Drawing Candlesticks Charts in MT4

The fourth option on the MT4 charts menu is the candlesticks button - used to select the chart to trade with as candles.

To trade with these candlesticks, the above button keys shows where a trader should choose the button do choose this option.

These are drawn using also color coding:

Red - Indices Price went down

Blue - Indices Price went up

This chart type is also preferred by many traders because they are more appealing for technical analysis & easier to trade with. A lot of information can be analyzed from these charts.

These will show the Opening, High, Low, Closing price of a specific time period. This is abbreviated O-H-C-L.

The body of the candlesticks will show price movement that was within the opening & closing price of a specific trading period - it is also used to determine a lot of information. For examples in the above chart the long blue body meant there were a lot of buyers & therefore the price movement was likely to continue in the upward bullish trend direction.

The upper and lower shadow, the wicks of the candle will show the highest point and the lowest point that the price reached.

Japanese Trading Candles Lessons

The Japanese patterns guides can be used to learn how to ascertain trend reversal signals or trend continuation signals from the different patterns & formations.

To learn & know more about the various indices strategies for trading these setups, a trader can read these guides:

Japanese Candles Tutorial

Marubozu and Doji

Spinning Tops

Reversal Setups

Inverted Hammer Candle-stick Pattern & Shooting Star Candle Pattern

Piercing Line Candle-stick Pattern & Dark Cloud Cover Candle Pattern

Morning Star Candlesticks and Evening Star Candlesticks