In Metatrader 4, the chart’s candlesticks are all SELLING price of the currency or BUYING price, or each candlestick shows all the information? Cuz its seems that to me all are SELLING price…if thats the case, how can I change the candlesticks to change to BUYING price instead?
Hi,
In MT4: the price shown on a chart is always the BID price (the price at which the dealer is prepared to BUY from you). There is no way (not that I’ve ever found anyway) to change this. You YOURSELF therefore need to compensate for the spread when BUYING.
This appears to differ from platform to platform (broker to broker?). ACTForex’s platform (used my many brokers) always shows the ASK price (the price at which the dealer is prepared to SELL to you) on the charts. Deltastock’s platform (and I’ll bet there are others) allows YOU to choose whether you want the BID, MIDDLE, or ASK price to be displayed on the charts.
To the BEST of my knowledge the ‘standard’ is that the ASK price is the one that SHOULD be displayed (well: if such a ‘standard’ exists that is).
When YOU wish to SELL then YOU should use the BID price and when YOU wish to BUY then YOU should use the ASK price. This compensates for the spread (when placing limit and stop orders).
I believe all of the above to be correct but somebody else please ‘chip in’ if I’m wrong.
Regards,
Dale.
Hi,
By default it shows the SELL price. In MT4 platform, go to TOOLS - OPTIONS -
You will see a tab called CHART. In that “Show Ask Line” is unchecked by default. You can check it and restart the platform. You should be able to see BUY price as well. I haven’t tried this before. However, let me know if it works.
The same option is also available on CHARTS - PROPERTIES -
If you only want to see the BUY price…Well I am not sure how to do it. The above option when tried should be showing you two horizontal price lines with a gap (spread) when the market goes live.
Regards,
Muthu.
Chennai.
India.
You are right!!! Sorry for my MISinformation. I forgot about that (I don’t use MT4 too often other than when trying to answer queries). As you say: two lines are then drawn on the chart and both prices displayed. That said (and as you have noted): I don’t believe that there is a way to show ONLY the ASK line / price.
Regards,
Dale.
i thought MT4 is the most used forex trading software? is that true???
Most used by whom…?
Pushed to people by those infomercials advertising trading services mostly financed by the brokerage industry who have become enamored of the services which rely on graphs and colored lights and promote the idea that anybody can trade no matter what…?
Loads of traders don’t use MT4. They use what suits them without graphs and colored lights.
All what you really need is a workable TA chart connected to a live feed. 