Drawing Bar Commodities Charts on MetaTrader 4 Software
The third option on the charts menu in MT4 platform is the "Bar Commodity Trading Chart" button. This button is used to choose the drawing method of commodity instrument movement as commodities trading price bars.
To trade on commodity charts a trader may prefer to use the Bar Commodity Trading Charts. The above menu button shows how a trader can select this option on the MT4 platform.
These are drawn using color programming:
- Red bar - Commodities Price went down
- Blue bar - Commodities Price market went up
These bars also have horizontal line to the left and to the right: these are used to show opening (left horizontal dash) & the closing (right horizontal dash).
The highest point shows the high of the commodities trading price
Lowest point shows the low of the commodities trading price
These four points Open, High, Close, Low are Known as OHCL, abbreviation of the first letter for these four levels, these 4 OHCL levels will be represented on each and every single bar.
These charts aren't very popular among Commodities traders as they are not very appealing in terms of technical analysis & traders tend to favor other types.
