MT4 Candlesticks Crude Oil Trading Charts
A Oil Trading chart is a graphical representation of crude crude oil price movement of a oil instrument over a given period of time.
Drawn on a grid and the user is at liberty to select which oil chart time frame they want to trade with. The oil trader may select to use hourly oil charts, daily oil charts or even 1 minute oil chart time frames.
To draw oil charts, three techniques are used. methods used to draw the crude oil charts defines the type of crude oil chart.
The three types of oil charts are: - Candlesticks Crude Oil Trade Charts - Bar Crude Oil Trade Charts - Line Crude Oil Trading Charts
- Line charts
- Bar charts
- Candlesticks oil charts - Most popular
MT4 Line Crude Oil Trading Charts
A single line is drawn from one closing crude oil price to the next, forming a continuous line.
This type of oil chart provides very little data on the chart and is therefore not very popular among crude oil traders. In fact this type of oil chart is rarely used.
Line Crude Oil Trading Chart in Crude Oil Trading – This type of oil chart leaves out important data about crude crude oil price movement. Information such as opening, high and low point of the crude crude oil price that are not represented on the graph.
This makes this type of oil line oil chart to be considered sketchy by oil technical analysts.
The oil chart below shows an example of a oil line crude oil chart.
MT4 Bar Crude Oil Trading Charts
Crude Oil Bar Charts – This type of oil chart shows the opening, closing, the high and the low, for a particular crude crude oil price interval and is represented by bars that look like the ones drawn below - hence its name bar crude oil charts
- Bar Crude Oil Trade Charts - bar oil chart has a vertical bar showing the total crude crude oil price movement.
- Left horizontal bar the opening
- Right horizontal bar the closing
- High & low denoted by the highest & lowest point
However, these oil bar oil charts are not very easy to work with, especially when they are not magnified. It becomes very hard to interpret the bar oil charts with ease when trading the crude oil market thus making them not very popular among crude oil traders.
A Bar chart that isn't magnified makes it hard to view the opening & closing crude crude oil price as illustrated by this example:
MT4 Candles Oil Trading Charts
Crude Oil Candles Charts – This is the most widely used type of oil charts, they resemble candles, thus their name - candlesticks crude oil charts.
Candlesticks charts shows opening, closing, high and low of a particular crude crude oil price interval.
The range between the open crude crude oil price and the close crude oil price is known as the body of the candle-stick.
Oil candlesticks oil charts is the most popular type of oil charts among online oil traders because it's the easiest to interpret when trading the crude oil trading market. Oil Trading candlestick oil charts also gives a lot of data about the crude crude oil price movement. This makes oil candlesticks charts the most widely used type of charting in Oil.
Oil Trading Candlesticks Charts
Shown Below is an example of candlesticks oil charts. To learn and know more about crude oil trading candles charts, read this topic:Technical Analysis of Japanese Oil Candles Patterns in Crude Oil Trading.
How to Select These Crude Oil Trading Chart Types in MetaTrader 4 Oil Trading Platform
To draw any of these types of crude oil charts on the MT4 Oil Software a oil trader can use the buttons below found on this MetaTrader 4 platform.
Drawing Oil Charts on MT4 Oil Software
- To Choose a Bar Crude Oil Chart Click the Bar Button Key
- To Choose a Candles Crude Oil Chart Click the Candlestick Button Key
- To Select a Line Crude Oil Trade Charts - Click the Line Button
