Drawing Candlesticks Charts in the MetaTrader 4 Platform

The 4^th option on the MT4 charts menu is the candles button - used to choose and select the chart to trade with as candles.

To trade using these candlesticks, the button keys above show where a gold trader selects the button to use this specific setting.

These are also represented using color coding:

Red - Price moved downward

Blue - Price moved upward

Many traders favor this chart style. It works well for technical study and is simple to use. You can pull lots of data from these charts.

OHLC bars show open, high, low, and close prices for a time frame.

Candle bodies reveal price shifts between open and close in a time frame. They help spot key details too. Take the chart above. That long blue body showed many buyers at work. So prices would likely keep climbing in a bullish trend.

Candle wicks mark the high and low prices touched. They form the upper and lower shadows.

Japanese Trading Candles Guides

You can use the Japanese patterns to learn how to spot when trends might change or keep going based on different patterns.

To discover more about various gold trading strategies for these patterns, you can refer to these guides:

Instruction Manual for Japanese Candlestick Analysis

Marubozu & Doji

Candlestick Pattern: Spinning Tops

Identifying Reversal Chart Patterns

Familiarizing with the Inverted Hammer Candle Pattern and the Shooting Star Candle Pattern

Analyzing the Piercing Line Candle Pattern and the Dark Cloud Cover Candlestick Formation

Morning Star and Evening Star candle patterns.

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Drawing Candlesticks Charts in the MetaTrader 4 Platform

Japanese Trading Candles Guides