MT4 Candlesticks Charts

A Oil Trading chart is a graphical representation of crude price movement of a oil instrument over a given period of time.

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

To draw charts, three strategies are used. Methods used to draw the charts defines the type of crude chart.

The 3 types of charts are: - Candlesticks Trade Charts - Bar Trade Charts - Line Charts

1. Line charts
2. Bar charts
3. Candles charts - Most popular

MT4 Line Charts

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

This type of chart provides very little data on the chart and is therefore not very popular among crude traders. In fact this type of chart is rarely used.

Line Trading Chart in Oil Trading - This type of chart leaves out important data about price movement. Information such as opening, high & low point of the price that aren't represented on the graph.

This makes this type of oil line chart to be considered sketchy by technical analysts.

The chart below highlights example of a oil line chart.

MT4 Bar Oil Charts

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

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

However, these oil bar charts are not very easy to work with, especially when they aren't magnified. It becomes very hard to interpret the bar charts with ease when trading the market thus making them not very popular among crude traders.

A Bar chart that isn't magnified makes it hard to view the opening & closing price as shown by this example:

MT4 Candles Charts

Crude Candles Charts - This is the most widely used type of charts, they resemble candles, thus their name - candlesticks charts.

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

The range between the open price and the close price is known as the body of the candle.

candlesticks charts is the most popular type of charts among online traders because it's the easiest to interpret when trading the crude trading market. Oil Trading candlestick charts also gives a lot of data about the price movement. This makes candlesticks charts the most widely used type of charting in Oil.

Trading Candle-sticks Charts

Shown Below is example of candlesticks charts. To learn & know more about crude trading candles charts, read this topic:Technical Analysis of Japanese Candles Patterns in Oil Trading.

How to Select These Trading Chart Types in MetaTrader 4 Platform

To draw any of the types of crude charts on the MT4 Platform a trader can use the buttons below found on this MetaTrader 4 platform.

Drawing Oil Charts on MT4 Platform

• To Choose a Bar Chart Click the Bar Button Key

• To Choose a Candles Chart Click the Candlestick Button Key

• To Select a Line Trade Charts - Click the Line Button