Types of Forex charts.

The main part of technical analysis is based on Forex charts; it is their analysis that allows us to obtain data on price behavior.

There are several chart options that are available in the trader’s trading terminal; the choice of the most suitable one depends only on personal preferences and the tasks that are set.

Types of Forex charts in MetaTrader 4 – line, bar, Japanese candles.

In addition, there are some general parameters that should be taken into account when conducting the analysis. These parameters are:

• Opening price is the first quote at the beginning of the day or the first trade in the time frame.
• Closing price is the last quote.
• Maximum is the highest price in a certain time interval.
• Minimum is the lowest price.

These concepts can be applied to both a separate trading day and a separate time frame on Forex . They are displayed graphically on bar and candlestick charts.

Now let's take a closer look at the types of Forex charts themselves.

Linear - the simplest option, expressed as a curved line, allows you to track the dynamics of price movement and identify its general trend.

Bar charts - charts consisting of individual bars, each of which characterizes a certain time interval - a Forex bar, depending on which time frame you are trading on. Each bar has an opening and closing price, a minimum and a maximum. The direction of the trend can be determined by the direction in which the segments characterizing the opening and closing prices are deployed.

Candlestick charts are the most popular charting option among Forex traders. In addition to the four parameters, each candlestick also has its own color, depending on the trend direction. This allows you to immediately understand the price movement on a given time frame.

the MetaTrader 4 terminal displays price movements as bars; you can change this to a different format in the "Charts" menu tab. You can also change the display scale, candlestick color, and time frame if desired.