Drawing Candlesticks Stock Indices Charts in MT4
The fourth option on the MT4 charts menu is the candlesticks button - used to select the chart to trade with as candles.
To trade with these candlesticks, the above button keys shows where a trader should choose the button do choose this option.
These are drawn using also color coding:
Red - Indices Price went down
Blue - Indices Price went up
This chart type is also preferred by many traders because they are more appealing for technical analysis and easier to trade with. A lot of information can be analyzed from these charts.
These will show the Opening, High, Low, Closing stock indices trading price of a specific time period. This is abbreviated O-H-C-L.
The body of the candlesticks will show stock indices price movement that was within the opening & closing stock indices price of a specific trading period - it is also used to determine a lot of information. For examples in the above chart the long blue body meant there were a lot of buyers & therefore the stock indices price movement was likely to continue in the upward bullish indices trend direction.
The upper & lower shadow, the wicks of the candle will show the highest point and the lowest point that the stock indices price reached.
Japanese Stock Indices Trading Candles Lessons
The Japanese patterns guides can be used to learn how to ascertain indices trend reversal signals or indices trend continuation trading signals from the different patterns & formations.
To learn and know more about the various indices trading strategies for trading these patterns, a trader can read these tutorials:
Inverted Hammer Candle Pattern & Shooting Star Candle Pattern
Piercing Line Indices Candle Pattern & Dark Cloud Cover Candle Pattern
