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