MT4 Candlesticks Charts
A Gold 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 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, three techniques are used. The techniques used to draw the gold charts defines the type of xauusd chart.
The three types of gold charts are: - Candles XAUUSD Charts - Bar Charts - Line Charts
- Line charts
- Bar charts
- Candlesticks gold charts - Most popular
MT4 Line Charts
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 chart & is therefore not very popular among xauusd traders. In fact this type of xauusd chart is rarely used by traders.
Line Chart in Gold Trading - This type of trading chart leaves out important data about xauusd price movement. Information such as opening, high and low point of the xauusd 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 an example of a gold line chart.
MT4 Bar Charts
Bar Charts - This type of 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 charts
- Bar Charts - bar 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 & lowest point
However, these gold trading bar charts are not very easy to work with, especially when they aren't 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 & closing xauusd price as illustrated by this example:
MT4 Candles Charts
Candlesticks Charts - This is the most widely used type of gold charts, they resemble candles, thus their name - candles charts.
Candlesticks charts shows opening, closing, high and low of a particular xauusd price interval.
The range between the open xauusd price & the close xauusd price is called the body of the candle.
Gold candlesticks charts is the most popular type of gold charts among online traders because it is the easiest to interpret when trading the gold trading market. Gold candlestick charts also gives a lot of information about the xauusd price movement. This makes candlesticks charts the most widely used type of charting in Gold.
Candle Sticks Charts
Shown Below is example of candles charts. To learn more about gold candlesticks charts, read this topic: Technical Analysis of Japanese Candles Patterns in Gold Trading.
How to Select These Gold Chart Types in MetaTrader 4 Software
To draw any of these types of gold charts on the MT4 Platform a trader can use the buttons below found on this MT4 software.
Drawing Gold Charts on MT4
- To Choose a Bar Chart Click the Bar Button
- To Choose a Candles Chart Click the Candlestick Button Key
- To Choose a Line Charts - Click the Line Button
