When it comes to a MetaTrader platform, traders can use bar charts, line charts and candlestick charts. Usually, you can easily switch between the different charts depending on your preferences. Below, we have compiled an explanation of each chart type for you.

Candlestick chart

The first record of the candlestick chart we know today was used in Japan in the 1700th century and was invaluable for rice traders. Today, this price chart is without a doubt one of the most popular with traders around the world.

Similar to the OHLC bar chart (see below), candlestick charts offer low, high, open and close values for a given time frame. Live forex traders in Exness - forexexness.org love this chart because of its visual appearance and the range of price action patterns used.

It is always advisable to use free demo trading modes in exness - forexexness.org unless you are an experienced trader. This way you can better understand how live trading works before taking big financial risks on the market.

OHLC Bar Chart

The OHLC chart stands for "Open, High, Low, Close" and is great for showing price movements of an asset over a period of time (such as an hour or a trading day). As the title suggests, it is a bar chart, and every time a trader takes a look at it, it is displayed as a bar. In other words, if you view a daily chart, you will see that each bar corresponds to a full trading day. Unlike the line chart (see below), the OHLC bar chart is unique in that it displays a wider variety of values and information such as "Open", "High", "Low" and "Close", hence the name.

•     The highest market price traded within the selected time period is represented by the high of the bar.
•     The lowest market price traded within the selected time frame is represented by the low of the bar.
•     The bar on the right represents the closing price and the bar on the left is the opening price.
•     The red bars are also known as the sellers bars. This is due to the fact that the closing price is lower than the opening price
•     The green bars are also called buyer bars. opposite the top. This is because the opening price is lower than the closing price.

With this price chart, traders can determine who controls the market, whether they are sellers or buyers. OHLC analysis was the starting point for the creation of the popular candlestick charts (please see below).

Line chart

This chart is considered the most basic type of price chart, but that doesn't mean it's not useful. It is a great tool to look at the big picture in terms of trends. It depends on what time frame you are viewing (this can range from minutes to months), but for the sake of argument, let's assume you are using a daily chart. The line chart orders the closing prices at the end of that time frame. In this case, the line at the end of the day connects the closing price of that day.