MetaTrader 4 Candles Charts
A chart is a graphical representation of trading price movement of a indices instrument over a given period of time.
Drawn on a grid & the user is at liberty to choose which timeframe they want to trade with. Trader may select to use hourly trading charts, daily charts or even 1 minute chart timeframes.
To draw charts, 3 techniques are used. Techniques used to draw the trading charts defines the type of chart.
The three types of charts are: - Candlesticks Charts - Bar Charts
- Line charts
- Bar charts
- Candlesticks charts - Most popular
Line Chart
A single line is plotted from one closing price to the next, forming a continuous line.
This type of chart provides very little data on the chart & is thenceforth not too be popular among stocks traders. In fact this type of chart rarely gets used by the traders.
Line Chart in Indices - This type of chart leaves out important information about price movement. Info like opening, high & low point of the price that are not represented on the graph.
This makes this type of indices line chart to be regarded as sketchy by stock trade technical analysts.
The chart below portrays example of a indices line chart.
Bar Chart
Bar Charts - This type of chart shows the opening, closing, the high and the low, for a specific price interval and is represented by bars that look like ones drawn below - hence its name bar charts
- Bar Charts - bar chart has got a vertical bar showing the total price movement.
- Left horizontal bar the opening
- Right horizontal bar the closing
- High and low denoted by highest & lowest point
However, these indices trading bar charts are not very easy to work with, especially when they aren't magnified. It becomes very difficult to interpret the bar chart with ease when trading the trading market thus making them not very popular among stock traders.
A Bar chart that isn't zoomed in makes it difficult to view the opening and closing price such as shown by this exemplification:
Candle Chart
Candlesticks Trade Charts - This is the most commonly used type of trading chart, they resemble candle-sticks, thus their name - candles charts.
Candles charts displays the opening, closing, high and the low of a particular price interval.
The range in between the open price & the close price is known as body of the candlestick.
Candlesticks charts is the most popular/liked type of charts among online traders because it's easiest to interpret when trading the trading market. Candle-stick charts also generates a lot of data about the price movement. This makes candles charts the most widely used type of charting in Indices.
Candlesticks Charts
Displayed Below is example of candlesticks charts. To learn and know more about candles charts, read the topic: Technical Analysis of Japanese Candles Patterns in Indices Trade.
How to Select These Chart Types on MT4 Software Platform
To draw any of the types of trading charts on the MetaTrader 4 Software Platform a trader can use the buttons below found on this MetaTrader 4 software platform.
Drawing Charts on MT4
- To Choose a Bar Chart Click the Bar Button
- To Choose a Candles Chart Click the Candlestick Button Key
- To Select a Line Charts - Click the Line Button
Get More Tutorials & Topics:
- What is Pip Value for HangSeng50 Index?
- DeMark Range Extension Stock Indices Indices Trading Indicator Analysis
- How Can I Add SPX 500 in MT5 iPhone Trade App?
- How to Install MT4 Indices Trade Platform/Platform Software
- Best NKY225 Trading Strategies
- How to Get Dow Jones Indices on MT5 Trading Platform
- Money Management Trade Index Risk Management
- How Can I Find SPX in MT4 App?
- What are the Explanation Examples of the Most Popular Stock Index?
- How Can I Use Stock Indices Technical Indicator Signals To Trade Index?
