Drawing Candlesticks Crude Oil Trading Charts in MT4
The fourth option on the MT4 charts menu is the candles button - used to choose the chart to trade with as candles.
To trade with these candlesticks, the above buttons shows where a trader should select the button do choose this option.
These are drawn using also color coding:
Red - Oil Trading Price went down
Blue - Oil Trading Price went up
This chart type is also preferred by many traders because they are more appealing for technical analysis & easier to trade with. A lot of data can be interpreted from these charts.
These will explain the Opening, High, Low, Closing crude oil price of a specific time period. This is abbreviated O H C L.
The body of the candle-sticks will show crude oil price movement that was within the opening and closing crude oil price of a specific trading period - it's 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 crude oil price movement was likely to continue in upward bullish oil trend direction.
The upper and lower shadow, the wicks of the candlestick will show the highest point & the lowest point that the crude oil price reached.
Japanese Crude Oil Candles Lessons
The Japanese patterns guides can be used to learn how to determine oil trend reversal signals or oil trend continuation signals from different patterns & formations.
To learn more about the various oil strategies for trading these patterns, a trader can read these lessons:
Japanese Candlesticks Tutorial
Inverted Hammer Oil Candle Stick Pattern and Shooting Star Oil Candle Pattern
Piercing Line Oil Candle Stick Pattern and Dark Cloud Cover Oil Candle Pattern
Morning Star Candles & Evening Star Candles
