Drawing Bar Charts on the MetaTrader 4

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

To trade on charts a trader may prefer to use the Bar Charts. The above menu button shows how a trader can select & choose this option on the MetaTrader 4 platform.

These are drawn using color coding:

Red bar - Price went down
Blue bar - Price went upward

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

The highest point shows the high of the price

Lowest point highlights the low of the price

These 4 points Open, High, Close and Low are Referred to as O.H.C.L, abbreviation of the first letter for these Four levels, these 4 O H C L areas will be represented on every single bar.

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

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Drawing Bar Charts on the MetaTrader 4