Drawing Candlesticks Charts in the MetaTrader 4

The fourth choice in MetaTrader 4 chart tools is the candles icon. It sets charts to candlestick view.

To use these candle-sticks for trading, the buttons above show which button a gold trader needs to press to pick this choice.

These are plotted using also color programming:

Red - Price headed down

Blue - Price headed up

This kind of chart is also liked by many traders because they look nicer when figuring things out and are easier to use when trading. You can figure out and understand a lot from these trading charts.

It displays the open, high, low, and close prices. This covers a set time period. Short form is OHLC.

Candlestick bodies tell you how XAUUSD moved between the open and close for a given period. For instance, in the chart above, a long blue body means buyers dominated and the price probably kept climbing in a bullish trend.

The top and bottom shadows, or lines on the candlestick, will show the highest and lowest points that the price reached during trading.

Japanese Candlesticks Lessons

Japanese pattern lessons show reversal or continuation signals. They explain various formations.

To deepen understanding of the various gold (xauusd) trading methodologies applied to these chart formations, a trader is advised to consult these instructional materials:

Lesson Covering Japanese Candlesticks

The Doji and Marubozu Candlestick Patterns

Spinning Tops

Reversal Patterns

Inverted Hammer Candle Pattern and Shooting Star Candle Pattern

Piercing Line Candle Pattern and Dark Cloud Candlestick Pattern

Morning Star Candles and Evening Star Candles

Get More Lessons:

Trade Forex Trading

Drawing Candlesticks Charts in the MetaTrader 4

Japanese Candlesticks Lessons