Forex bar chart (OHLC Charts)
Bar charts is shown with a vertical line. They are also known as OHLC chart bars, this forex bar chart represents for open, high, low, close. High and low are respectively the highest or lowest price that the currency pair has achieved over the period of the bar. A horizontal line on the left is the opening price. A horizontal line on the right side is the closing price.
Trading with Metatrader platforms can gives different color if open price lower or higher than close price. This different color can help traders to identify trends. Depending on time period (time frame) metatrader has a period of one minute to a month. The metatrader time frames are M1 (one minute), M5, M15, M30, H1 (one hour), H4, D1 (one day), W1 (one week) and MN (one month)
Between bar charts and candlestick is no technical difference. You can just select the chart type that one is better.
Forex chart lines
Line chart is only display in the closing price. Thus you can not see the price fluctuations within the period. Therefore, this chart is somewhat less accurate and more suitable for beginners. But even experienced traders use line charts to draw in support or resistance, and other chart patterns.
Forex Candlestick Chart
Candlesticks Charts Explained Candlestick charts were derived over 200 years ago Candlesticks are from Japan of the 18th Century and introduced in Europe in the 20th Century. This candlestick chart consist of a "body" and the "shadows" lines above and below the candle.
The "body" is the spread between opening and closing price. If the opening price below the closing price shows in a white candle. On a day with losses is thus a black candle. If the price closes above the open, there is a white candle.
The "shadow" arising from the above price movement (wicking) or below (sliver) of the span between the opening and closing price.
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