MT4 Candlesticks Charts

A chart is a graphical representation of price movement of a gold trading instrument over a given period of time.

Drawn on a grid and the user is at liberty to choose which xauusd chart time-frame they want to trade with. The trader might select to use hourly charts, daily charts or even 1 minutes chart time-frames.

To draw charts, three strategies are used. The techniques used to draw the charts defines the type of chart.

The three types of gold charts are: - Candles Charts - Bar Charts - Line Charts

1. Line charts
2. Bar charts
3. Candle-sticks charts - Most popular

MT4 Line Charts

A single line is drawn from one closing price to the next, forming a continuous line.

This type of chart provides very little information on chart & is therefore not very popular among traders. In fact this type of chart is rarely used by traders.

Line Chart in Gold Trading - This type of chart leaves out important data about xauusd price movement. Information such as opening, high and low point of the xauusd price that are not represented on the graph.

This makes this type of gold line chart to be considered sketchy by xauusd trading technical analysts.

The chart below portrays an example of a gold line chart.

MT4 Bar Charts

Bar Charts - This type of chart shows the opening, closing, the high and the low, for a particular xauusd price interval and is represented by bars that look like the ones drawn below - hence its name bar charts

• Bar Charts - bar chart has a vertical bar showing the total xauusd price movement.
• Left horizontal bar the opening
• Right horizontal bar the closing
• High and low denoted by the highest & lowest point

However, these gold trading 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 xauusd market thus making them not very popular among traders.

A Bar chart that is not magnified makes it hard to view the opening & closing price as depicted by this example:

MT4 Candles Charts

Candlesticks Charts - This is the most widely used type of gold charts, they resemble candles, thus their name - candle-sticks charts.

Candlesticks charts shows opening, closing, high and low of a particular xauusd price interval.

The range between the open xauusd price and the close xauusd price is called the body of the candle.

candlesticks charts is the most popular type of gold charts among online traders because it is the easiest to interpret when trading the trading market. candlestick charts also gives a lot of information about the xauusd price movement. This makes candlesticks charts the most widely used type of charting in Gold.

Candlesticks Charts

Shown Below is example of candles charts. To learn more about candlesticks charts, read this topic: Analysis of Japanese Candles Patterns in Gold Trading.

How to Select These Chart Types in MT4 Trading Software

To draw any of the types of gold charts on the MT4 Platform a trader can use the buttons below found on this MT4 platform.

Drawing Charts in MetaTrader 4

• To Choose a Bar Chart Click the Bar Button

• To Choose a Candles Chart Click the Candlestick Button Key

• To Choose a Line Charts - Click the Line Button