Charts

Charts constitute a work field for technical analysis. This is where dynamics of security quotes are featured, technical indicators and graphical objects are applied. The number of charts that can be used in a terminal is unlimited, and they can be positioned in any way. This enables traders to adjust their workplaces to their own needs.

Every chart can be individually set up. Traders can use the detailed setup of color schemes, displaying of additional data objects and scaling, which allows the configuration of every chart according to the needs of a certain analytical tool. For example, you can setup the displaying of separators for larger periods, the OHLS line, and the chart scaling for the adequate featuring of Gann tools.

Chart Properties Window

All the chart settings can be saved in Templates and Profiles. Templates store almost all the parameters of a chart: its type, color scheme, scale, applied technical indicators, graphical objects and others. In Profiles you can save charts with their templates, as well as their location. All these tools enable you to quickly set up your workplace.

Charts Profiles and Templates

In the client terminal, the history of quotes for each security is used for building charts. In MetaTrader 5, the history is stored as M1 (one minute) only, and all the charts are built based on these data. The terminal supports 21 timeframe for each security, starting from a minute to a month one.

The main limitation of timeframes is their multiplicity: one hour must contain an integer number of minute periods, and a day must consist of an integer number of hour periods. According to this rule, the following timeframes are available in the terminal: M1, M2, M3, M4, M5, M6, M10, M12, M15, M20 and M30.The available hour periods are: H1, H2, H3, H4, H6, H8 and H12. Three more timeframes are D1, W1 and MN1. So many available timeframes allow using any analytical tools, detecting long and short-term trends, and precisely defining entry and exit points.

Timeframe Toolbar

The terminal is installed with an empty history. In order to upload data, open the corresponding chart, and minute quotes for the previous 30 days will be uploaded. If you need more data (for example, if your indicator uses large periods for calculation), simply move your chart to the beginning, and additional history will be uploaded.

A space-efficient format of data storing is implemented in MetaTrader 5. Thus, the ten years’ 1-minute history of quotes for GBPUSD takes as little as 10 megabytes. Having uploaded this history once, you can build all the charts for this symbol, from M1 to MN1.

The terminal offers three chart types to display data: linear chart, candlesticks and bars. So, you can choose the most convenient one for analyzing prices. To help you analyze, the terminal contains 38 built-in technical indicators and 39 analytical objects.

Indicators

Technical indicators are automatic tools generating signals based on various calculations. The built-in indicators of the MetaTrader 5 terminal cover almost all needs for analytical tools. The terminal offers you the most popular trend indicators, oscillators, Bill Williams’ tools and many other instruments. Should you need any specialized tool, you can write it in the MQL5 language or download/purchase a ready-made program.

Technical Indicators in MetaTrader 5

In MetaTrader 5, indicators can be located over a price chart or they can be displayed in a separate window. In calculations, indicators use securities’ price quotes, as well as values of other indicators. So, you can create tools for complex trading systems and combine different indicators. For example, you can apply Moving Average to Awesome Oscillator and obtain its signal line.

Indicators Applied to Other Indicators in MetaTrader 5

For every parameter, not only indicator featuring parameters (line color and width, window scale and others) can be chosen, but also calculation parameters can be set. For example, instead of the default period of 10 bars, 50 or 150 bars can be set for the Moving Average. Besides, different levels can be applied to indicators to make analysis easier (constructing channels, support/resistance lines, etc.).

Objects

Unlike indicators, analytical objects aren’t automatic, and should be applied to a chart or indicator manually. Custom objects can’t be developed in MQL5, that’s why we tried to include as many analytical objects as possible, to help traders analyze prices.

‘Simple’ Analytical Tools in MetaTrader 5

MetaTrader 5 contains 39 analytical objects. You can use simple tools to mark different points, levels, limits and areas: arrows, labels, shapes, lines and pictures. Terminal also offers more complex Gann tools, Fibonacci and Elliott tools, and channels to help you detect regularities in price dynamics.

Interactive analytical Tools in MetaTrader 5

Another important group contains interactive objects. They are buttons, entry fields and charts. Buttons and entry fields are used in MQL5 programs. For example, some actions of an expert Advisor can be assigned to a button, and parameters can be transmitted to an EA through an entry field. The Charts object is a picture-in-picture function allowing to impose an additional chart of any security to the current price chart. This enables you to follow the dynamics of several symbols and analyze them.

Source: http://forum.mql4.com/26429