Drawing indices candlesticks Charts in MT5
The fourth option on the MT5 charts menu is the indices candlesticks button - used to choose the chart to trade with as candles.
To trade with these candles, the above MT5 buttons shows where a trader should select the button do select This MT5 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 stock indices technical analysis and easier to trade with. A lot of information can be interpreted from these charts.
These will explain the Opening, High, Low, Closing stock indices trading price of a specific time period. This is abbreviated O-H-C-L.
The body of the indices candles will show stock indices price movement that was within the opening & closing stock indices price of a particular trading period - it's 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 stock indices price movement was likely to continue in the upward bullish indices trend direction.
The upper & lower shadow, the wicks of the candle will show the highest point & the lowest point that the stock indices price reached.
Japanese candlesticks Tutorials
The Japanese patterns guides can be used to learn how to ascertain indices trend reversal signals or indices trend continuation signals from the different patterns & formations.
To learn and know more about the various indices strategies for trading these patterns, a trader can read these lessons:
Japanese candlesticks Tutorial
Inverted Hammer Candle Pattern & Shooting Star Candle Pattern
Piercing Line Indices Candlestick Pattern & Dark Cloud Cover Candle Pattern
Morning Star indices candlesticks and Evening Star Candlesticks
