What's a Forex Price Chart? - What is Forex Price Chart? - What are Forex Charts?
A price chart is a representation of a sequence of forex prices plotted on a graph as a chart representation of forex price movements.
This forex price movement is then plotted over a period of time and this forex chart price moves plotted on the forex chart can be used to analyze the movement of a particular currency pair so as to determine if the trend for that currency pair is down or up.
Forex Price Charts
A Forex price chart provides a representation of exchange rates (plotted on the y-axis) against time (plotted on the x-axis) for a given currency pair.
The movement of prices is plotted on these forex price charts. The chart can be plotted as candlestick price charts like the one shown below or as line price charts or bar price charts.
What is Forex Price Chart? - What is Forex Price Chart? - What are Forex Charts
Technical analysis of charts is then applied to these charts by using forex trading tools provided by the forex trading software. For example forex MetaTrader 4 platform provided forex indicators & forex line studies that can be used to analyze these forex trading charts.
Forex charts can also be plotted using different chart time frames.
The different chart time frames are used by different types of forex traders.
For example:
- Forex scalper use the 1 minute chart time frame and the 5 minute chart time frames
- Forex day traders use the 15 minute chart time frame and the 1 hour forex chart time frames
- Forex swing traders use the 4 hour forex chart time frame and the daily chart time frames
Periodicity Toolbar Menu - Chart Time Frames on MetaTrader 4
Periodicity just means chart time frames, in MetaTrader 4 forex software this charts time frames toolbar is used to select which chart time-frames to trade with.
Forex Price Chart Time frames - What are Forex Price Charts?
The forex price charts - chart time frames listed on the MetaTrader 4 platform are:
- 1 Min - M1
- 5 Minute - M5
- 15 Min - M15
- 30 Min - M30
- 1 H - H1
- 4 Hours - H4
- Daily - D1
- Weekly - W1
- Monthly - MN
Type of Forex Price Charts
The three common types of price charts used in Forex trading are:
- Candlestick Price Charts
- Line Price Charts
- Bar Price Charts
These 3 types of forex price charts are covered in the topic Forex Chart Types.
