Drawing Bar Charts on MetaTrader 5
The third option on the charts menu in MT5 platform is the "Bar Chart" button. This button is used to choose the drawing method of currency pair movement as forex trading 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 MT5 option on the MT5 Platform.
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).
highest point shows the high of the price
Lowest point shows the low of the price
These 4 points Open, High, Close & Low are Referred to as O.H.C.L, abbreviation of first letter for these 4 areas, these Four O H C L zones will be illustrated on each & every single price bar.
These charts are not very popular among Forex traders as they are not very appealing in terms of forex technical analysis and traders tend to favor other types.
