Drawing stocks candlesticks Charts in MetaTrader 5
The fourth option on the MetaTrader 5 charts menu is the candles button key - used to select the chart to trade with as candlesticks.
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 color coding:
Red - Price went down
Blue - Price went up
This chart type is also preferred by many traders because they are more appealing for stocks technical analysis & easier to trade with. A lot of information can be interpreted from these charts.
The will show the Opening, High, Low, Closing stocks price of a specific time period. This is abbreviated O H C L.
The body of the candle-sticks will show stocks instrument movement that was within the opening and closing stocks price of a particular period - it is also used to determine a lot of data. For example 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 upwards bullish trend direction.
The upper & 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 tutorials can be used to learn how to determine stocks trend reversal signals or stocks trend continuation signals from different patterns and formations.
To learn more about the various strategies for trading these patterns, a trader can read these tutorials:
Japanese candlesticks Tutorial
Inverted Hammer Candlestick Pattern and Shooting Star Candlestick Pattern
Piercing Line Stocks Candle Pattern & Dark Cloud Cover Candlestick Pattern
Morning Star stocks candles & Evening Star Candles
What's a Trading Plan? - Written Plan Example Template
Alternatives: Automated Expert Advisors Robots or Copy Paste Signals
