Tyler Brooks
Changing your MT4 graphs to candlesticks is a simple process. Firstly, it is important to note that the default MT4 colour scheme depends on the installation client, but you can change it to your preferred one. To change the chart style, select the relevant icon in the top toolbar of the MetaTrader platform. You can choose between a candlestick chart, a bar chart, or a line chart. To change the default colours for the chart and candles, right-click the chart and select Properties. In the Colours tab, set your preferred colours for the chart background and foreground, as well as the bars, candlesticks, and wicks. You can also choose to have either line or bar-style candlesticks by selecting either the “Bar Chart” or “Line Chart” option under the “Type” section.
| Characteristics | Values |
|---|---|
| Chart types | Candlestick, bar, or line |
| How to change chart type | Select the relevant icon in the top toolbar of the MetaTrader platform |
| How to change to candlestick chart | Select "Charts" from the main menu, then use Alt+2 to open a candlestick chart |
| How to differentiate candles | Right-click on the chart, choose Properties, and under the Colors tab, select the desired colors |
| Default candlestick colors | Red for bearish or down candles, green for bullish or up candles |
| Customizing colors | Go to Settings -> Color Scheme, or right-click the chart and select Properties |
| Customizing chart scheme | Go to the main menu bar, select Settings -> Color Scheme, and change candle width, grid spacing, etc. |
| Saving a template | Right-click on the chart, select Template, name the template, and click Save Template |
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What You'll Learn
Changing the default colour scheme
The default colour scheme in MT4 is the colour configuration of candles and charts that come with your MetaTrader client. The default MT4 chart colours depend on the installation client, but you can change it to your preferred one.
To change the default colours for the chart and candles in MT4, right-click on the chart and select 'Properties'. In the 'Colours' tab, set your preferred colours for the chart background and foreground. Set the colours for bars, candlesticks, and wicks. Set other colours if necessary.
Right-click the chart and select 'Templates'. Save the template, naming it 'default.tpl'. All new charts will now load with these colours as the default. To change the colours, right-click the chart and select 'Properties'.
Some traders prefer to work with coloured candlesticks on a white background, so they start with a Black on White scheme. After that, the colours of the bars and wicks can be tweaked.
The conventional colour for a bearish or down candle is red, while green always shows a candle that is moving to the upside. You can select whichever colours you like, but do remember that contrasting colours will make the chart easier to read.
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Selecting a candlestick chart
Candlestick charts are a cornerstone in technical analysis and are one of the earliest forms of technical analysis, having been developed in the 18th century in Japan. They are used by financial analysts to track the price movements of a stock or other security over time. Each candlestick on the chart represents a specific period and is made of three components: the real body or body, shadows or wicks, and colour. Candlestick charts are highly favoured for their visual appeal and are the most popular chart type among traders.
The body of the candlestick shows the range between the opening and closing prices. Long bodies indicate strong buying or selling pressure, while short bodies suggest indecision. The 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. The colour of the candle provides a quick snapshot of price direction. Typically, a bullish candlestick is green or white, indicating upward momentum, while a bearish candlestick is generally red or black, signalling downward pressure.
When selecting a candlestick chart, it is important to consider the advantages and disadvantages compared to other chart types, such as line charts and bar charts. Line charts offer a clear and concise view of price movements by focusing exclusively on closing prices, making them perfect for high-level overviews. Bar charts, on the other hand, provide more detailed information than line charts by including open, high, low, and close (OHLC) prices for each time period. They strike a good balance between clarity and detail, maintaining a clean visual structure while providing detailed data.
However, candlestick charts have the advantage of being more visually intuitive and offering a clear visual representation of price movements. They are particularly useful for short-term trades or detailed analyses of market behaviour. Additionally, the colour-coded candlesticks make it easier to recognise bullish or bearish patterns, helping predict short-term price movements. For these reasons, candlestick charts are widely recommended for beginner traders as they are the most commonly used by forex traders, and having a matching style can help understand theories and techniques.
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Differentiating the candles
Candlestick charts are the most popular choice among traders on MT4. They are useful for illustrating the price action of an instrument over a certain period and showing the high, low, opening, and closing price for each period.
To differentiate the candles, you can change the default colour scheme. The conventional colour for a bearish or down candle is red, while green always shows a candle that is moving to the upside. However, you can select whichever colours you like. To change the default colours for the chart and candles in MT4, right-click the chart and select Properties. In the Colours tab, set your preferred colours for the chart background and foreground, bars, candlesticks, and wicks.
You can also differentiate the candles by their appearance. If the candlestick is hollow (displayed as white), this means that the close is above the open, indicating buying pressure and a bullish market. If the candlestick is filled (displayed as black), this means that the close is below the open, indicating selling pressure and a bearish market. The longer the body of a candlestick, the bigger the buying or selling pressure. Candlesticks with long shadows indicate that trading activity persisted well past the open and close.
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Customising the entire chart scheme
To change the entire chart scheme in MT4, follow these steps:
- Right-click on the chart and select 'Properties'.
- Under the 'Colors' tab, you can customise the colours for all the elements that appear on the chart. This includes the chart background and foreground, bars, candlesticks, and wicks.
- Once you've selected your preferred colours, right-click on the chart again and select 'Templates'.
- Save the template by giving it a name, such as 'default.tpl'.
- All new charts will now load with these colours as the default scheme.
It's important to remember that colours are a part of MT4 templates. You can change the default colour scheme that is applied when you open a new chart. The default MT4 chart colours depend on the installation client, but you have the flexibility to change it to your preferred scheme.
Additionally, you can differentiate the candlesticks to indicate when the price has moved upwards or downwards. By convention, a red candlestick indicates a bearish or downward movement, while a green candlestick shows an upward movement. You can choose whichever colours you prefer, but it's recommended to use contrasting colours to make the chart easier to read.
Once you're happy with your chart style and colour scheme, you may want to remove the gridlines from the chart, as they can sometimes overcomplicate the appearance. Finally, remember to save your chart as a template to automate the process and avoid repeating these steps every time you open a new chart.
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Saving the template
Once you have your MT4 graph looking the way you want it to, you can save it as a template so that you don't have to repeat the process every time you open a new chart.
To save a template on MetaTrader 4, right-click on the chart and select 'Template'. Then, name the template and click 'Save Template'. If you want this template to be used each time you open a new chart, name the template 'Default'.
You can also save a default template. To do this, first change the chart style and settings in the Chart Properties window. Right-click on the chart and choose Properties from the menu, or press F8 on your keyboard when in your MT4 terminal. In the Chart Properties window, you can change the style and settings of the chart. In the Colors section, you can change the color of bars, lines, background, and text. Once you're happy with the style, right-click on the chart, go to Template -> Save Template. Name the default template 'Default' and click Save. Now, every new chart you open will have the same style.
If you want to save a template and have it applied automatically to all the visual backtests you run in the MT4 Strategy Tester, name the file 'tester' (without quotes).
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Frequently asked questions
You can change your MT4 graph to a candlestick chart by selecting the relevant icon in the top toolbar of the MetaTrader platform (in the middle, next to the zoom in/zoom out icons).
To change the colour of your candlesticks, right-click on the chart and select Properties. In the Colors tab, you can set your preferred colours for the candlesticks.
Yes, you can change the background colour by going to the Colors tab in the Properties menu.
To save your chart as a template, right-click on the chart and select Template. Give the template a name and then click Save Template.
Yes, you can change the entire chart colour scheme by going to Settings and selecting Color Scheme. You can then choose between predefined themes or create your own custom colour scheme.
