Jessie Taylor
Candlestick charts are a popular tool for traders to understand price movements over a certain period. Each candle represents the open, high, low, and close prices for that period. When reading a candlestick chart, the main rectangle is called the body, with shadows indicating the range between the minimum and maximum prices reached. Traders can use MT4 to detect trend changes based on price action and calculate position size. MT4 also provides built-in features and add-ons to easily view the OHLC information for a particular candle by hovering over it with the mouse.
| Characteristics | Values |
|---|---|
| How to find the high and low of a candle | Place the cursor at the line of the indicator and read off the range in pips |
| How to get the high and low of the first 12 candles of each day | Read the documentation for iHighest() and iLowest() and specify the correct timeframe |
| How to get 1hr candle high/low values in a 30m chart | Using a custom indicator with a 30-minute timeframe or a pure breakout system |
| How to get candlestick and bar prices in MQL4 | Download the Supertrend indicator for MT4 and MT5 to detect trend changes based on price action |
| How to read candlestick charts in MetaTrader 4 | The main rectangle of the candlestick is the "body"; "close" and "open" indicate the opening and closing price of the asset for the period that the candlestick represents |
| How to find the OHLC information for a particular candle | Mouse over and hold the mouse on top of the Closing price on a candle that has already closed |
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What You'll Learn
Hover over the candle in question with your mouse to find OHLC information
When it comes to MT4, there is a straightforward way to find the OHLC (Open, High, Low, Close) information for a specific candle. By simply hovering your mouse over the candle in question, you can access this data. This feature is built into MT4 and is easily enabled through the "View" menu by selecting "View" and then "Toolbars". Once enabled, as you move your mouse over any candle, a small pop-up window will appear, displaying the OHLC details for that particular candle, along with the date it opened and the volume. This pop-up window remains consistent in size, regardless of the zoom level on your chart.
This method is particularly useful when you have a large monitor, eliminating the need to squint at small numbers in the status bar or data window. The pop-up window provides a clear and concise presentation of the OHLC values, making it easier to analyse short-term trades and market behaviour.
It is worth noting that this feature works for both closed and open candles. For closed candles, hovering over the closing price will display the OHLC information, while for open candles, hovering over the current price will provide the same details.
Additionally, MT4 offers an indicator that further assists in finding the OHLC information. By placing your cursor at the line of the indicator, you can read off the range in pips, providing another way to quickly access the desired data.
In conclusion, MT4 provides a convenient and efficient way to find the OHLC information for any candle by simply hovering your mouse over it. This feature enhances your trading experience by offering a detailed yet straightforward analysis of market behaviour, making it a valuable tool for short-term trades and decision-making.
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Use the Supertrend indicator to detect trend changes
The Supertrend indicator is a popular tool for detecting trend changes and making informed trading decisions. It is a trend-following indicator, meaning it shows the current trend's direction. It is displayed as a single line on the price chart, with the candles' position relative to the line indicating the trend. If the candles are above the line, it indicates an uptrend, and if they are below the line, it suggests a downtrend.
The Supertrend indicator is based on the concept of Average True Range (ATR) and a multiplier. The ATR measures market volatility, while the multiplier adjusts the indicator's sensitivity. The combination of these two factors helps to detect the trend of a trading instrument. The indicator calculates its value by determining an upper and lower band around the price.
The Supertrend indicator has multiple uses. Firstly, it can be used as a trend reversal indicator. When the line switches from below to above or vice versa, it suggests that the trend has ended and is likely reversing. Secondly, it can be used as a trend direction filter, where traders follow the direction indicated by the Supertrend. Additionally, it can be utilised as a stop-loss basis, with traders placing and trailing the stop loss behind the Supertrend line.
To enhance the accuracy of the Supertrend indicator, it is recommended to use it in conjunction with other indicators. This helps to minimise false signals and improve trading strategies. The Supertrend Multi-Timeframe (MTF) indicator is one such example, which considers the trend in multiple timeframes to provide a more comprehensive understanding of the overall trend.
The Supertrend indicator is highly customizable, allowing users to adjust parameters such as the ATR period and multiplier to suit their trading styles and market conditions. It is important to note that no indicator is 100% accurate, and the Supertrend indicator can generate false signals, especially in choppy or sideways markets. Therefore, it should be used alongside other analysis tools and techniques to confirm signals and manage risk effectively.
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Use the 'View' menu to enable the Status toolbar
To enable the Status toolbar in MT4, follow these steps:
Firstly, navigate to the “View” menu in the MetaTrader 4 platform. Within the "View" menu, you will find several options related to the visual display and functionality of the platform. The "View" menu allows you to manage signal windows, toolbars, and the program interface language.
To enable the Status toolbar specifically, look for the “Toolbars” option in the "View" menu. The "Toolbars" option is a sub-menu that allows you to manage the different toolbars available in MT4. Active toolbars will be checked, while unchecking any toolbar will disable it.
Within the "Toolbars" sub-menu, you should see an option for the “Status Bar." Selecting this option will enable the Status toolbar, which is typically located in the lower part of the terminal window. The Status toolbar provides valuable information such as the time of a candle's open, its open, high, low, close, and volume.
By enabling the Status toolbar, you can easily access this information by simply hovering your mouse over the candle in question. This feature is particularly useful if you want to avoid squinting at small numbers in the data window or status bar.
Additionally, you can further customize the toolbars in MT4 to suit your preferences. Right-clicking on a toolbar and selecting "Customize..." allows you to add, remove, or rearrange buttons. You can also reset the toolbar to its initial appearance by pressing the "Reset" button.
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Use the Alt+2 shortcut to open a candlestick chart
Candlestick charts are a popular choice among traders as they offer a good balance between clarity and detail. They are a variation of bar charts, sharing the same OHLC data but presenting it in a more visually intuitive way. The charts use colour-coded "bodies" to indicate whether the price moved up (bullish) or down (bearish) during a given period. For example, if the price closed higher than it opened, the candlestick would be green, whereas if the price closed lower, the candlestick would be red.
To open a candlestick chart, simply use the Alt+2 shortcut. This shortcut will instantly bring up a candlestick chart, allowing you to visualise the market data in a clear and appealing format.
Candlestick charts are highly favoured for their visual appeal and ease of interpretation. They are a great tool for beginners as they provide a good balance of information, making it easier to make informed trading decisions without being overwhelmed by excessive data. The charts are also excellent for pattern recognition, allowing traders to identify price patterns and market sentiment quickly.
The candlestick chart also has several unique patterns that can signal potential market reversals. These include the Hammer, Hanging Man, Inverted Hammer, and Shooting Star. Each pattern has distinct characteristics and provides valuable insights into market dynamics, such as buyer and seller pressure.
In summary, the Alt+2 shortcut is a quick and efficient way to access candlestick charts, which are a valuable tool for traders. These charts offer a clear visual representation of market data, making it easier to identify patterns and make informed trading decisions. With their colour-coded system and intuitive design, candlestick charts are a popular choice for traders of all experience levels.
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The 'body' of the candlestick indicates the opening and closing price
Candlestick charts are a popular tool for traders to interpret price information and make quick decisions. Each candlestick provides a visual representation of an asset's price movement over a period of time, typically a single day. The body of the candlestick is a key component of these charts, representing the open-to-close range.
The body of the candlestick is the wide part between the wick (or shadow) and the opposite end. It indicates the opening and closing prices of the asset during the specified time period. The thickness of the body reflects the difference between the opening and closing prices. A thicker body indicates a larger difference, while a thinner body suggests that the opening and closing prices were closer together.
The colour of the candlestick body also provides valuable information. Typically, a green or white body indicates a bullish market, meaning the closing price is higher than the opening price. Conversely, a red or black body suggests a bearish market, where the closing price is lower than the opening price. This colour coding provides a quick visual representation of the price direction.
For example, in a bullish market, the candlestick body may be green, indicating that the closing price is higher than the opening price. The thickness of the body would represent the magnitude of the price increase. Conversely, in a bearish market, the candlestick body may be red, with the thickness indicating the extent of the price decrease.
Traders can also analyse the relationship between multiple candlesticks to identify patterns and make informed decisions. For instance, a pattern consisting of a small bearish candle followed by a larger bullish candle indicates a shift from bearish to bullish. This pattern suggests that the bulls have taken control and pushed the price above the previous candle's body, reflecting strong buying pressure.
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Frequently asked questions
MT4 has a built-in feature that allows you to see the high and low of each candle. Simply move your mouse over the candle in question and the status bar at the bottom will display the open, high, low, and close values, as well as the volume for that candle.
To enable this feature, go to the "View" menu and select "Toolbars." Make sure that "Status" is selected. The status bar is located at the extreme bottom-right corner, next to the data usage.
Yes, there are indicators available that can display the high and low values of each candle. You can find these indicators in the MT4 "Help" guide or by searching online. Additionally, you can use the Supertrend indicator to detect trend changes based on price action.
The high value represents the highest price during the time the candle was formed, while the low value represents the lowest price during the same period. These values are important for understanding the price movements and making informed trading decisions.
