Drawing Bar Charts in MetaTrader 4

The third option on the trading charts menu in MetaTrader 4 platform is the "Bar Chart" button. This button key is used to choose the drawing method of currency pair movement as price bars.

To trade currencies a trader might prefer to use the Bar Charts. The above menu button shows how a trader can select this option on the MT4 platform.

These are drawn using colour coding:

Red bar - Price headed down
Blue bar - Price headed up

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

highest point portrays the high of the price

Lowest point shows the low of the price

These four points Open, High, Close & Low are Known as O.H.C.L, the abbreviation of first letter for these four levels, these Four OHCL zones will be represented on each and every single price bar.

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

Study More Tutorials and Lessons:

Trade Forex Trading

Drawing Bar Charts in MetaTrader 4