Drawing Bar Crude Oil Charts on MetaTrader 4 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 trading price bars.
To trade on oil charts a trader may prefer to use the Bar Oil Trading Charts. The above menu button shows how a 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 opening (left horizontal dash) & closing (right horizontal dash).
highest point shows the high of the crude trading price
Lowest point shows the low of the crude 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.
