MT4 Candle-sticks Chart XAUUSD
A chart is a graphical representation of price movement of a instrument over a given period of time.
Drawn on a grid & the user is at liberty to select which chart timeframe they want to trade with. Trader may select to use hourly charts, daily charts or even 1 minute chart timeframes.
To draw charts, 3 techniques are used. Methods used to draw the charts defines the type of chart.
The 3 types of charts are: - Candle-sticks Chart Gold - Bar Chart Gold - Line Chart XAUUSD
- Line charts
- Bar charts
- Candle-sticks charts - Most popular
MetaTrader 4 Line Chart XAUUSD
A single line is drawn from one closing price to the next, forming a continuous line.
This type of chart provides very little information on chart & is therefore not very popular among traders. In fact this type of chart gets rarely used by traders.
Line Chart in Gold - This type of chart leaves out important information about price movement. Info such as opening, high & low point of the price that are not represented on the graph.
This makes this type of xauusd line chart to be regarded as sketchy by technical analysts.
The chart below highlights an example of a line chart.
MetaTrader 4 Bar Chart XAUUSD
XAUUSD Bar Chart Gold - This type of chart shows the opening, closing, the high and the low, for a particular price interval & is represented by bars that look like ones drawn below - hence its name bar charts
- Bar Chart Gold - bar chart has a vertical bar showing the total price movement.
- Left horizontal bar the opening
- Right horizontal bar the closing
- High & low denoted by the highest & lowest point
However, these bar charts aren't 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 market thus making them not very popular among traders.
A Bar chart that isn't magnified makes it hard to view the opening and closing price as depicted by this example:
MT4 Candle-sticks Chart XAUUSD
Candle-sticks Chart Gold - This is the most widely used type of charts, they resemble candlesticks, thus their name - candlesticks charts.
Candle-sticks charts highlights the opening, closing, the high and the low of a particular price interval.
The range in between the open price & the close price is called the body of the candle.
candlesticks charts is the most popular type of charts among online traders because it is the easiest to analyze when trading the market. candlestick charts also gives a lot of data about the price movement. This makes candles charts the most widely used type of charting in XAUUSD.
Candle-sticks Chart XAUUSD
Below is an example of candlesticks charts. To learn and know more about candles charts, read the tutorial: Analysis of Japanese Candles Setup Patterns in XAUUSD.
How to Select These Chart Types in MetaTrader 4 Software
To draw any of these types of charts on the MT4 Software a trader can use the buttons below found on this MT4 platform.
Drawing Chart Gold on MT4
- To Select a Bar Chart Click the Bar Button
- To Choose a Candle-sticks Chart Click the Candlestick Button
- To Select a Line Chart Gold - Click the Line Button
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