Drawing Candlesticks Crude Charts on MetaTrader 4 Platform
The fourth option on the MT4 charts menu is the candles button key - used to choose the chart to trade with as candlesticks.
To trade with these candlesticks, the above buttons shows where a trader should select the button do choose this option.
These are plotted using also color coding:
Red - Price went down
Blue - Price went up
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 data can be interpreted from these charts.
These will show the Opening, High, Low, Closing price of a specific time period. This is abbreviated as OHCL.
The body of the candlesticks will show oil instrument movement that was within the opening and closing price of a particular period - it is also used to determine a lot of data. For example in the above chart the long blue body meant there were a lot of buyers and therefore the price movement was likely to continue in upward bullish trend direction.
The upper and lower shadow, the wicks of the candlestick will show the highest point & the lowest point that the crude trading price reached.
Japanese Crude Candlesticks Tutorials
The Japanese patterns tutorials can be used to learn how to determine trend reversal oil signals or trend continuation signals from different patterns & formations.
To learn and know more about the various strategies for trading these setups, a trader can read these guides:
Inverted Hammer Candle Pattern and Shooting Star Candle Pattern
Piercing Line Candle-stick Pattern and Dark Cloud Cover Candle Pattern
Morning Star Candlesticks and Evening Star Candles
What is a Trade Plan? - Writing a Plan Example Template
Alternatives: EA Automated Robots or Copier Trading Signals
