Drawing Candlesticks Charts in MT4
The 4th 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 colour programming:
Red - Indices Price headed down
Blue - Indices Price headed 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 particular time period. This is abbreviated O-H-C-L..
The body of the candles will show price movement that was within the opening and closing price of a specific 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 & the lowest point that the price reached.
Japanese Trading Candlesticks Lessons
The Japanese patterns guides can be used to learn how to ascertain trend reversal signal or trend continuation signals from the various patterns & formations.
To learn and know more about the various strategies for trading these setups, a trader can read these guides:
Inverted Hammer Candle Pattern and Shooting Star Candle Pattern
Piercing Line Candle-stick Pattern and Dark Cloud Cover Candle Pattern
Morning Star Candles and Evening Star Candles
