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WEBVTT
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I have opened my
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MetaTrader 4 so we can analyze the different types of charts. Here you can see that we have three buttons
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and they identify three different charts that you can use with your MetaTrader 4. The first one is
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called bar chart;
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the second one candlestick chart and the last one is called Line chart.
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Let's start with the line chart because it is very easy.
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If the price of euro-dollar was 1.11 yesterday and it is 1.12 today, the line chart
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would only connect the two points with a line.
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So it is very easy to understand with a quick look if the price is going up or down.
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The second chart I'm going to introduce is the bar chart.
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While the line chart gives information only about the opening and closing prices,
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the bar chart also provides you with information about the high and the low for the session.
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The horizontal dash on the left side indicates the opening price and the dash on the right side indicates
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the closing price.
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The vertical line gives information about high and low.
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The bottom of the vertical line is the lowest price reached during the session.
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While the top of the vertical line represents the highest point reached during the session.
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For example we can have a bar like this.
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What kind of information can you read on this bar?
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You can say that at the beginning of the session the price was 1.12, during the session the
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price dropped to 1.1150,
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that is the lowest point for the session.
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The price also reached 1.1370,
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that is the peak for this session.
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At the end of the session the price closed at 1.1290. With a simple bar you get a lot
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of information. Last chart
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we need to analyze is the candlestick chart that, as you may have guessed looking at the title of the
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course, it is the one that we are going to use. The candlestick chart is built in the same way and
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gives exactly the same information as the bar chart.
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But it is displayed in a way that you can quickly analyze the movements and the trends on the market.
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A candle stick looks like this.
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We have a vertical line that is called Shadow.
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So we have the upper shadow and the lower shadow.
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Then we have a large block in the middle that is called body or real body.
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The real body is usually coloured to give traders a quick idea about the direction of the price.
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I use green candles when the price goes up and red candles when the price goes down.
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Another popular choice is to have white candles when the price goes up and black candles when the price
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goes down.
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I use the price example that I have used for the bar chart so you can see that the candlestick
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chart is the same. The opening price is at 1.12. Then the lower shadow
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shows a low at 1.1150 and the upper shadow shows a high
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at 1.1370. The price then closes at 1.1290.
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In addition, you have the colour of the candle that gives you immediately the information that the price
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increased in that session.
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Let's see an example on the Meta Trader.
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Here we have euro-dollar on a daily chart.
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I want to analyze this candle, not the last one because it is still live on the market and it can still
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form a new high or a new low
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and furthermore we don't know what will be the closing price.
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So I draw my lines to identify the key levels of this candle.
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We have the opening price then we have the closing price here, then the low
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and here we have the high.
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Also, there is no need to draw the lines.
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If you go with your mouse cursor on the candle Meta trader will give you all the information here.
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You can see o, h, l, c that stand for open, high, low and close.
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