Drawing Candlesticks XAGUSD Charts in MT4

The fourth option on the MT4 charts menu is the candlesticks button key - used to select the chart to trade with as candlesticks.

To trade with these candles, the above buttons shows where a trader should select the button do choose this option.

These are drawn using also color programming:

Red - Silver Price went down

Blue - Silver Price went up

This chart type is also preferred by many traders because they are more appealing for analysis and easier to trade with. A lot of data can be interpreted from these charts.

The will explain the Opening, High, Low, Closing price of a specific time period. This is abbreviated as OHCL.

The body of the candles will show trading price movement that was within opening and closing price of a specific 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 & therefore the trading price movement was likely to continue in upwards bullish silver trend direction.

The upper and lower shadow, the wicks of the candle will show the highest point and the lowest point that the trading price reached.

Japanese Trading Candlesticks Tutorials

The Japanese patterns tutorials can be used to learn how to ascertain silver trend reversal signals or silver trend continuation signals from different patterns & formations.

To know more about the various silver strategies for trading these patterns, a trader can read these guides:

Japanese Candles Tutorial

Marubozu and Doji

Spinning Tops

Reversal Patterns

Inverted Hammer Candle Pattern and Shooting Star Candlestick Pattern

Piercing Line Candlestick Pattern and Dark Cloud Cover Candlestick Pattern

Morning Star Candles and Evening Star Candles