Drawing Candlesticks Charts in MetaTrader 4
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 select 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 & easier to trade with. A lot of data can be interpreted 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 candles will show stocks instrument movement that was within the opening and closing stocks price of a particular 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 stocks price movement was likely to continue in upward bullish stocks trend direction.
The upper and lower shadow, the wicks of the candlestick will show the highest point & the lowest point that the stocks price reached.
Japanese Stocks Candles Lessons
The Japanese patterns guides can be used to learn how to determine stocks trend reversal signals or stocks trend continuation signals from different patterns & formations.
To study more about the various stock strategies for trading these patterns, a trader can read these tutorials:
Japanese Candlesticks Tutorial
Inverted Hammer Candlestick Pattern & Shooting Star Candlestick Pattern
Piercing Line Stocks Candlestick Pattern & Dark Cloud Cover Candlestick Pattern
Morning Star Candles & Evening Star Candles
