Drawing Bar Charts on MetaTrader 4 Software

The third option on the charts menu in MT4 platform is the "Bar Oil Chart" button. This button key is used to select the drawing technique of oil instrument movement as crude trading price bars.

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

These are drawn using color coding:

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

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

highest point portrays the high of the crude price

Lowest point portrays the low of the crude price

These four points Open, High, Close, Low are Known as OHCL, abbreviation of the first letter for these four levels, these 4 OHCL levels will be represented on each & every single bar.

The charts aren't very popular among traders as they are not very appealing in terms of technical analysis & traders tend to favor other types.