How Do I Read MetaTrader 5 Charts?
How Do You Trade MT5 Charts
There are 3 types of MetaTrader 5 Charts used in Gold:
MT5 Line Charts - MT5 line charts plot a continuous line connecting closing prices.
How Do You Interpret MT5 Charts? - How Do You Read MT5 Charts?
MT5 Bar Charts - MT5 bar charts are portrayed as sequence of OHCL bars. O-H-C-L represents OPEN HIGH LOW & CLOSE. The Opening price is highlighted as a horizontal dash to the left & the closing price as a horizontal dash to the right.
How Do I Interpret MT5 Charts? - How Do I Read MT5 Charts?
Main disadvantage of MT5 bar chart - MT5 Bar Chart is that it's not visually appealing, therefore most traders don't use MT5 Bar Charts.
Candlesticks Chart MT5 Candles Charts - these MT5 candles charts use the same price data as MT5 bar charts (open xauusd price, high xauusd price, low xauusd price, and close xauusd price). However, MT5 candles charts are represented a much more visually identifiable way which resembles a candlestick with wicks on both ends.
Interpret Candles MT5 Charts
The rectangle part of MT5 gold candlestick is known as the body.
The high xauusd price and low xauusd price are described as shadows and plotted as poking lines.
How Do I Interpret XAUUSD MetaTrader 5 Charts - How Do I Trade MT5 Charts?
The color of MT5 candle is either blue or red:
- (Blue or Green Color Candlesticks) - Prices moved upward
- (Red Color Candlesticks) - Prices moved downward
Most platforms like the MT5 Platform Software - uses colors to mark the direction of the price. MT5 Candlesticks Chart colors used are blue or green: when the price moves up, colour of MT5 Candlestick is blue: when the price moves down, colour of MT5 Candle is red.
How Do I Trade MT5 Charts
When MT5 candlesticks charts are used it is very easy to see if the prices moved up-wards or downwards as opposed to when MT5 bar charts are used.
Japanese candles charts methods also have very many different types of gold patterns - the most common ones are:
MT5 Chart Analysis
The above MT5 Charts Technical Analysis is what makes the MT5 Candles Chart Analysis popular among traders and it this why this type of technical MetaTrader 5 Chart analysis is the most commonly used when it comes to analyzing the market.
How Do I Analyze MT5 Charts? - How Do You Read MT5 Charts? - How Do I Interpret XAUUSD MetaTrader 5 Charts - How Do I Trade MT5 Charts?
