Drawing Candles Charts on MT4 Platform
The fourth thing you can click on the MT4 charts menu is the candlesticks button, which you use to pick the chart with candles.
To trade with these candles, the button keys up top show where an indices trader needs to click the button to choose this option.
These are drawn using also color coding:
Red - Indices Price headed down
Blue - Indices Price headed up
This particular chart format is favored by many traders due to its attractiveness for conducting technical analysis and its ease of use in trading. A wealth of information can be gleaned from these trading charts.
These figures display the opening, high, low, and closing prices for a particular time frame, abbreviated as OHLC.
The main part of the candles shows how the price moved between when it opened and closed during a certain time, and it's used to find out a lot. As an example, the long blue part above meant there were many buyers, so the price was likely to continue going up in a positive trend.
The upper and lower shadows, which are the lines on the candle, will show the highest and lowest points the price reached.
Japanese Trading Candlesticks Lessons
Japanese pattern guides teach spotting reversals or continuations. Learn from the shapes and setups.
Traders can study guides to learn more about strategies for these trade setups.
Identifying Spinning Top Candlestick Formations
Recognizing the Inverted Hammer Candle Pattern and the Shooting Star Candlestick Shape
Piercing Line Candlestick Pattern and Dark Cloud Candle Pattern
Morning Star Candlesticks & Evening Star Candlesticks
Acquire Additional Manuals and Training:
- How to Trade SPX500 Lesson to Trade SPX500 Indices
- How to Place US100 in MetaTrader 4 iPad App
- MACD Indices Analysis Buy & Sell Indices Signals Generation
- How to Analyze Stochastics Indicator
- Trade HangSeng 50 Strategy
- Hull Moving Average Index Indicator Analysis in Index Charts
