MetaTrader is one of the most popular and widely used forex trading platforms in the market. It offers a wide range of tools and features to help traders analyze the market and make informed trading decisions. One of the most important tools that traders use on MetaTrader is the forex chart. Forex charts display the price movement of a currency pair over a certain period of time, and they provide valuable information about market trends, support and resistance levels, and potential trading opportunities.
While MetaTrader comes with a number of pre-installed forex charts, traders can also customize their charts by adding different indicators, timeframes, and chart types. In this article, we will explain how to get different forex charts on MetaTrader.
Step 1: Open the Chart Window
The first step to getting a forex chart on MetaTrader is to open the chart window. To do this, go to the “Charts” tab on the top menu and select “New Chart.” You can also right-click on any currency pair in the “Market Watch” window and select “Chart Window” to open a new chart.
Step 2: Select a Currency Pair
Once the chart window is open, you need to select the currency pair that you want to analyze. You can do this by clicking on the “Insert” tab on the top menu and selecting “Indicators” or “Objects.” This will open a drop-down menu where you can select the currency pair you want to analyze.
Step 3: Choose a Timeframe
The next step is to choose a timeframe for your chart. The timeframe determines how much price data is displayed on the chart, and it can range from one minute to one month or more. To select a timeframe, click on the “Periodicity” button on the top toolbar and choose the timeframe that you want to use.
Step 4: Add Indicators
One of the most useful features of MetaTrader is the ability to add indicators to your charts. Indicators are technical tools that can help you analyze market trends, identify support and resistance levels, and spot potential trading opportunities.
To add an indicator to your chart, click on the “Insert” tab on the top menu and select “Indicators.” This will open a drop-down menu where you can choose from a wide range of indicators, such as moving averages, MACD, RSI, and more.
Step 5: Choose a Chart Type
MetaTrader offers several different types of charts, including line, bar, and candlestick charts. Each chart type displays price data in a different way, and traders often prefer one type over another depending on their trading style and preferences.
To change the chart type, click on the “Charts” tab on the top menu and select “Properties.” This will open a dialog box where you can choose the chart type you want to use.
Step 6: Save Your Chart
Once you have customized your forex chart to your liking, you can save it for future use. To do this, right-click on the chart and select “Save as Template.” Give your chart a name and click “Save.”
To use the saved chart template in the future, simply right-click on any chart and select “Templates” and choose the template you want to use.
Customizing forex charts on MetaTrader is a simple process that can greatly enhance your trading experience. By adding different indicators, timeframes, and chart types, you can gain valuable insights into market trends and potential trading opportunities. By following the steps outlined in this article, you can easily get different forex charts on MetaTrader and start analyzing the market like a pro.