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