Drawing Candlesticks Cryptocurrency Charts in MetaTrader 4
The fourth option on the MT4 charts menu is the candlesticks button key - used to select the chart to trade with as candlesticks.
To trade with these candlesticks, the above buttons shows where a trader should select the button do choose this option.
These are drawn using also color coding:
Red - Bitcoin Price went down
Blue - Bitcoin Price went up
This chart type is also preferred by many traders because they are more appealing for technical analysis and easier to trade with. A lot of data can be analyzed from these charts.
These will explain the Opening, High, Low, Closing price of a specific time period. This is abbreviated as OHCL.
The body of the candlesticks will show bitcoin trading price movement that was within the opening & closing bitcoin trading price of a specific trading period - it is also used to determine a lot of data. For example in the above chart the long blue body meant there were a lot of buyers & therefore the bitcoin trading price movement was likely to continue in upward bullish bitcoin trend direction.
The upper & lower shadow, the wicks of the candle will show the highest point and the lowest point that the bitcoin trading price reached.
Japanese Bitcoin Candlesticks Tutorials
The Japanese patterns tutorials can be used to learn how to ascertain cryptocurrency trend reversal signals or bitcoin trend continuation trading signals from different patterns and formations.
To learn & know more about the various trading strategies for trading these patterns, a trader can read these tutorials:
Inverted Hammer Bitcoin Candle Pattern and Shooting Star Bitcoin Candlestick Pattern
Piercing Line Bitcoin Candle Pattern & Dark Cloud Cover Bitcoin Candlestick Pattern
Morning Star Candles & Evening Star Candles
