Forex trading has become increasingly popular in recent years, and with the advent of mobile trading applications, it has become even more accessible. Android phones are one of the most popular mobile devices used for forex trading, and they are equipped with a number of useful features to help traders make informed decisions. One of these features is the ability to add candles to your forex charts. In this article, we will explain how to add candles on an android phone.
First of all, it is important to note that most forex trading applications for android phones come with pre-built charts that display the price action of various currency pairs. These charts are usually displayed in the form of line charts, but you can change the chart type to candlestick charts to get a better view of price movements. To do this, follow these steps:
Step 1: Open the forex trading application on your android phone.
Step 2: Navigate to the chart you want to modify.
Step 3: Look for the settings icon or menu and tap on it.
Step 4: Look for the chart settings option and tap on it.
Step 5: Change the chart type from line to candlestick.
Once you have changed the chart type to candlestick, you will be able to see the price movements in a more detailed way. Each candlestick represents a specific period of time, such as one minute, five minutes, or an hour. The candlestick is made up of a body and two wicks, one on top and one on the bottom. The body of the candlestick represents the opening and closing price of the currency pair, while the wicks represent the highest and lowest price levels that the pair reached during that period.
To add candles to your chart, you can use the zoom function to zoom in or out of the chart. This will allow you to see more or fewer candles on the chart, depending on your preference. To zoom in, simply pinch the screen with your fingers and spread them apart. To zoom out, pinch the screen with your fingers and bring them closer together.
Another way to add candles to your chart is to change the time frame. Most forex trading applications for android phones allow you to change the time frame of the chart to suit your trading style. For example, if you are a scalper who trades on short time frames, you may want to use a one-minute chart. If you are a swing trader who trades on longer time frames, you may want to use a four-hour chart.
To change the time frame of the chart, follow these steps:
Step 1: Navigate to the chart you want to modify.
Step 2: Look for the settings icon or menu and tap on it.
Step 3: Look for the time frame option and tap on it.
Step 4: Select the time frame you want to use.
Once you have selected the time frame, the chart will automatically update to display the candles for that period of time.
In conclusion, adding candles to your forex charts on an android phone is a simple process that can help you make better trading decisions. By using candlestick charts, you can get a more detailed view of price movements, which can help you identify trends and potential trading opportunities. By zooming in or changing the time frame, you can customize the chart to suit your trading style. With the right tools and knowledge, forex trading on an android phone can be a profitable and convenient way to trade the markets.