As described before, chart shows the price changes with the time. Trader can see the historical currency exchange rates with charts. Charts provide useful information about the market status and price changes. Forex charts are essential tools for traders who wish to use technical analysis.
In MetaTrader, three types of charts are observable: Line Chart, Bar Chart and Candlesticks. It’s possible to change the style from the toolbar directly by clicking on each icon or from the main menu, Charts and select the chart style.
Working With Chart
Opening a chart
As MetaTrader official website described, it’s possible to open up to ninety-nine charts in the terminal at the same time but more opened charts minimise the small of the each chart window and it needs to re-arrange them from main menu (Window) or change to see each chart window separately. New chart can be added to terminal from the main menu, File > New Chart or toolbar. Also it’s available to add chart window directly from the “Market Watch” by press and hold Ctrl from keyboard and drag and drop the element to the terminal workspace.
Customising a chart
Appearance and properties of each chart in the terminal can be set up individually. It’s possible to do this once from the main menu, Charts > Properties, right click on the chart window and select Properties or press F8 key. All these lead to open Properties window which it’s possible to modify chart styles, background, foreground, grid and etc.
Performing actions on chart
In MetaTrader, we can execute many actions on the charts. Technical actions such as drawing lines and elements, zooming, scrolling, auto scrolling, inserting objects, chart saving, printing and more.
The client terminal allows to save history data of the active chart as a text file in formats of “CSV”, “PRN”, and “HTM”.
To save them in one of these ways, one has to do from main menu,
File > Save As or press Ctrl + S from keyboard. Besides, the chart can be saved as a picture in BMP or GIF format. To do so, one has to do from main menu, File > Save As Picture.
By clicking on main menu, View > Full Screen or pressing of F11 will switch the chart to the full screen mode. Only chart windows, main menu and chart switching bar will remain in the display. One can return to the initial mode using the same command.
Attaching of MQL4 Programs
Before MQL4 starts to execute, it must be attached to the chart. To do so, one has to select the desired MQL4 program in the “Navigator” window and double-click on it or execute the “Attach to a chart” command of the context menu. The “Drag’n’Drop” technique can be used, as well.
Working with Objects
To analyse the market, one can impose various graphical objects into the chart. To do so, one has to use the “Insert” menu commands or buttons of the “Line Studies” toolbar. Line Studies, geometrical shapes, signs, and texts, are grouped in the menu.
The client terminal allows to use nine different data periods, from a minute to a month period. This variety of periods is necessary for analyzing the market with technical indicators and line studies.
Charts can be zoomed horizontally, increasing or decreasing thereby the amount of bars shown in the screen simultaneously.
It’s possible to do from toolbars by clicking on magnify icons or +/- keys on the keyboard.
To print the active chart in color, one has to flag “Color print” in the chart settings, then click on main menu, File > Print or press Ctrl+P.
Scrolling and Auto Scrolling
Scrolling is moving of price data to the right/left in the chart that can be performed by cursory keys of the keyboard. Besides, the chart can be scrolled with F12 (the “Step by Step” mode – scrolling the chart by one bar to the left) or Shift+F12 (scrolling the chart by one bar to the right), or with the mouse: one moves the cursor to the right/left when holding the left mouse button pressed on any point of the chart. Using the fast navigation box, one can have shown the necessary area of the chart having specified the specific date and time. If the chart has been scrolled to the area where there are no price data, the missing bars will be downloaded automatically.
If the chart scale has been fixed. Also, it can be scrolled vertically. To do so, one has to move the mouse up/down while holding the slider on the vertical scale. To get the chart back into the visibility range, one has to press “5” in the keypad or double-click in the area of the chart price scale.
Auto scroll is intended for users to have the latest bars in front of their eyes constantly. If this option is enabled, the chart will be automatically scrolled to its end part. It’s available from the toolbar and main menu command, Charts > Auto Scroll.
These are the most important actions that are applied on the charts. In the next Bootcamp post, we will write about Indicators.
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