than its predecessor.
How to Change Time in MetaTrader 5?
Traders can not change time in the MetaTrader 5 platform. Time represents brokerage server time and depends only on the broker. Usually, brokerage companies change time depending on the server’s time zone, “spring forward” and “fall back,” as the implementation of DST sets clocks forward by one hour in either the late winter or spring.
Server time in MetaTrader 5 refers to the timezone in which your broker’s server operates. This is important as it affects the time display on your charts and can impact various elements of your trading, like market opening and closing hours, end-of-day processing, and when certain events like news releases appear on your platform.
The broker usually sets the server time, which can differ from your local time. Some brokers set their server time to GMT (Greenwich Mean Time), while others might set it to New York time or the local time where their head office is located. For example, a broker’s head office in Cyprus might set their server time to Eastern European Time.
As a trader, it’s crucial to understand the server time because it can affect your trading strategy, primarily if it’s based on specific market opening hours. For instance, if you’re trading the Forex market, where trading sessions happen 24 hours a day, knowing the server time can help you identify the start and end of each trading session (Asian, European, and American sessions) accurately.
Server time can be typically found on the MT5 platform at the top of the Market Watch window, or it may also be displayed on the chart itself. If unsure, contacting your broker for information is always a good idea.
Please read our article on MT5 login problems.
MetaTrader 5, a powerful trading platform, is designed to ensure that trading operations are executed in real-time and accurately. For this reason, users cannot adjust the server time on their MT5 platforms. The time displayed reflects the broker’s server time, which is set and controlled solely by the brokerage company.
Typically, these companies set their server time based on the timezone of the region where their servers are located or according to Timestegic trading locations like GMT or New York Times. The server time could also change with the implementation of Daylight Saving Time (DST), a practice where clocks are set forward by one hour in late winter or spring, often referred to as “spring forward,” and set back by one hour in the fall, known as “fall back.”
Understanding this aspect of MT5 is crucial for traders because it can affect the execution and results of their trading strategies, primarily if they are based on specific market closing times. Therefore, users should be aware of their broker’s server time to trade effectively and adapt their strategies accordingly.