|In this video, we’ll talk about the key part of the trading terminal – price charts.
|In the previous video, we saw that there are several ways to open a new chart in MT4.
|You can either click “File” – “New chart” or the “New Chart Icon” in the standard toolbar.
|You can also choose a currency pair in the “Market Watch” window and drag it to the chart window.
|By default, only Bid price is reflected on the chart in Meta Trader.
|To see the ask price, choose “Charts” and then “Properties” in the menu.
|In the window that appeared choose the tab “Common” and put a tick for “Show Ask line” option. Then click OK.
|Each chart shows a price of a currency pair – or, in other words, the dynamics of one currency relative to another.
|You can customize the color scheme of a chart.
|Right-click the chart and then left-click “Properties”.
|You can choose the ready-to-use color diagrams or set your own color scheme.
| If you want to save the scheme you’ve set and use it for other charts, press “Charts” – “Template” – “Save template”.
|When you open a new chart, simply press “Charts” – “Template” – “Load template” and your color scheme will be applied to the chart.
|There are 3 different chart types.
|You can switch between them by clicking icons in the “Charts” toolbar.
|Line chart reflects dynamics of a pair’s closing prices.
|Bar chart consists of vertical columns.
|Highest and lowest points are the maximum and minimum prices of a period.
|Horizontal lines to the left and to the right mark opening and closing prices.
|The most popular chart type among the traders is Japanese candlesticks.
|Each candlestick shows the opening, the closing, the highest and the lowest price of a period.
|Candlesticks have a color you can set for yourself.
|In this example, if the price increased during a time period, the candlestick is painted in green.
|If the price decreased during a period, the candlestick is painted in red.
|Each candlestick represents a designated time period.
|On the daily chart, every candle stands for 1 day.
|On the H4 chart, each candle represents a 4-hour price movement.
|Candlestick is a quick and simple way to understand what the market was doing during the defined time period.
|Charts are used to perform market analysis, using various technical tools.
|You can add indicators, linear tools, figures and text by pressing “Insert” button in the main menu and choosing the element you need.
|You will learn more about technical indicators from our next video.