Chloe Adams
Candlestick charts are a popular feature in MetaTrader 4, illustrating the price action of an instrument over a certain period. The colour of candlesticks is important to those who trade in the financial market as they provide an easy way to assess historical data and current trends. The MT4 default colour scheme is the colour configuration of candles and charts that come with the MetaTrader client. However, traders can customise the look and feel of their trading environment, including the ability to adjust the colour of the candlesticks.
| Characteristics | Values |
|---|---|
| Purpose of candlestick colours | To provide traders with an easy way to assess historical data and current trends. |
| Default colour scheme | The colour configuration of candles and charts that comes with the MetaTrader client. |
| Customisation | Traders can customise the look and feel of their trading environment, including the ability to adjust colours. |
| Reading candlestick charts | Candlestick charts illustrate the price action of an instrument over a certain period, showing the high, low, opening and closing price for each period. |
| Bullish candlestick | A hollow candlestick indicates a closing price greater than the opening price, pointing to buying pressure. |
| MT4 Candle Timer Indicator | An indicator that helps traders keep track of individual candles and detect the exact moment a new candle opens. |
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What You'll Learn
Change candle colour
The colour of candlesticks on the MetaTrader 4 platform is important for those who trade in the financial market. The default colour scheme is the colour configuration of candles and charts that come with your MetaTrader client. Some traders prefer to work with coloured candlesticks on a white background, so they start with a Black on White scheme.
To change the candlestick colours in MetaTrader 4, you need to update the template and chart colours. You can set the colours for bars, candlesticks, and wicks.
If you are using the Android or iPhone MetaTrader charts app, you can watch a video online that will show you how to change the colours.
It is worth noting that the brighter the candles, the more pronounced information the trader has available. The purpose of candlestick colours is to provide traders with an easy way to assess historical data and current trends so that they can make educated decisions when determining their next move.
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Use the MT4 candle timer indicator
The MT4 Candle Timer Indicator is a useful tool for traders who use short-term trading strategies. It is an indicator that needs to be downloaded and does not usually come pre-installed with the MetaTrader software.
The candle timer indicator allows traders to monitor the individual candles in the candlestick chart and find out when the current one will close and the new one will open. It displays the time left for the current candle to close and continuously checks the time elapsed since the start of a candle. This is particularly useful for traders who need to know the exact moment when a new candle or bar opens.
The MT4 Candle Timer Indicator has two interfaces that can be configured: a minimal interface, which features a small countdown to the next candle; and an extended interface, which includes information about the current instrument, the elapsed time since the start of the candle, and the remaining time for the current candle. The extended interface can also be set to send an alert a few seconds before the candle closes.
The MT4 Candle Timer Indicator is a simple tool that is easy to use and apply, making it suitable for both new and advanced forex traders. It is available for free download and is simple to install.
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Understand candlestick charts
Candlestick charts are a cornerstone of technical analysis and one of the earliest forms of such analysis, having been developed in the 18th century in Japan by rice trader Munehisa Homma. They help traders and investors quickly assess price movements and short-term market sentiment. Each candlestick represents a specific period and is made of three components: the real body, shadows, and colour.
The real body is the rectangular section of the candlestick and shows the range between the opening and closing prices. Long bodies indicate strong buying or selling pressure, while short bodies suggest indecision. The colour of the candle provides a quick snapshot of price direction. A bullish candlestick is typically green or white and means the closing price is higher than the opening price, indicating upward momentum. Conversely, a bearish candlestick is generally red or black, signalling that the closing price was lower than the opening price, reflecting downward pressure.
Shadows or wicks extend above and below the body, marking the highest and lowest prices reached during the period and offering insights into market volatility. They are the long, thin lines above and below the body, representing the high/low range.
Candlesticks offer superior visual representation and pattern recognition, making them ideal for active traders. They are useful for recognising market sentiment and the balance of power between bulls and bears. Understanding bullish and bearish patterns helps predict short-term price movements.
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Customise the trading environment
Traders can customise the trading environment in MetaTrader 4 by adjusting the colours of their candlestick charts. The default colour scheme for MetaTrader 4 involves candlesticks on a black background, but some traders prefer to work with a black-on-white colour scheme. Brighter candles also provide more information to the trader.
To change the colours of the candlesticks in MetaTrader 4, users must update the template and chart colours. This can be done by saving changes to a template, but some users have reported issues with this method, finding that their changes do not save correctly.
Traders can also customise their trading environment by choosing from a variety of charts and indicators, such as bar and candlestick charts, which illustrate the price action of an instrument over a certain period. The most popular type of chart in MetaTrader 4 is the candlestick chart.
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Read candlestick charts
Candlestick charts are a cornerstone in technical analysis, offering traders a visually intuitive way to assess market sentiment. They are considered superior to line and bar charts because they offer superior visual representation, pattern recognition, and intuitive visual signals. Each candlestick represents a specific period and is made of three components: the real body, shadows, and colour.
The real body is the rectangular section of the candlestick and shows the range between the opening and closing prices. Long bodies indicate strong buying or selling pressure, while short bodies suggest indecision. The shadows extend above and below the body, marking the highest and lowest prices reached during the period, offering insights into market volatility. The colour of the candle provides a quick snapshot of price direction. A bullish candlestick is typically green or white and means the closing price is higher than the opening price, indicating upward momentum. Conversely, a bearish candlestick is generally red or black, signalling that the closing price was lower than the opening price, reflecting downward pressure.
Traders use candlestick charts to identify buying and selling pressure and discover patterns signalling market trends. They are useful for recognising market sentiment and the balance of power between bulls and bears. For example, the hammer candlestick pattern is formed of a short body with a long lower wick and is found at the bottom of a downward trend. This pattern indicates that sellers are giving up and buyers are taking over, signalling a potential reversal.
The MT4 default colour scheme is the colour configuration of candles and charts that come with your MetaTrader client. Some traders prefer to work with coloured candlesticks on a white background, so they start with a black-on-white scheme.
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Frequently asked questions
To change the candlestick colours in MetaTrader 4, you need to update the template and chart colours.
The default colour scheme for MetaTrader 4 is a Black on White scheme, with black candlesticks on a white background.
The purpose of candlestick colours is to provide traders with an easy way to assess historical data and current trends. Brighter candles provide more information.
To change the default candlestick colours in MetaTrader 4 permanently, you need to save your changes as a template.
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