Drawing Bar XAUUSD Charts in MT4

The third option on the charts menu in MT4 platform is the "Bar Gold Chart" button. This button is used to select the drawing method of xauusd price movement as xauusd price bars.

To trade on xauusd charts a gold trader may prefer to use the Bar Gold Charts. The above menu button shows how a gold trader can select this option on the MT4 platform.

These are drawn using color coding:

• Red bar - Gold Price went down
• Blue bar - Gold Price market went up

These bars also have horizontal line to the left and to the right; these are used to show the opening (left horizontal dash) and the closing (right horizontal dash).

The highest point shows the high of the gold price

The Lowest point shows the low of the gold price

These four points Open, High, Close, Low are Known as OHCL, abbreviation of the first letter for these four levels, these four OHCL levels will be represented on every single bar.

These charts are not very popular among Gold traders as they are not very appealing in terms of technical analysis and traders tend to favor other types.