Drawing Bar Charts in MT4

The third option on the trading charts menu in MetaTrader 4 platform is the "Bar Chart" button. This button key is used to choose the drawing method of price movement as price bars.

To trade on stock charts a trader may prefer to use the Bar Charts. The above menu button shows how a trader can select this option on the MT4.

These are drawn using color coding:

Red bar - Price moved downwards
Blue bar - Price moved upwards

These bars also have horizontal line to the left and to the right: these are used to explain the opening (left horizontal dash) & the closing (right horizontal dash).

The highest point shows the high of the market price

Lowest point shows the low of the market price

These four points Open, High, Close, Low are Known as O.H.C.L., abbreviation of the first letter for these 4 levels, these four OHCL levels will be represented on each & every single price bar.

These charts are not very popular among traders as they are not very appealing in terms of trading analysis & traders tend to favor other types.

Get More Lessons and Topics:

Trade Stock Indices

Drawing Bar Charts in MT4