Drawing Bar Charts in MetaTrader 5 Platform Software
The third chart option in MT5 is the Bar Chart button. It displays price action as bars.
To trade a trader may prefer to use the Bar Charts. The above menu button shows how a trader can select This MT5 option on the MT5 Software Platform.
These are drawn using colour coding:
- Red bar - Price went downwards
- Blue bar - Price went up
In addition, these bars feature horizontal lines on either side that describe the opening (left horizontal dash) and the closing (right horizontal dash).
highest point displays the high of the price
Lowest point displays the low of the price
These four data points - Open, High, Close, and Low - are collectively known as O.H.C.L., an acronym formed from the first letters of these four key price metrics: each bar on the chart will clearly feature these four O H C L zones.
Traders do not favor these charts much. They find them less useful for analysis and prefer other kinds.
Study More Topics & Courses:
- How to Set XAU USD Take-Profit Order on MT4 Android App
- How Do You Read Balance of Power(BOP) Indicator?
- How to Trade Coppock Curve Buy FX Signal
- How Do I Read XAUUSD Chart Data from MT5 XAUUSD Chart Data Window?
- The Most Active Gold Market Overlaps
- Sell XAU USD Signal Rules & Buy Gold Signal System Rules
- MetaTrader 4 Charts Bar and Gold Charts Tabs
- How Do I Start Trade on MT4 Software?
- How Do You Read Ehler MESA Adaptive MA Technical Indicator Buy and Sell Forex Signal?
- How to Add Moving Average Oscillator Gold Indicator on Trading Chart
