MT4 Candlesticks Chart
A Gold Trading chart is a graphical representation of xauusd trading price movement of a gold trading instrument over a given period of time.
Drawn on a grid & the user is at liberty to select which xauusd chart time frame they want to trade with. The trader might select to use hourly charts, daily charts or even 1 minutes chart time frames.
To draw gold charts, 3 techniques are used. The techniques used to draw the gold charts defines the type of xauusd chart.
The three types of gold charts are: - Candlesticks Chart - Bar Chart - Line Chart Gold
- Line charts
- Bar charts
- Candles gold charts - Most popular
MT4 Line Chart XAUUSD
A single line is drawn from one closing xauusd price to the next, forming a continuous line.
This type of trading chart provides very little information on the chart & is therefore not very popular among xauusd traders. In fact this type of xauusd chart gets rarely used by traders.
Line Chart in Gold Trading - This type of trading chart leaves out important information about xauusd trading price movement. Information such as opening, high & low point of the xauusd trading price that are not represented on the graph.
This makes this type of gold line chart to be considered sketchy by xauusd trading technical analysts.
The gold chart below shows example of a gold line chart.
MT4 Bar Chart XAUUSD
XAUUSD Trading Bar Chart - This type of chart shows the opening, closing, the high and the low, for a particular xauusd trading price interval & is represented by bars that look like the ones drawn below - hence its name bar charts
- Bar Chart - bar chart has a vertical bar showing the total xauusd trading price movement.
- Left horizontal bar the opening
- Right horizontal bar the closing
- High and low denoted by the highest & lowest point
However, these gold bar charts are not very easy to work with, especially when they are not magnified. It becomes very hard to analyze the bar charts with ease when trading the xauusd market thus making them not very popular among xauusd traders.
A Bar chart that is not magnified makes it hard to view the opening and closing xauusd trading price as illustrated by this example:
MT4 Candlesticks Chart XAUUSD
Gold Candlesticks Chart - This is the most widely used type of gold charts, they resemble candles, thus their name - candles charts.
Candlesticks charts shows the opening, closing, the high and the low of a particular xauusd trading price interval.
The range between the open xauusd price & the close xauusd trading price is called the body of the candlestick.
Gold Trading candles charts is the most popular type of gold charts among online traders because it is the easiest to interpret when trading the gold market. Gold Trading candlestick charts also gives a lot of information about the xauusd trading price movement. This makes candles charts the most widely used type of charting in Gold.
Gold Candlesticks Chart Gold
Below is example of candlesticks charts. To learn more about gold candlesticks charts, read this topic: Technical Analysis of Japanese Candles Patterns in Gold Trading.
How to Select These XAUUSD Chart Types on MetaTrader 4 Platform
To draw any of these types of gold charts on the MT4 Platform a trader can use the buttons below found on this MetaTrader 4 software.
Drawing Gold Chart in MetaTrader 4
- To Choose a Bar Chart Click the Bar Button
- To Choose a Candles Chart Click the Candlestick Button
- To Select a Line Chart - Click the Line Button
