Drawing candlesticks Charts on MT5
The fourth option on the MetaTrader 5 charts menu is the candles button - used to choose the chart to trade with as candles.
To trade with these candles, the above MT5 buttons shows where a trader should select the button do choose This MT5 option.
These are drawn using also colour programming:
Red - Price headed downwards
Blue - Price headed upwards
This chart type is also preferred by many traders because they're more appealing for analysis & easier to trade with. A lot of information can be interpreted from these charts.
The will show the Opening, High, Low, Closing price of a particular time period. This is abbreviated O H C L.
The body of candles will show currency pair movement that was within the opening and closing price of a particular period - it's also used to determine a lot of data. For examples in the above chart the long blue body meant there were a lot of buyers and therefore the price movement was likely to continue in the upward bullish trend direction.
The upper and lower shadow, the wicks of the candlestick will show the highest point & the lowest point that the price reached.
Japanese candlesticks Tutorials
The Japanese patterns guides can be used to learn how to determine trend reversal signals or trend continuation signals from different patterns & formations.
To study more about the various strategies for trading these patterns, one can read these tutorials:
· Japanese candlesticks Tutorial
· Inverted Hammer Candlestick Pattern & Shooting Star Candle Pattern
· Piercing Line Candlestick Pattern & Dark Cloud Cover Candle Pattern
