Drawing Candlesticks Stocks Charts in MT4
The fourth option on the MT4 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 stock trader should select the button do choose this option.
These are drawn using also color coding:
Red - Stock Price went down
Blue - Stock 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 particular time period. This is abbreviated OHCL.
The body of the candlesticks will show stocks price 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 stock 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 Candlesticks Tutorials
The Japanese patterns tutorials can be used to learn how to determine stock trend reversal signals or stock trend continuation signals from the different patterns and formations.
To learn and know more about the various stock trading strategies for trading these patterns, a stock trader can read these tutorials:
Japanese Candlesticks Tutorial
Inverted Hammer Stock Candlestick Pattern and Shooting Star Stock Candlestick Pattern
Piercing Line Stock Candlestick Pattern and Dark Cloud Cover Stock Candlestick Pattern
Morning Star Candlesticks and Evening Star Candlesticks
