Drawing Bar Charts in MetaTrader 4

The third option on the charts menu in MetaTrader 4 platform is the 'Bar Chart' button key. This button is used to choose the drawing method of xauusd instrument movement as gold trading price bars.

To trade on xauusd charts a trader may prefer to use the Bar Charts. The above menu button shows how a trader can select this option on the MetaTrader 4 software.

These are drawn using color programming:

• Red bar - XAUUSD Price went down
• Blue bar - XAUUSD Price market went up

These bars also have horizontal line to the left & to the right: these are used to show opening (left horizontal dash) & the closing (right horizontal dash).

The highest point shows the high of the gold trading price

Lowest point shows the low of the gold trading price

These 4 points Open, High, Close and Low are Referred to as O.H.C.L, abbreviation of the first letter for these Four levels, these 4 O H C L areas will be represented on every single bar.

These charts aren't very popular among XAUUSD traders as they are not very appealing in terms of technical analysis & traders tend to favor other types.