Drawing Bar Stock Indexes Charts in MT4
The third option on the charts menu in MT4 platform is the “Bar Indices Trading Chart” button. This button is used to select the drawing method of stock indexes price movement as stock indexes price bars.
To trade on stock indexes charts a indices trader may prefer to use the Bar Indices Trading Charts. The above menu button shows how a indices trader can select this option on the MT4 stock indexes trading platform.
These are drawn using color coding:
- Red bar - Indices Price went down
- Blue bar - Indices Price market went up
These bars also have horizontal line to the left and to the right; these are used to show the opening (left horizontal dash) and the closing (right horizontal dash).
The highest point shows the high of the indices price
The Lowest point shows the low of the indices price
These four points Open, High, Close, Low are Known as OHCL, abbreviation of the first letter for these four levels, these four OHCL levels will be represented on every single bar.
These charts are not very popular among Indices traders as they are not very appealing in terms of technical analysis and traders tend to favor other types.