Drawing Bar Gold Charts in MetaTrader 4 XAUUSD Trading Platform
The third option on the charts menu in MetaTrader 4 platform is the "Bar XAUUSD Chart" button. This button is used to select the drawing method of xauusd instrument movement as gold price bars.
To trade on xauusd charts a xauusd trader may prefer to use the Bar XAUUSD Charts. The above menu button shows how a xauusd trader can select this option on the MT4 gold trading platform.
These are drawn using color coding:
- Red bar - XAUUSD Price went down
- Blue bar - XAUUSD Price market went up
These bars also have horizontal line to the left and to the right; these are used to show the opening (left horizontal dash) and the closing (right horizontal dash).
The highest point shows the high of the xauusd price
The Lowest point shows the low of the xauusd price
These four points Open, High, Close, Low are Known as OHCL, abbreviation of the first letter for these four levels, these four OHCL levels will be represented on every single bar.
These charts are not very popular among XAUUSD traders as they are not very appealing in terms of technical analysis and traders tend to favor other types.