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MT4 Education

MetaTrader 4 is an industry leading trading platform with superior charting, automation, and order execution capabilities. Download MetaTrader 4 and get started.

MetaTrader Tutorial Videos

- Overview of MetaTrader

- Chart Analysis

- Placing Orders
  in MetaTrader 4

- How to Load a Trading
  Robot into MT4

Forex Basics

Download Metatrader 4

Forex Basics

Introduction to Metatrader 4

Forex Basics

Chart Analysis

- Opening a Chart

- Chart Types

- Loading an Indicator

Forex Basics

Placing Orders using MT4

- Opening a Position

- Closing a Position

Forex Basics

How to load an EA

- Downloading an EA

- Loading the EA onto the
  MetaTrader 4 platform

- Applying the EA to Your

- Loading Multiple EAs
  onto MetaTrader 4

Forex Basics

How to Pick an Expert Advisor

- The Cold Hard Statistics
  - Part 1

- The Cold Hard Statistics
  - Part 2

- An Emotional Standpoint

- The Importance of
  Risk Management

Chart Analysis

Candlestick Charting

Candlestick charting is a very popular charting technique that may provide insight to a technical trader. Metatrader 4 allows you to use candlestick chart analysis.

Metatrader 4 Education

Candle stick charting is actually an old Japanese charting technique. It has a great way of showing correlation between the open, high, low and close of a particular trading period in relation to periods before.

In a candlestick chart each time period has its unique candle. Each candle has a body. The bottom of the body is the opening price and the top is the closing price. There also can be lines above and below the body known as wicks. The highest point of this line represents the high and the lowest point represents the low for the period. In some cases there may be no wicks if the candle opened or closed on the high or low. If the body of the candlestick is filled that means the candle opened on the top of the body and closed on the bottom. So the instrument traded closed lower than it opened for the period. If the candle is hollow inside, than the instrument opened lower than it closed.

Candlestick charts can be pulled up by clicking the Metatrader 4 Education button on the "Charts" toolbar:

Metatrader 4 Education

There are some patterns that technical traders believe are indicators of reversals in price when analyzing candlesticks. For example, an engulfing pattern at the top or bottom of a move is believed to indicate reversals by technical traders. This type of pattern is depicted by one candlestick that opens at the low and closes at the high and then stretches wider than the candle before it.

There are many studies and books about candlestick analysis and we offer much more insight in our technical analysis course in the members section.

Please keep in mind that all of the prices depicted in bar and candlestick charts are the bid prices. What this means is that the open is the opening bid price, the close is the closing bid price and the high and low is the highest bid and the lowest bid respectively.

To visually customize the chart to your preferences you can right click anywhere on the chart and a context menu will appear. In this context menu there are many options to customize the chart.

Metatrader 4 Education

You can select refresh to make sure that you have the most up to date data in your chart. If you choose the volume option you will be able to see how many ticks each time period has. This means that for every time period, you will know how many times the price changed.

Another nice thing that right clicking on the chart will allow you to do is save your chart as a picture. This way you can save what you are seeing to your computer and email it to a Forex friend or a Forex trading associate.

Selecting properties will allow you to change any of the colors on your chart.

Metatrader 4 Education

The common tab will allow you to modify other things to your liking like auto-scroll.

Metatrader 4 Education

Auto scroll will automatically scroll your chart to the left once a new bid comes out. Auto-scroll can also be activated from the chart tool bar by selecting and pressing this button. Metatrader 4 Education

A similar feature known as the chart shift will allow you to shift the chart to the left so that you can view the most recent chart pattern more clearly. To view this feature simply press this button. Metatrader 4 Education

Metatrader 4 Education
Metatrader 4 Education   Metatrader 4 Education
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