Drawing Bar Charts in MetaTrader 4
The third option on the charts menu in MT4 platform is the 'Bar Chart' button key. This button key is used to choose the drawing technique of stock indices instrument movement as stock index price bars.
To trade on indices charts a trader may prefer to use the Bar Charts. The above menu button shows how a trader can select this option on the MT4 software.
These are drawn using color programming:
- Red bar - Indices Price went down
- Blue bar - Indices Price market went up
These bars also have horizontal line to the left & to the right: these are used to show the opening (left horizontal dash) and the closing (right horizontal dash).
highest point shows the high of the index price
The Lowest point shows the low of the index price
These four points Open, High, Close & Low are Known as O.H.C.L, the abbreviation of first letter for these four levels, these Four OHCL zones will be represented on each & every single price bar.
These charts are not very popular among Stock Indices traders as they are not very appealing in terms of technical analysis & traders tend to favor other types.
