Drawing Bar Charts in 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 method of xauusd trading price movement as xauusd trading price bars.

To trade on xauusd charts 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 - Gold Price went down
• Blue bar - Gold Price market went up

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

The highest point shows the high of the xauusd trading price

Lowest point shows the low of the xauusd trading price

These four points Open, High, Close, Low are Referred to as OHCL, abbreviation of first letter for these 4 areas, these 4 O H C L levels will be illustrated on each and every single bar.

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