Drawing candlesticks Charts on MT5
The 4th option on the MetaTrader 5 charts menu is the 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 plotted using also color coding:
Red - Price headed downward
Blue - Price headed upward
This chart type is also preferred by many traders because they are more appealing for stock technical analysis & easier to trade with. A lot of information can be interpreted from these charts.
These will explain the Opening, High, Low, Closing stock trading price of a particular time period. This is abbreviated O.H.C.L.
The body of the candles will show stock price movement that was within the opening and closing stock 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 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 stock price reached.
Japanese candlesticks Tutorials
The Japanese patterns guides can be used to learn how to ascertain trend reversals or trend continuation signals from the various patterns & formations.
To learn and know more about the various strategies for trading these patterns, a trader can read these lessons:
Japanese candlesticks Tutorial
Inverted Hammer Candle-stick Pattern and Shooting Star Candlestick Pattern
Piercing Line Candle Pattern and Dark Cloud Candle-stick Pattern
