The time-zone is set to whatever your broker is using.
Broker says it is set by MQL :)
I think in this matter cTrader is better as it leaves the option to Trader rather than Broker. After all the Platform is for Trader and MUST be for their convenience.
Irrespective of what cTrader offers or not, is irrelevant because the fact is that you are using MetaTrader in this case, and it does not offer that possibility.
The TimeZone in effect and the date/time you see shown on the "Market Watch" window, comes from the Broker, not from the MetaTrader terminal.
So, go to the Broker's website and search their details and find out what TimeZone they are using!
Brokers use a variety of timezones. Their local time (with or without DST,) GMT/UTC, GMT+2, NY+7.
Only with NY+7 does the broker's 00:00 equals 5pm ET and the start of a daily bar is the start of a new FX day.
GMT brokers, means there is a 1 or 2 hour D1/H4 bar on Sunday (depending on
NY DST,) and a short Friday bar.
GMT+2 is close but doesn't adjust for NY DST.
EET is closer except when their DST
doesn't match NYs. Last Sunday of March and 1:00 on the last Sunday of October
vs second Sunday in March and return at 2:00 a.m. EDT to
1:00 a.m. EST on the first Sunday in November.
Non-NY+7, means the chart daily
bar overlaps the start, and converting broker time to NY time requires broker to GMT to NY timezone conversions.
Reference to cTrader offering this feature was only to emphasize the option of such a feature on another Platform.
According to my Broker and forums of some other Broker's this feature is not available on MetaTrader. Therefore,the Developer's at MQL have to look into it to incorporate this feature.
Btw, I checked with my Broker before posting this and his reply is pasted below:-
Thank you very much for contacting .................
This is not something ...............can adjust.
Please be informed that this is a default option that comes from METAQUOTES.
METAQUOTES is the company that created the
MT5. You can contact them directly here:http://www.teamwox.com/en/about/feedback
I remain at your disposal for any further assistance.
Name of Broker blanked to maintain confidentiality.
Tried to contact the Support at Teamwox and waited for 30 minutes but no response. So decided to post it on this forum.
I hope I am able to explain the issue with a clearer perspective now.