I have just previously discussed about the Japanese Candlesticks and on this post, we are going to deal with the Bar charts.
Open-up your trading platform and select the Bar Chart which are most commonly found on the top navigation.
I'm currently using the Meta Trader Platform since it's still the best trading terminal that you can easily gain access for free and it has hundreds and thousands of available tools.
If you are having some trouble looking for the right tool then I suggest asking them on any Forex Community forums.
The same as the Japanese CandleStick, the Bar Chart is another form of graphical representation of the market prices. You will notice that it composes of a vertical bar as the body.
The same as the Japanese CandleStick, the Bar Chart is another form of graphical representation of the market prices. You will notice that it composes of a vertical bar as the body.
The opening price of the market is indicated by the horizontal line which is on the left side while the closing price is on the opposite.
I find it a little bit confusing where you need to take a closer look by using the "Zoom" function.
Depending on the type of strategy that you use, you have the capability to apply Bar chart on any Time Frame that you choose.
Depending on the type of strategy that you use, you have the capability to apply Bar chart on any Time Frame that you choose.
The most commonly used time interval is the 1 hour period for the Scalpers while Daily or higher for the Day Traders.
The most important part is that you are able to obtain the real time prices of the market.
Below is an image of how a Bar Chart looks like. I've taken it from my Meta Trader terminal with a black background. You can customize the colors of your chart which is another good part of using the MT4 terminal.
This next image is a closer view of a single Bar with identified parts.
The top and bottom edge of the vertical bar indicates the Highest and Lowest price attained by the market. Those two short Horizontal lines determines the Open and Close price.
The use of this type of chart depends on the trader. If you find Bar Charts a lot more simpler and easier for you to understand and identify the trends then you should keep on using it.
Below is an image of how a Bar Chart looks like. I've taken it from my Meta Trader terminal with a black background. You can customize the colors of your chart which is another good part of using the MT4 terminal.
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| Bar Chart on Meta Trader 4 |
This next image is a closer view of a single Bar with identified parts.
The top and bottom edge of the vertical bar indicates the Highest and Lowest price attained by the market. Those two short Horizontal lines determines the Open and Close price.
The use of this type of chart depends on the trader. If you find Bar Charts a lot more simpler and easier for you to understand and identify the trends then you should keep on using it.
Although, the majority of traders these days now prefer the use of the Candlesticks.
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