Drawing Candlesticks Crude Oil Charts on MetaTrader 4 Platform
The fourth option on the MT4 charts menu is the candles button key - used to choose the chart to trade with as candlesticks.
To trade with these candlesticks, the above buttons shows where a trader should select the button do choose this option.
These are drawn using also color coding:
Red - Oil Price went down
Blue - Oil Price went up
This chart type is also preferred by many traders because they are more appealing for technical analysis & easier to trade with. A lot of data can be interpreted from these charts.
These will show the Opening, High, Low, Closing crude oil price of a specific time period. This is abbreviated as OHCL.
The body of the candle-sticks will show oil instrument movement that was within the opening & closing crude oil price of a particular trading period - it is also used to determine a lot of data. For example in the above chart the long blue body meant there were a lot of buyers and therefore the crude oil price movement was likely to continue in upwards bullish oil trend direction.
The upper and lower shadow, the wicks of the candlestick will show the highest point & the lowest point that the crude trading price reached.
Japanese Crude Oil Candlesticks Tutorials
The Japanese patterns tutorials can be used to learn how to determine oil trend reversal oil signals or oil trend continuation signals from different patterns & formations.
To learn & know more about the various oil strategies for trading these patterns, a trader can read these tutorials:
Inverted Hammer Oil Candle Stick Pattern and Shooting Star Oil Candle Pattern
Piercing Line Oil Candle Stick Pattern and Dark Cloud Cover Oil Candle Pattern
Morning Star Candles & Evening Star Candles
