Charts and Historical Prices
To analyze how the price of a forex currency pair changes, we need to study its historical prices along with it's current price action. A chart, or more precisely, a forex currency pair's price chart, appears to be the leading means that almost all of the traders are utilizing to perform forex charts analysis, to learn about past prices, and to perform technical analysis. Well, we can define a chart as a visual representation of a forex pair's price movement over a set period. Although there are three types of charts available in the MT4 and MT5 by default, and these charts include:
- Line chart
- Bar chart
- Candlestick chart
The most traditional sort of chart is the Candlestick charts, as it shows the same price data as a bar chart but in a better-looking, easy to understand and graphic format. On the chart, the most used information is the high, low, open and close price levels. Here's on these charts, the candlestick bars symbolize the high-to-low area with a vertical line. Nevertheless, in candlestick charting, the larger block (or body) in the middle indicates the range between the opening and closing prices.
Just like the forex charts, the cryptocurrency price charts are also available in all the categories such as line chart, bar chart and candlesticks. However, the candlesticks chart takes the lead when it comes to the popularity of the charts. Crypto historical charts are used to perform technical analysis on past prices in order to predict the future price of crypto pairs. There are indicators available in the MT5 and MT4 platform that shows crypto trading volume on the charts, that helps traders to spot the potential volatility in the Crypto pair.
The historical commodity price charts also come in Candlesticks format, and traders mostly emphasize on the patter chart patterns to predict next movement in the commodities. The historical commodity price charts help big time to understand the past behaviour of certain commodities such as the highest and the lowest price of that particular commodity in history, when did market placed that high or low, the current trend of the market. The long term commodity charts are used to predict the bullish or bearish trend of the market. Click on read more to check out historical commodity price charts.