MT4 Candles Charts - MT4 Bar Charts - MetaTrader 4 Line Charts
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 chart time frame they want to trade with. The commodity trader may select to use hourly charts, daily charts or even 1 minute trading chart time frames.
To draw commodity charts, 3 techniques are used. The methods used to draw the commodity charts defines the type of commodities trading chart.
The three types of commodity charts are: - Candles Charts - Bar Charts - Line Charts
- Line charts
- Bar charts
- Candlesticks commodity charts - Most popular
MT4 Line Charts
A single line is drawn from one closing commodity price to the next, forming a continuous line.
This type of chart provides very little information on the chart & is therefore not very popular among commodities traders. In fact this type of commodity chart is rarely ever used.
Line Chart in Commodity Trading - This type of chart leaves out important data about commodity price movement. Information such as opening, high & low point of the commodity price which are not represented on the trade graph.
This makes this type of commodity line chart to be considered sketchy by commodities trading technical analysts.
The commodity chart below shows an example of a commodity line chart.
MT4 Bar Charts
Bar Charts - 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 Charts - 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 are not very easy to work with, especially when they aren't 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 Charts
Commodity Candlesticks Charts - This is the most widely used type of commodity charts, they resemble candles, thus their name - candlesticks charts.
Candlesticks charts shows the opening, closing, the high & the low of a particular commodity price interval.
The range between the open commodity price and the close commodity price is known as 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 Candlesticks Trading Charts
Below is an example of candlesticks charts. To know more about commodity trading candles charts, read this topic: Technical Analysis of Japanese Commodity Candles Patterns in Commodity Trading.
How to Select These Commodity Trade Chart Types on MT4 Software
To draw any of these types of commodity charts on the MT4 Platform a trader can use the buttons below found on this MT4 software.
Drawing Commodity Charts in MT4
- To Select a Bar Chart Click the Bar Button
- To Choose a Candlesticks Chart Click the Candlestick Button
- To Select a Line Charts - Click the Line Button Key
