Drawing Bar Charts on MT4

The third option on the charts menu in MT4 platform is the 'Bar Chart' button. This button key is used to choose the drawing technique of currency pair movement as price bars.

To trade currencies a trader may prefer to use the Bar Charts. The above menu button shows how a trader can select this option on the MT4 software.

These are drawn using color programming:

• Red bar - Price went down
• Blue bar - Price market went up

These bars also have horizontal line to the left and to the right: these are used to illustrate the opening (left horizontal dash) & the closing (right horizontal dash).

The highest point shows the high of the price

The Lowest point shows the low of the price

These four points Open, High, Close & Low are Known as O.H.C.L, the abbreviation of first letter for these four levels, these Four OHCL zones will be represented on each & every single price bar.

These charts are not very popular among Forex traders as they are not very appealing in terms of technical analysis & traders tend to favor other types.