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- Opening a Chart
Opening a Chart
There are many ways to pull up a Forex chart in MT4. One easy way is to right click on any of the Forex pairs in the Market Watch window, then select the Chart window item from the menu that pops up.
Also you can select "file" from the menu bar, then choose "new chart" and then select your currency pair.
One nice feature is that you can also right click on any of the currency pairs in the market watch window, hold down your left mouse button and drag the currency pair onto an open chart window, and that chart will now display price data for that currency pair.
Once you have selected your currency pair and pulled up the chart, you need to decide what time frame of a chart you want to view. In case you don't know, a Forex chart typically graphs the price action of a particular Forex pair over a specific time interval. A Forex chart can display price data over years or can display price data for every tick a pair moves depending on your preference.
A forex chart can be displayed using bars, candles or a regular line; we will explain how this works shortly. Each bar or candle represents a specific unit of time. This unit of time is your chart timeframe.
The chart's timeframe can be changed to different time periods using the chart toolbar that reads M1...MN. This toolbar appears right above the chart where you can select the following different time periods for the chart:
M1 - One Minute
M5 - Five Minute
M15 - Fifteen Minutes
M30 - Thirty Minute
H1 - One Hour
H4 - Four Hours
D1 - One Day
W1 - One week
M1 - One Month
If you select M1 for example, each bar will represent 1 minute. If you select M5, each bar will represent 5 minutes and so on and so forth.
When you start with a new Metatrader 4 Platform we suggest that you perform a chart data update for the currency pair you are analyzing. This will be beneficial when using indicators and expert advisors and can be done fairly easily. Once your chart is selected click on each time frame in the periodicity bar. You may see a quick "waiting for update" on your chart screen. This means that the chart is being updated. It is that simple.
Many traders like to look at the same currency chart for different time periods. Sometimes when performing chart analysis it can be beneficial to use multiple timeframes. This way you can gage the general market direction on the longer term timeframe and look for entry opportunities on the shorter term timeframe. This is called multi timeframe analysis and may be very beneficial to some forex traders.
With MetaTrader 4 you can open and view multiple charts at the same time.
To do this simply make sure that your chart is minimized in the chart window. Go to your Market Watch window, take the same currency pair and drag it to the chart, then select the "View Chart" Option. You will now have two charts showing for the same currency. You can select either of the charts and select an appropriate timeframe for that chart in the "Periodicity" tool bar.
You can also view charts for different currency pairs at the same time. In some cases, price movements for one currency can be an indicator of future price movements for another. However, it's always important to perform your own analysis.
Below is an example of a 1-hour EUR/USD chart and a 15 min EUR/USD chart side by side.
Notice the 1-hour EUR/USD chart does not have any effect on the 15-minute chart that has been opened. If you examine the bars carefully you can see that the activity on the 15 min chart is reflected on the right side of the 1-hour chart.
As you can see in MetaTrader 4, you can view any combination of charts customized to your preference.
The Chart control toolbar in the upper right of your screen allows you to change the zoom on your chart as well as changing the bar types. You can switch from bars to candles to lines as you wish.