Are you tired of traditional charting methods that do not provide a clear picture of price movements? Look no further than range chart MT4, a revolutionary tool that offers a new perspective on the market. In this article, we will discuss the benefits of using range chart MT4 as well as how to set it up and use it effectively.
What is Range Chart MT4?
Range chart MT4 is a type of chart that displays price movements within a specified range. Unlike traditional charts, which use time as the x-axis, range charts use a fixed price range. For example, if you set the range to 10 pips, each bar will represent a 10-pip price range, regardless of how long it takes to reach that range.
Benefits of Range Chart MT4
Range chart MT4 allows traders to see price movements in a more clear and concise manner. Since the chart is based on a fixed price range, it eliminates the noise caused by volatile price movements. This makes it easier to identify trends and key support and resistance levels.
Better Trading Decisions
By eliminating noise and providing a clearer picture of price movements, range chart MT4 can help traders make better trading decisions. Traders can use the chart to identify key levels to enter or exit trades, as well as to set stop-loss and take-profit levels.
Range chart MT4 is highly customizable, allowing traders to set their own price range and bar size. This makes it adaptable to different trading styles and strategies.
Setting up Range Chart MT4
Step 1: Open a Chart
To create a range chart MT4, open a chart in the MT4 platform.
Step 2: Select Range Chart
Click on the chart and select “Properties”. In the “Properties” window, select “Range” under “Chart Type”.
Step 3: Set Price Range and Bar Size
In the “Properties” window, set the price range and bar size. Experiment with different ranges and bar sizes to find what works best for you.
Step 4: Apply Template
Save your range chart as a template so you can easily apply it to other charts in the future.
Using Range Chart MT4 Effectively
Identifying Key Levels
Use the range chart to identify key support and resistance levels. Look for areas where price has repeatedly bounced off or broken through a certain price level.
Entering and Exiting Trades
Use the range chart to enter and exit trades at key levels. For example, if price has bounced off a support level multiple times, consider entering a long position at that level. Set your stop-loss just below the support level and your take-profit at the next resistance level.
Setting Stop-Loss and Take-Profit Levels
Use the range chart to set your stop-loss and take-profit levels. Look for key levels where price has bounced off or broken through in the past.
In conclusion, range chart MT4 is a powerful tool that can help traders identify trends, key support and resistance levels, and make better trading decisions. By eliminating noise and providing a clearer picture of price movements, range chart MT4 can help traders achieve greater success in the markets. Try it out for yourself and see the difference it can make in your trading.