Drawing crypto candlesticks Charts in MetaTrader 5
The fourth option on the MT5 charts menu is the crypto candles button key - used to select the chart to trade with as candlesticks.
To trade with these candlesticks, the above MT5 buttons shows where a trader should select the button do choose This MT5 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 cryptocurrency trading technical analysis & easier to trade with. A lot of information can be interpreted from these charts.
These will show the Opening, High, Low, Closing bitcoin price of a specific time period. This is abbreviated as OHCL.
The body of the crypto candles will show bitcoin trading price movement that was within the opening & closing bitcoin 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 and therefore the bitcoin trading price movement was likely to continue in the upwards bullish bitcoin trend direction.
The upper and lower shadow, the wicks of the candlestick will show the highest point & the lowest point that the bitcoin trading price reached.
Japanese crypto candlesticks Tutorials
The Japanese patterns tutorials can be used to learn how to determine cryptocurrency trend reversal signals or bitcoin trend continuation signals from different patterns & formations.
To learn & know more about the various bitcoin strategies for trading these patterns, a trader can read these tutorials:
Japanese crypto candlesticks Tutorial
Inverted Hammer Bitcoin Candle Pattern and Shooting Star Bitcoin Candlestick Pattern
Piercing Line Bitcoin Candle Pattern & Dark Cloud Cover Bitcoin Candlestick Pattern
Morning Star crypto candles & Evening Star Candles
