What is a Oil Trading Price Chart?
A crude oil price chart is a representation of a sequence of oil prices drawn on a graph as a oil chart representation of crude oil price movements.
This crude oil price movement is then drawn over a period of time and this oil chart crude oil price moves drawn on the oil chart can be used to analyze the movement of oil price so as to determine if the oil trend for that oil trading instrument is down or up.
Crude Oil Price Charts
A Oil Trading crude oil price chart provides a representation of exchange rates (drawn on the y-axis) against time (drawn on the x-axis) for oil.
The movement of oil prices is drawn on these crude oil price charts. The chart can be drawn as candlestick crude oil price charts like the one below or as line crude oil price charts or bar crude oil price charts.
What is a Oil Trading Price Chart? - What is a Oil Trading Price Chart? - What are Oil Trading Charts
Technical analysis of oil charts is then applied to these charts by using oil trading tools provided by the oil trading software. For example MT4 crude oil trading platform provided oil indicators and oil line studies that can be used to analyze these oil trading charts.
Oil Trading charts can also be drawn using different chart timeframes.
The different chart timeframes are used by different types of crude oil traders.
For example:
- Oil Trading scalper use the 1 minute oil chart timeframe and the 5 minute oil chart timeframes
- Oil Trading day traders use the 15 minute oil chart timeframe and the 1 hour oil chart timeframes
- Oil Trading swing traders use the 4 hour oil chart timeframe and the daily oil chart timeframes
Periodicity Toolbar Menu on Oil Trading Software
Periodicity just means chart timeframes, in MT4 oil trading platform this charts time frames toolbar is used to select which chart time-frames to trade with.
Oil Trading Price Chart Timeframes - What are Oil Trading Price Charts?
The crude oil price charts - chart timeframes listed on the MT4 software are:
- 1 Min - M1
- 5 Min - M5
- 15 Min - M15
- 30 Min - M30
- 1 H - H1
- 4 Hours - H4
- Daily - D1
- Weekly - W1
- Monthly - MN
Type of Oil Trading Price Charts
The three common types of crude oil price charts used in oil trading are:
- Candlestick Oil Trading Price Charts
- Line Oil Trading Price Charts
- Bar Oil Trading Price Charts
These 3 types of crude oil price charts are covered in the topic Oil Trading Chart Types.
