What are charts? What are the peculiarities of their use? How to configure them so that is very comfortable to use and display the price schedule was comfortable for the eyes and a general perception? Let's take a look at these issues in more detail.
What are charts? The Definition Of
Quote-display prices (cost) of one currency expressed in another currency. For example, the euro-dollar (EUR/USD) shows the value of the euro, expressed in United States dollars. That is, 1 euro is equal to 1.2560 dallara United States, for example. In our example, the euro is the base currency, and the dollar is the currency quotes.
There are forward and backward quotes. In direct quotations, we estimate the cost of foreign currency through the national, in reverse, on the contrary.
In view of the above, it becomes clear that, for example, if the value of the dollar rate will decrease, if the value of the euro is increasing. Actually, the quote is a fraction, the ratio of the value of one currency to another. Important-earnings (profits) is measured in terms of the quote currency trader.
For the successful implementation of commercial transactions, the trader must know not only the current price (quote) currency, but also the price dynamics for a certain period of time. To do this, and created the charts on which you can clearly assess the price movement for any interim period (from a few minutes up to a year or more).
Display quotes in the trading terminal. Today the most popular trading terminal Metatrader 4 (MetaTrader 4), allows you to create any graphics displayed quotations. Configure almost all-background color, price, display prices (bars, lines, candles). Below we describe the basic steps with graphs in MT4.
How to call and schedule of quotations in MT4?
After the opening of the Mt4 menu "file" → "new chart" and choose the desired currency pair. Please note that not all tools can be accessed immediately. In order to get the full list of tools for sale, go to the menu "view" → "market overview" and in the window that appears, left click the right mouse button to "show all symbols". Now you can use any tool for trading from the broker. The "market watch" window can be closed.
Configure schedules. In order to configure the display of prices, use the menu "charts" and "chart period"
These menus allow you to configure the display of prices (line, bar, candlestick-recommend you choose the last option), increase or decrease the zoom level, enable/disable AutoScroll and/or offset schedule, quickly install the template you want, and select a time interval (time frame).
To customize the colors and some other settings, use the context menu by pressing F8 or the right mouse button on the chart and selecting "Properties". To select a color range, set the color of each element separately (background, bullish and bearish candles, etc.) or use a ready template.
Schedule should be pleasing to the eye and good for visual perception and understanding. You must clearly distinguish between rising and falling candles, as well as the levels of stop orders.
Today there are various options for displaying prices, including the installation of the Terminal. This is to monitor price, when there is no possibility to install trading terminal (for example, a computer at work). Online quotes are also used to see non-standard to Mt4 time intervals — for example, 2 m (2 minutes), 2 h (2:0), 8N (8:0), etc. Interestingly, you can upload your own template by setting the schedule to fit your needs, draw a line and add text and Meth. Sometimes for a full display of the price chart, you need to install an additional plugin for your browser.
Also online quotes through the browser relevant to traders on the stock market of the United States. Almost all the analogues of stock exchange trading platforms are paid. Free same require registration (separate email) and work in demo mode, where all the functions of the Terminal is not available. Using charts online, the trader can trade on paper (the paper-trading), testing your own trading system and not making money, no commissions, no fees.
How good are your charts, depends on your trade (more precisely, its results). Create your template or use the ready-made-the pleasure and profit from trading and remember that the profitability of trade is highly dependent on your chosen broker !
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