Drawing Bar Crude Oil Charts on MetaTrader 4 Oil Trading Platform

The third option on the charts menu in MT4 platform is the "Bar Oil Trading Chart" button. This button key is used to select the drawing technique of oil instrument movement as crude oil trading price bars.

To trade on oil charts a oil trader may prefer to use the Bar Oil Trading Charts. The above menu button shows how a oil trader can select this option on the MT4 software.

These are drawn using color coding:

• Red bar - Oil Price went down
• Blue bar - Oil Price market went up

These bars also have horizontal line to the left and to the right: these are used to show the opening (left horizontal dash) & closing (right horizontal dash).

The highest point shows the high of the crude oil trading price

The Lowest point shows the low of the crude oil trading price

These four points Open, High, Close, Low are Known as OHCL, abbreviation of the first letter for these four levels, these 4 OHCL levels will be represented on each & every single bar.

These charts are not very popular among Oil traders as they are not very appealing in terms of technical analysis and traders tend to favor other types.