Charts in MT4
In this video, we’ll talk about the key part of the trading terminal – price charts.
In the previous video, we saw that there are several ways to open a new chart in MT4.
You can either click “File” – “New chart” or the “New Chart Icon” in the standard toolbar.
You can also choose a currency pair in the “Market Watch” window and drag it to the chart window.
By default, only Bid price is reflected on the chart in Meta Trader.
To see the ask price, choose “Charts” and then “Properties” in the menu or just click the right button and choose “Properties”.
In the window that appeared choose the tab “Common” and put a tick for “Show Ask line” option.
Then click OK. Each chart shows the price of a currency pair – or, in other words, the dynamics of one currency relative to another.
You can customize the color scheme of a chart.
Right-click the chart and then left-click “Properties”. You can choose the ready-to-use color diagrams or set your own color scheme.
If you want to save the scheme you’ve set and use it for other charts, press “Charts” – “Template” – “Save template”.
When you open a new chart, simply press “Charts” – “Template” – “Load template” and your color scheme will be applied to the chart.
There are 3 different chart types. You can switch between them by clicking icons in the “Charts” toolbar.
Line chart reflects dynamics of a pair’s closing prices. Bar chart consists of vertical columns.
The most popular chart type among the traders is Japanese candlesticks.
Each candlestick shows the opening, the closing, the highest and the lowest price of a period.
Candlesticks have a color you can set for yourself.
In this example, if the price increased during a time period, the candlestick is painted in green.
If the price decreased during a period, the candlestick is painted in red.
Each candlestick represents a designated time period. On the daily chart, every candle stands for 1 day.
On the H4 chart, each candle represents a 4-hour price movement and so on.
Candlestick is a quick and simple way to understand what the market was doing during the defined time period.
Charts are used to perform market analysis, using various technical tools.
You can add indicators, linear tools, figures, and text by pressing the “Insert” button in the main menu and choosing the element you need.
You will learn more about technical indicators from our next video.