Drawing Candlesticks Charts in the MetaTrader 4 Platform

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

To trade with these candlesticks, the above button keys shows where a gold trader should select the button do choose this option.

These are drawn using also color coding:

Red - Price moved downward

Blue - Price moved upward

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 info can be analyzed from these charts.

The will explain the Opening, High, Low, Closing price of a given period of time. This is abbreviated O H C L

The body of candles will show price movement that was within the opening and closing price of a particular period - it is also used to identify a lot of info. For examples in the above chart the long blue body meant there were a lot of buyers & therefore the price movement was likely to continue in upwards bullish trend direction.

The upper and lower shadow, the wicks of the candle will show the highest point & the lowest point that the price reached.

Japanese Trading Candles Guides

The Japanese patterns guides can be used to learn how to identify trend reversals or trend continuation signals from the different patterns & formations.

To learn more about the various gold strategies for trading these setups, one can read these guides:

Japanese Candles Tutorial

Marubozu & Doji

Spinning Tops

Reversal Patterns

Inverted Hammer Candle Pattern and Shooting Star Candle Pattern

Piercing Line Candle Pattern and Dark Cloud Cover Candle Pattern

Morning Star Candles & Evening Star Candlesticks

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Drawing Candlesticks Charts in the MetaTrader 4 Platform

Japanese Trading Candles Guides