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