Drawing Candlesticks Charts in MetaTrader 4

The fourth option on the MT4 charts menu is the candlesticks button - used to select the chart to trade with as candles.

To trade with these candlesticks, the above button keys shows where a trader should choose the button do choose this option.

These are plotted using also color coding:

Red - Price went down

Blue - Price went up

This chart type is also preferred by many traders because they are more appealing for technical analysis and easier to trade with. A lot of data can be interpreted from these charts.

These will show the Opening, High, Low, Closing price of a specific time period. This is abbreviated O-H-C-L.

The body of the candlesticks will show stock indices instrument movement that was within the opening and closing price of a specific trading period - it is also used to determine a lot of data. For examples in the above chart the long blue body meant there were a lot of buyers and therefore the price movement was likely to continue in the upwards bullish trend direction.

The upper & lower shadow, the wicks of the candlestick will show the highest point and the lowest point that the price reached.

Japanese Stock Indices Trading Candles Lessons

The Japanese patterns guides can be used to learn how to determine trend reversal signals or trend continuation signals from different patterns & formations.

To learn more about the various trading strategies for trading these setups, one can read these guides:

Japanese Candles Tutorial

Marubozu & Doji

Spinning Tops

Reversal Patterns

Inverted Hammer Candlestick Pattern & Shooting Star Candlestick Pattern

Piercing Line Stock Candle-stick Pattern & Dark Cloud Cover Candlestick Pattern

Morning Star Candle Sticks and Evening Star Candles