Diagram types and How to build them

 

There are 3 types of charts in MetaTrader 4:

• Line Chart
• Bar Chart
• Candlesticks

Line Chart

In order to build a Line Chart closing prices are used (for example minutes, hours, days and so on). Those prices are interconnected with straight lines.

To open a line chart, do one of the following:

• Press Alt+3
• Press the  button in the ‘Charts’ toolbar
• Select ‘Line Chart’ in the ‘Charts’ menu
• Open the line chart from the ‘Chart Setup’ window

 

Fig. 1. Line Chart example.

Bar Chart

Bar Chart is a diagram consisting of bars. Every bar contains the maximum price – high (upper point of a bar), the minimum price – low (the lower point of a bar), open price – open (line to the left of a vertical bar) and closing price – close (line to the right of a vertical bar) for the given period of time (for example an hour). Bar Charts are recommended to be used with 5 minutes or more time intervals.

To open a bar chart, do one of the following:

• Press Alt+1
• Press the  button in the ‘Charts’ toolbar
• Select ‘Bar Chart’ in the ‘Charts’ menu
• Open the bar chart from the ‘Chart Setup’ window

 

Fig. 2. Bar Chart example.

Candlesticks

Candlesticks Charts in comparison with Bar Charts are reflecting the real correlation between demand and supply on Forex displaying the winner of the fight between bears and bulls. Candlesticks provide more information about market situation as they display not only the direction of a price movement but its force too.

To open a candlestick chart, do one of the following:

• Press Alt+2
• Press the  button in the ‘Charts’ toolbar
• Select ‘Candlesticks’ in the ‘Charts’ menu
• Open the candlestick chart from the ‘Chart Setup’ window

 

Fig. 3. Candlesticks Chart example.