Drawing Bar Charts in MT4

The third option on the charts menu in MT4 platform is the "Bar Chart" button. This button key is used to choose the drawing method of commodity price movement as commodity price bars.

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

These are drawn using color programming:

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

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

The highest point shows the high of the commodity price

Lowest point shows the low of the commodity price

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

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