I am totally confused with timezones and GMT for some of these trading systems, can someone clarify for me the following scenario:

TimeZone is stated as "Difference between server time and local time" and TimeTrade is stated as "Local time of opening orders."

News from UK comes out at 4:30 AM EST [I am in New York]
MIG Broker metatrader shows 10:30 AM [located in Switzerland]

If want to place a trade via an EA at 4:30 AM EST, what should I specify for both TimeZone and TimeTrade? I have specified TimeZone = 5 and TimeTrade = 4:30, is this correct?

By Server Time, I presume guess that's the MIG Broker time of metatrader and my Local Time difference.
By Local Time, I presume that's my local time which would be 4:30 AM.

Try this site http://wwp.greenwichmeantime.co.uk/ explains things well.

Gordon