MT4 Candlesticks Chart
A Gold chart is a graphical representation of price movement of a instrument over a given period of time.
Drawn on a grid & the user is at liberty to select which chart timeframe they want to trade with. The trader might select to use hourly charts, daily charts or even 1 minutes chart timeframes.
To draw charts, 3 techniques are used. The techniques used to draw the charts defines the type of chart.
The three types of charts are: - Candlesticks Chart - Bar Chart - Line Chart Gold
- Line charts
- Bar charts
- Candles gold charts - Most popular
MT4 Line Chart XAUUSD
A single line is plotted from one closing price to the next, forming a continuous line.
This type of chart provides very little information on the chart & is therefore not very popular among traders. In fact this type of chart gets rarely used by traders.
Line Chart in Gold - This type of chart leaves out important information about price movement. Information such as opening, high and low point of the price that aren't represented on the graph.
This makes this type of line chart to be considered sketchy by technical analysts.
The chart below highlights example of a line chart.
MT4 Bar Chart XAUUSD
XAUUSD Trading Bar Chart - This type of chart shows the opening, closing, the high and the low, for a particular price interval & is represented by bars that look like the ones drawn below - hence its name bar charts
- Bar Chart - bar chart has a vertical bar showing the total trading price movement.
- Left horizontal bar the opening
- Right horizontal bar the closing
- High and low denoted by the highest & lowest point
However, these bar charts aren't very easy to work with, especially when they aren't magnified. It becomes very hard to analyze the bar charts with ease when trading the market thus making them not very popular among traders.
A Bar chart that is not magnified makes it hard to view the opening and closing price as shown by this example:
MT4 Candlesticks Chart XAUUSD
Candle-sticks Chart - This is the most widely used type of charts, they resemble candles, thus their name - candles charts.
Candlesticks charts displays the opening, closing, the high and the low of a particular price interval.
The range between the open price and the close price is called the body of the candlestick.
Gold candles charts is the most popular type of charts among online traders because it is the easiest to interpret when trading the market. Gold candlestick charts also gives a lot of information about the price movement. This makes candles charts the most widely used type of charting in Gold.
Candle-sticks Chart Gold
Below is example of candlesticks charts. To learn more about candlesticks charts, read this topic: Analysis of Japanese Candlesticks Patterns in Gold Trading.
How to Select These Chart Types on MetaTrader 4 Platform
To draw any of these types of charts on the MT4 Platform a trader can use the buttons below found on this MetaTrader 4 platform.
Drawing Chart in MetaTrader 4
- To Choose a Bar Chart Click the Bar Button
- To Choose a Candles Chart Click the Candlestick Button
- To Select a Line Chart - Click the Line Button
What is a Trade Plan? - Writing a Plan Example Template
Alternatives: Automated EA Robots Library or Copier Paste Trading Signals
