Greenwich Mean Time (GMT) called also Coordinated Universal Time (UTC) is used as the official world reference for time. You will often see time zones represented similar to UTC - 3h or GMT - 3h. In this example the (-3h) refers to that time zone being three hours behind UTC or GMT. UTC+3h or GMT +3h would refer to that time zone being three hours ahead of UTC of GMT. The difference in time between our local time and GMT (UTC) is called GMT offset.
Each brokerage companies has its own GMT offset (the difference in hours between GMT +0). We use the MetaTrader 4 terminal provided from them and we should comply with their GMT offsets. Many forex robots are GMT dependant. They need correct GMT offset to trade properly and show good results.
Due to its trading strategy Forex Diamond EA doesn't require GMT offset to be set in the robot settings for live trading. But it needs for backtesting! Therefore we will explain in details how to set correct GMT offset in Forex Diamond EA settings.
The parameters which you can change and set the correct GMT offset of your broker are: GMT_Offset and DST_Usage.
GMT_Offset - here you should enter the winter GMT offset of your broker. This parameter is very important for back-tests. If you do not enter the correct GMT Offset for the back-test history data loaded in your MT4 terminal, your back-tests will be incorrect. This is also important when you use the News Filter (Avoid_News=true) integrated in the robot.
DST_Usage (true/false) - if your broker server time is based on DST(Daylight Saving Time – your broker has different GMT offsets for winter and summer), you should set DST_Usage=true otherwise DST_Usage=false. This is very important parameter for the News Filter.
Setting correct GMT offset is also very important for the News Filter. As you know Forex Diamond EA is equipped with an advanced News Filter. By default the News Filter is disabled and therefore you don't need to set any GMT offset. But in case that you use or going to use the News Filter then you must set correct GMT offset otherwise the robot will not be able to detect the right time for the news and events.
If you are not sure about the winter GMT offset of your broker then you can kindly ask your broker. We are sure your broker will provide you this information. Don't forget to ask whether your broker changes its GMT offset during winter and summer. This is also important. If your broker changes its GMT during both seasons then set DST_Usage=true.
In case that something is not clear in this post or you have questions then don't hesitate to comment below or contact us. We will be happy to help you.