What is Candlestick in Silver Trading?
A Silver Trading candlestick is a xagusd price representation which is used to represent the high, low, opening xagusd price and closing xagusd prices for a specific period of time. Silver candlesticks looks like a candle with wicks on both ends thus their name - candles.
This type of xagusd price representation is commonly used by silver traders because it is easier to trade with and interpret when analyzing xagusd price movement on the xagusd charts.
This candlesticks pattern can be selected for trading in the MetaTrader 4 platform & traders can then use this candlesticks silver charts when trading silver.
Candles Silver Trading Charts - these candlesticks silver charts use the same xagusd price data as bar silver charts (open, high, low, and close). The silver candlesticks resembles a candle with wicks on both ends.
How to Analyze Candlesticks XAGUSD Charts
Rectangle section is called the body.
The high & low are described as shadows and plotted as poking lines.
How to Read Silver Charts Beginner Traders Guide
The color of the xagusd candlestick is either blue or red:
- (Blue or Green Color Candles) - Silver Prices moved up
- (Red Color Candlesticks) - Silver Prices moved down
Most silver trading platforms like the MT4 Silver Trading Platform, use colors to mark the direction of the xagusd price. Candles colors used are blue or green: when xagusd price moves up, color of candle is blue: when xagusd price moves downwards, color of candlestick is red.
Drawing Candles XAGUSD Charts in MetaTrader 4 Platform
To draw these on the MT4 Silver Trading Platform, choose the charts drawing tools within the "MT4 Toolbar" - shown below.
Drawing Candlesticks Silver Charts on MetaTrader 4
To view this toolbar on MT4 platform go to 'View' Next to file at the tops left corner of the MT4 Platform, Click 'View', Then Click 'Tool bars', Then check the 'Charts' Button. The above MT4 toolbar will appear.
Once above charts tool bar, appears you can then select the type of silver chart you want to convert to, If you want to trade using the bar silver charts format, click the bar silver chart tool button as shown above, for line silver chart trading click the line xagusd charts tool button key, for Japanese candles silver charts click the "candlesticks xagusd charts tool button".
