How do I change the timezone on MT5?
No, it is not possible because the time has been set by default by your broker. But find a broker that offers TradingView platform, it is very customizable and allows you change the timezone.
The time on MetaTrader is a function of the brokers server location. It may not be possible to do anything about it. Alternatively, you can ask your broker to let you open another trading account that will be hosted on a different server whose time aligns to your local time.
MT5 itself does not allow you to change timezone. It shows the broker server time. You can use time zone indicators to your local time.
I am in Nigeria, and for most of the year, our timezone is the same as that of London so before I open a trading account, I check that the brokers metatrader server is in London so the time on the metatrader is the same as Nigerian time.
Most brokers locate their servers in London or New York so if you reside in the far regions of China and Australia you will notice execution speed will not be as fast as another person close to London or NY. For this reason, brokers provide VPS services you can subscribe to for as low as $20 per month to solve the latency/execution speed issue.