Drawing Bar Charts in the MT4 Software
The third option on the trading charts menu in MT4 platform is the "Bar Chart" button. This button key is used to select the drawing method of price movement as price bars.
To trade on stock charts a trader may prefer to use the Bar Charts. The above menu button shows how one can select & choose this option on the MT4.
These are drawn using color coding:
- Red bar - Price moved downwards
- Blue bar - Price moved upwards
These bars also have horizontal line to the left and to the right: these are used to explain the opening (left horizontal dash) & the closing (right horizontal dash).
The highest point shows the high of the market price
Lowest point shows the low of the market price
These 4 points Open, High, Close, Low are Known as O.H.C.L., abbreviation of the first letter for these four levels, these four OHCL levels will be represented on each & every single price bar.
These charts are not very popular among traders as they are not very appealing in terms of trading analysis & traders will tend to favor other types.
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