How to Read Forex MetaTrader 4 Charts Described Beginner Traders Tutorial

There are 3 types of charts used in Forex: Line, bar & candlesticks - how to read forex trading charts beginners tutorial.

How to Read MT4 Chart Patterns

Line Charts - forex line charts draws a continuous line connecting closing prices of a currency pair.

Forex Line MetaTrader 4 Chart - How to Read Forex MetaTrader 4 Charts Described Beginners Guide

MetaTrader 4 Chart Bar Charts - forex bar charts are displayed as sequence of OHCL bars. O H C L represents OPEN HIGH LOW & CLOSE. The Opening price is displayed as a horizontal dash on left & closing price as a horizontal dash on right.

Forex Bar MetaTrader 4 Chart Charts - How to Read Forex MetaTrader 4 Charts Described Beginners Guide

The main disadvantage of a bar chart MT4 Chart is that it is not visually appealing, therefore most traders don't use them.

Candlesticks Chart MT4 Chart - these forex candlesticks chart MT4 Chart use the same price data as bar charts (open, high, low, and close). However, they in a much more visually identifiable way which resembles a candle-stick with wicks on both its ends.

How to Interpret Candles Forex MetaTrader 4 Charts Described

The rectangle section is called the body.

The high and low are described as shadows & drawn as poking lines.

Forex Candles Charts - How to Read Forex MetaTrader 4 Charts Described Guide

The color of the forex candlestick is either blue or red:

• (Blue or Green Color Candlesticks) - Forex Prices moved up
• (Red Color Candles) - Forex Prices moved down

Most Forex trading platforms like the MT4 Software, use colors to mark the direction of the price. MetaTrader 4 Chart Candlesticks colors used are blue or green: when price moves upwards, color of MetaTrader 4 Chart candle is blue: when price moves downward, color of MetaTrader 4 Chart candle is red.

Forex Candlesticks Charts Vs. Bar Charts - How to Read Forex Charts Explained

When Forex MetaTrader 4 candles charts are used it's very easy to see if the price moved up or down as opposed to when MT4 bar charts are used.

The Japanese candles charts techniques also have very many patterns & formations that are used to trade the Forex Markets. These forex chart patterns have different FX technical analysis explanation & the most common are:

How to Read Forex MetaTrader 4 Charts Described Beginner Traders Tutorial

The above MetaTrader 4 Chart patterns is what makes the Japanese forex trading Forex MetaTrader 4 Charts Described candlesticks chart patterns popular among forex traders & it is why this type of technical MetaTrader 4 Chart analysis are the most widely used when it comes to interpreting the forex market.