EURUSD 1.1779 USDJPY 112.16 USDCAD 1.2389 EURCZK 26.033 USDCZK 22.097 EURPLN 4.2867 USDPLN 3.6392
EURUSD 1.1779 USDJPY 112.16 USDCAD 1.2389 EURCZK 26.033 USDCZK 22.097 EURPLN 4.2867 USDPLN 3.6392

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For beginners

For beginners

Learn the basics of financial markets

Line and bar charts are the most popular type of charts used, with line charts providing a quick overlook and bar charts - optimum amount of information

Rule of thumb

Line charts can be particularly useful for a medium/long-term trend analysis

There are different types of charts used in a technical analysis which represent price movements over a given period. Which type of chart to use is a matter of preference by the investor. The most popular are line charts - most often used in the media to represent average price movements. 

 

Next are bar charts and Japanese candles (also known as candlestick charts) - both preferred by investors and traders around the world due to their versatility and the amount of information they can present.

 

Other types of charts may be forest charts, point and figure and others.

 

Line charts

 

Line charts are the preferred charts used by the media, because of their simplicity. They display the price (usually average or closing price) of assets (e.g. Commodities or currencies) during a predefined period, e.g. 3 months. They are helpful for a quick overlook of the medium/long-term trend of an asset.

 

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How to use it with MetaTrader 5:

  • Press the Line chart button or
  • Go to - Charts - select “line chart” or
  • Press Alt + 3

 

 

Bar charts

 

Bar charts, or sometimes called OHLC, are graphical representations of price levels during a certain time. They are portrayed by one vertical bar and two horizontal notches on each side of the bar, where the vertical bar represents  a price movement in a time unit (e.g. 1, 5, 10 minutes). 

 

 

When the time unit starts, the “Open” level/price is established and a horizontal notch is displayed on the left side of the vertical bar. The “Closing” level/price is set up the same way (but on the right hand side of the bar) and can be higher or lower than the “Open” price. During the mentioned period both “High” and “Low” prices are displayed and they account for the length of the vertical bar, where the “Low” is the lowest part of the bar (lowest price level in that time unit) and the “High” is the highest level of the bar (Highest price level in that time unit).

 

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How to use it with MetaTrader 5:

  • Press the Bar chart button or
  • Select “Bar Chart” from the “Charts” menu
  • Alternatively  one can choose to press “Alt” + “1”

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