This is an old classic technical analysis as it appeared for the first time in the western part of the world. Technical analysis was invented when people looked for pairs to interpret future price movements over security which was typical of the stock market back then. Hello there, this is Topratedforexbrokers.com here, and we continue our trading academy with a new concept regarding the charts and the MetaTrader. It’s the most popular trading platform when it comes to retail trading. And today we will discuss the particulars of a chart of a currency pair.

(8.13) We don’t want to repeat these steps every time. If we open a new chart, “File” “New Chart” and choose USD/Swiss Franc, we do not want to go back to properties, and so on, we can easily save the work that we have done, as a template, and then we use this template for any currency pair. (7.20) Open it again, and your work is saved. Right now, let’s say something happened like the power goes off. Or the trading platform gets blocked, or there is a problem with the internet etc. then your work won’t be saved. You have got to be very careful to save it, so you should close the platform from time to time.

Namely from where the previous bar ends, here, the next one opens, and then you have the highest point, then the lowest point and then the close. And we open a new chart or the one that we have open, for example, the USD/ Swiss Franc and then we right-click, template, and then we simply choose the template here which is topratedforexbrokers and then the chart appears in front of us. (4.19) And then it starts with the opening, the highest or at the lowest point, the close. The chart connects the previous closing price with the actual opening price of the candle.

Video Transcription: How to Set up a Chart in Metatrader

Unfortunately, the line chart does not give you the shadows of a candle, and it doesn’t give you the highest point in a candle or the lowest point in a candle. Sign up to our newsletter in order to receive our exclusive bonus offers and regular updates via email. (7.53) Here you have the hourly chart for the USD/Japanese yen, but as you see, we can easily it is to switch to the four-hour chart or switch to the daily chart, the daily prospective. But we do not want to repeat the process that we described here. (6.27) Drawing a trend line for example, further in time, And then maybe if we have a trend line of a triangle, then maybe the market broke the trend line, comes story tests, and it gives you future support and so on. I am just giving you ideas on how to use the space on the right-hand side.

Especially when you set the parameters for your charts. (1.49) ”Bar down” or a bearish move is shown in red, so a bull candle should be green, bearish candles should be red. You can choose any kind of background that you want. Let’s choose white and go with a black foreground so that we can see the data and the levels of the currency pair. And then we go onto the current, and you have three options for a chart. (3.58) So bar charts were the first approach to technical analysis, and a bar chart is very simple to explain.

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(0.43) So, for example, let’s choose USD / Japanese Yen. (5.44) And on the common we have the chart shift. We want the chart to shift so that we have room here for analysis, and we can just have candlesticks and no OHLC as we explained in the previous analysis. No grid and if we click ok the chart will appear in front of us. (3.11) So for every hour, you have the closing price, 1 hour, 1 hour, 1 hour and so on, so this is a line chart.

(2.50) They used bar charts, and you have the option to use the bar charts here. Or they used line charts and looked at the lines. This is a line that simply coincides with the closing price during the trading day, and it depends very much on the timeframe. (2.21) By default you will have a bar chart, what does this mean?

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(4.44) We have plenty of examples of Japanese candles here on our trading academy, especially reversal patterns which form and they are quite easy to spot. (0.25) First of all, you must pick a currency from this MarketWatch here. And it doesn’t matter what that currency is, as the steps that we will discuss here will be valid for both the Metatrader 4 and Metatrader 5.

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MT4 también viene con una variedad de estrategias de trading sugeridas ya incluidas.

But the Japanese approach became famous in the Western World, and Westerners embraced the Japanese candlesticks as they are very powerful. It will ONLY save when you close the trading platform. (5.19) Let’s go back to properties, and then on to the colours, let’s say we go back and choose white for the background and black for the foreground. Bar up, green and bar down, red, bull candle we choose green, bear candle, choose red, so we have all the colours set up again.