Forex traders use various tools to analyze and predict price movements of currency pairs. One such tool is the range bar chart, which is a type of price chart that shows the price range of each candlestick or bar. This type of chart can be very useful in identifying trends and potential trading opportunities.
Creating a range bar forex chart in Excel is a simple process that can be accomplished by following a few easy steps. In this article, we will provide a step-by-step guide on how to create a range bar forex chart in Excel.
Step 1: Open a new workbook in Excel
The first step is to open a new workbook in Excel. You can do this by clicking on the Microsoft Excel icon on your desktop or by searching for it in your applications folder.
Step 2: Enter your forex data
Once you have opened a new workbook, the next step is to enter your forex data. This will typically include the date, open price, high price, low price, and closing price for each currency pair.
Step 3: Calculate the range of each bar
The range of each bar is the difference between the high and low price for that candlestick. To calculate the range of each bar, you will need to subtract the low price from the high price. You can do this by entering the formula =HIGH-LOW in a new column next to your data.
Step 4: Create a range bar chart
To create a range bar chart in Excel, follow these steps:
1. Select the data range that you want to include in the chart. This will typically include the date, open, high, low, close, and range columns.
2. Click on the Insert tab in the top menu.
3. Select the Bar chart option, and then choose the Stacked Bar chart type.
4. Once the chart is created, right-click on any of the bars and select Format Data Series.
5. In the Format Data Series dialog box, set the Gap Width to 0% and the Overlap to 100%.
6. Click on the Fill & Line tab, and then select No fill for the fill color.
7. Finally, click on the Border Color option and choose a color for the bars. You can also adjust the width of the bars by changing the Border Width option.
Step 5: Customize the chart
Once you have created your range bar chart, you can customize it further by adding additional data series, changing the chart axis, and adjusting the chart layout. For example, you may want to add a moving average line or a trendline to help identify trends in the data.
Conclusion
Creating a range bar forex chart in Excel is a simple process that can be accomplished by following these easy steps. By using this type of chart, forex traders can gain a better understanding of price movements and identify potential trading opportunities. With a little bit of practice, you can create customized range bar charts that are tailored to your specific trading strategy and preferences.
