Drawing Bar Stocks Charts in MT4
The third option on the charts menu in MT4 platform is the “Bar Stock Trading Chart” button. This button is used to select the drawing method of stocks price movement as stocks price bars.
To trade on stocks charts a stock trader may prefer to use the Bar Stock Trading Charts. The above menu button shows how a stock trader can select this option on the MT4 stocks trading platform.
These are drawn using color coding:
- Red bar - Stock Price went down
- Blue bar - Stock Price market went up
These bars also have horizontal line to the left and to the right; these are used to show the opening (left horizontal dash) and the closing (right horizontal dash).
The highest point shows the high of the stock price
The Lowest point shows the low of the stock price
These four points Open, High, Close, Low are Known as OHCL, abbreviation of the first letter for these four levels, these four OHCL levels will be represented on every single bar.
These charts are not very popular among Stock traders as they are not very appealing in terms of technical analysis and traders tend to favor other types.