MT4 Candlesticks Chart XAUUSD
A XAUUSD chart is a graphical representation of gold trading price movement of a xauusd instrument over a given period of time.
Drawn on a grid & the user is at liberty to select which xauusd chart timeframe they want to trade with. Trader may select to use hourly charts, daily charts or even 1 minute chart timeframes.
To draw xauusd charts, 3 techniques are used. Methods used to draw the gold charts defines the type of gold chart.
The three types of xauusd charts are: - Candlesticks Chart Gold - Bar Chart Gold - Line Chart XAUUSD
- Line charts
- Bar charts
- Candlesticks xauusd charts - Most popular
MetaTrader 4 Line Chart XAUUSD
A single line is drawn from one closing gold price to the next, forming a continuous line.
This type of chart provides very little information on chart & is therefore not very popular among gold traders. In fact this type of gold chart gets rarely used by traders.
Line Chart in Gold - This type of chart leaves out important information about gold trading price movement. Information such as opening, high & low point of the gold price that are not represented on the graph.
This makes this type of xauusd line chart to be considered sketchy by xauusd technical analysts.
The xauusd chart below shows an example of a xauusd line chart.
MetaTrader 4 Bar Chart XAUUSD
XAUUSD Bar Chart Gold - This type of chart shows the opening, closing, the high and the low, for a particular gold trading price interval & is represented by bars that look like ones drawn below - hence its name bar charts
- Bar Chart Gold - bar chart has a vertical bar showing the total gold trading price movement.
- Left horizontal bar the opening
- Right horizontal bar the closing
- High & low denoted by the highest & lowest point
However, these xauusd bar charts are not very easy to work with, especially when they aren't magnified. It becomes very hard to analyze the bar charts with ease when trading the gold market thus making them not very popular among gold traders.
A Bar chart that isn't magnified makes it hard to view the opening and closing gold price as illustrated by this example:
MT4 Candlesticks Chart XAUUSD
XAUUSD Candlesticks Chart Gold - This is the most widely used type of xauusd charts, they resemble candles, thus their name - candlesticks charts.
Candlesticks charts shows the opening, closing, the high and the low of a particular gold trading price interval.
The range between the open gold price & the close gold price is called the body of the candle.
Gold candlesticks charts is the most popular type of xauusd charts among online traders because it is the easiest to analyze when trading the xauusd market. XAUUSD candlestick charts also gives a lot of data about the gold trading price movement. This makes candles charts the most widely used type of charting in XAUUSD.
XAUUSD Candlesticks Chart XAUUSD
Below is an example of candlesticks charts. To learn and know more about xauusd candlesticks charts, read this topic: Technical Analysis of Japanese Candlesticks Patterns in XAUUSD.
How to Select These Gold Chart Types on MT4 Software
To draw any of these types of gold charts on the MT4 Platform a trader can use the buttons below found on this MT4 software.
Drawing Chart Gold on MetaTrader 4
- To Select a Bar Chart Click the Bar Button
- To Choose a Candlesticks Chart Click the Candlestick Button
- To Select a Line Chart Gold - Click the Line Button
