Drawing Candlesticks Charts in MetaTrader 4
The fourth option on the MetaTrader 4 charts menu is the candlesticks button - used to select the chart to trade with as candlesticks.
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 - Stocks Price went down
Blue - Stocks 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 information can be analyzed from these charts.
These will show the Opening, High, Low, Closing stocks price of a specific time period. This is abbreviated O H C L.
The body of the candlesticks will show stocks instrument movement that was within the opening and closing stocks price of a particular trading period - it is also used to determine a lot of information. For example in the above chart the long blue body meant there were a lot of buyers and therefore the stocks price movement was likely to continue in the upwards bullish stocks trend direction.
The upper and lower shadow, the wicks of the candlestick will show the highest point and the lowest point that the stocks price reached.
Japanese Stocks Trading Candles Tutorials
The Japanese patterns tutorials can be used to learn how to determine stocks trend reversal signals or stocks trend continuation signals from the different patterns and formations.
To learn more about the various stock trading strategies for trading these patterns, a stocks trader can read these guides:
Japanese Candlesticks Tutorial
Inverted Hammer Candlestick Pattern and Shooting Star Candlestick Pattern
Piercing Line Stocks Candlestick Pattern and Dark Cloud Cover Candlestick Pattern
