Drawing commodity candlesticks Charts in MT5
The fourth option on the MT5 charts menu is the commodity candles button key - used to select the chart to trade with as candles.
To trade with these candlesticks, the above MT5 button keys shows where a trader should choose the button key do choose This MetaTrader 5 option.
These are drawn using also color coding:
Red - Commodity Trading Price went down
Blue - Commodity Trading Price went up
This chart type is also preferred by many traders because they are more appealing for commodity technical analysis & easier to trade with. A lot of information can be analyzed from these charts.
These will show the Opening, High, Low, Closing commodity price of a specific time period. This is abbreviated O-H-C-L.
The body of the commodity candlesticks will show commodity trading price movement that was within the opening & closing commodity trading price of a specific trading period - it is also used to determine a lot of data. For examples in the above chart the long blue body meant there were a lot of buyers and therefore the commodity trading price movement was likely to continue in upward bullish commodity trend direction.
The upper and lower shadow, the wicks of the candlestick will show the highest point and the lowest point that the commodity price reached.
Japanese candlesticks Tutorials
The Japanese patterns guides can be used to learn how to determine commodity trend reversal signals or commodity trend continuation trading signals from different patterns & formations.
To know more about the various commodity trading strategies for trading these patterns, a trader can read these lessons:
Japanese candlesticks Tutorial
Inverted Hammer Candlestick Pattern & Shooting Star Candlestick Pattern
Piercing Line Commodity Trading Candle Pattern and Dark Cloud Cover Candle Pattern
Morning Star commodity candles & Evening Star Candles
