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.
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