MT4 Line Chart
A Commodity Trading chart is a graphical representation of commodity price movement of a commodity trading instrument over a given period of time.
Drawn on a grid & the user is at liberty to select which commodities trading chart time-frame they want to trade with. The commodity trader might select to use hourly charts, daily charts or even 1 minutes trading chart time frames.
To draw commodity charts, 3 techniques are used. The techniques used to draw the commodity charts defines the type of commodities trading chart.
The three types of commodity charts are: - Candlesticks Chart - Bar Chart - Line Chart
- Line charts
- Bar charts
- Candles commodity charts - Most popular
MetaTrader 4 Line Chart
A single line is drawn from one closing commodity price to the next thus forming a continuous line.
This type of trading chart provides very little information on the chart & is therefore not very popular among commodities traders. In fact this type of commodity trading chart is rarely used by traders.
Line Chart in Commodity Trading - This type of trading chart leaves out important information about commodity price movement. Information such as opening, high & low point of the commodity trade price that aren't represented on the graph.
This makes this type of commodity line chart to be considered sketchy by commodities trading technical analysts.
The commodity chart below shows example of a commodity line chart.
MT4 Bar Chart
Commodities Trading Bar Chart - This type of chart shows the opening, closing, the high and the low, for a particular commodity price interval and is represented by bars that look like the ones drawn below - hence its name bar charts
- Bar Chart - bar chart has a vertical bar showing the total commodity price movement.
- Left horizontal bar the opening
- Right horizontal bar the closing
- High and low denoted by the highest & lowest point
However, these commodity bar charts aren't very easy to work with, especially when they are not magnified. It becomes very hard to analyze the bar charts with ease when trading the commodities market thus making them not very popular among commodities traders.
A Bar chart that is not magnified makes it hard to view the opening & closing commodity price as illustrated by this example:
MT4 Candlesticks Chart
Commodity Trading Candlesticks Chart - This is the most widely used type of commodity charts, they resemble candles, thus their name - candles charts.
Candlesticks charts shows the opening, closing, the high & the low of a particular commodity price interval.
The range between the open commodity price & the close commodity price is called the body of the candle.
Commodity Trading candle sticks charts is most popular type of commodity charts among online traders because it is easiest to interpret when trading the commodities trading market. Commodity Trading candle-stick charts also gives a lot of information about the commodity price movement. This makes candles charts the most widely used type of charting in Commodity Trading.
Commodity Trading Candlesticks Chart Commodity Trading
Below is example of candlesticks charts. To know more about commodity trading candlesticks charts, read this topic: Technical Analysis of Japanese Commodity Candles Patterns in Commodity Trading.
How to Select These Commodities Trading Chart Types on MetaTrader 4 Platform
To draw any of these types of commodity trading charts on the MT4 Platform a trader can use the buttons below found on this MetaTrader 4 software.
Drawing Commodity Trading Chart in MetaTrader 4
- To Choose a Bar Chart Click the Bar Button
- To Choose a Candles Chart Click the Candlestick Button
- To Select a Line Chart - Click the Line Button
