Drawing Bar Charts in MetaTrader 4 Platform
The third option on the charts menu in MetaTrader 4 platform is the "Bar Chart" button. This button is used to select the drawing method of currency pair movement as price bars.
To trade currencies a trader may prefer to use the Bar Charts. The above menu button shows how a trader can select this option on the MetaTrader 4 platform.
These are drawn using color coding:
- Red bar – Price went down
- Blue bar – 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 price
The Lowest point shows the low of the 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 Forex traders as they are not very appealing in terms of technical analysis and traders tend to favor other types.