How to Use Multiple Chart Types in MT5 for Better Market Analysis

4/9/2025, 10:47:29 AM

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MT5 has different chart types. Each type is suitable for specific purposes. You can integrate indicators and customize charts to enhance your trading experience.

How to Use Multiple Chart Types in MT5 for Better Market Analysis

MetaTrader 5 (MT5) offers tremendous tools to improve your analysis and make your trade executions seamless. A key feature is flexible charting, enabling users to switch between chart types and timeframes for better market insights. 

You need to pick the right chart type for effective market analysis. A wrong choice could lead to misinterpretation, while the right one can give you an edge. This guide will explore different MT5 charts and switch between them. You will also learn which chart works best for a specific purpose. 

Luckily, FundingPips offers you an excellent opportunity to trade big account sizes without investing your own capital. Sign up today and begin your trading journey on FundingPips MT5! 

Types of Charts in MT5

MT5 provides three distinct types of charts. Each one caters to different analysis needs. If you understand how they function, you can improve your market analysis with MT5. 

1. Line Charts

Best for: Long-term trends and macroeconomic analysis.

Line charts use close prices over a period. The lines created are smooth, which helps traders identify the overall direction of an instrument. They are helpful to get a broader outlook of the market, though they lack details available in other charts. Long-term traders who focus on significant trends can rely on line charts as they help reduce the noise present on different charts. 

2. Bar Charts

Best for: Volatility analysis and price fluctuations.

Bar charts have four price points. They are open, high, low, close (OHLC). The bar charts provide more insight than the line charts. They are helpful for traders who like to understand volatility. With high and low at a certain period, traders can effectively understand the support and resistance levels. 

3. Candlestick Charts

Best for: Detailed price action analysis.

Candlestick charts are the most popular among traders as they provide more insight than any other chart type. Traders use candlesticks to identify trends and patterns, making them the best chart type for Forex trading in MetaTrader 5. Hammer, doji, engulfer, etc, are a few popular patterns that signal trend reversal or continuation. Hence, your forecasting ability improves with these charts. 

How to Switch Between Chart Types in MT5

It’s easy to switch between the MT5 charts. Follow these steps to do so:

• Open the MT5 portal and choose your currency pair.

• Click on the Charts menu at the top.

• You can select the chart of your choice, line chart, bar chart or candlesticks. 

• You can use a keyboard shortcut to toggle the charts quickly:

• Alt + 1 for a Line Chart

• Alt + 2 for a Bar Chart

• Alt + 3 for a Candlestick Chart

You can customize the charts by clicking on the chart and then selecting Properties.

Best Chart Types for Different Trading Strategies

Each trading strategy requires a specific chart. Let’s take a look at the breakdown of the best charts for various approaches. 

Scalping

• Best Chart Type: Candlestick charts are suitable for scalping with short timeframes like 1-minute, 50-minute or 15-minute.

• Why? Candlestick charts provide detailed insight into the rapid price change and help execute trades at better positions.

Swing Trading

• Best Chart Type: Bar charts are suitable for the medium-term trend analysis. You can use 4-hour or daily bar charts. 

• Why? It offers a balanced view with more price details and less noise.

Long-Term Investing

• Best Chart Type: Line charts are suitable for macro trends, like weekly or monthly charts.

• Why? It smoothens the price fluctuations and lets you identify long-term trends.

Advanced Charting Techniques in MT5

You can explore advanced charting techniques to maximize the benefit of MetaTrader 5 trading strategies. 

Adding Trading Indicators in MT5

Your trading analysis can be enhanced by using the built-in or custom indicators in MT5. To add indicators on the chart:

1. Click on the Insert menu and then select Indicators

2. Select the indicator you prefer. 

3. Customize the settings, such as changing the period or other inputs. 

4. Apply different indicators to identify confluence zones. 

Multi-Timeframe Analysis

You can utilize different timeframes to create a trend consensus before entering the position. For example:

• Use a daily chart to find trend bias. 

• Use a 4-hour chart to refine entry points

• Use 15 minutes as a trigger chart to execute your trades. 

On MT5, you can even try the least known charts like 6-hour, 8-hour, 12-hour, 10-minute, etc. These charts can help you refine your entry points, too. 

How to Customize Charts in MT5 for Technical Analysis

If you personalize your charts, your readability and efficacy may improve. Here are the steps to customize your charts. 

1. Right-click on the chart and select Properties. 

2. Change the colors of bullish and bearish candles. 

3. Change background and foreground colors to reduce eye strains. 

4. Save your chart settings as a template to apply to other charts. 

Common Mistakes to Avoid

You can avoid these common mistakes to safeguard yourself from unnecessary losses and improve your Forex charting techniques. 

1. Relying on a Single Chart Type

You can use only chart type, and there is no harm in it. However, do not limit yourselftoh one chart type. You can get different perspectives from different charts. Like, you can use Hieken Ashi to filter a trend or its strength.

2. Not Adjusting to Market Conditions

Market conditions do not remain the same. Your chart settings should adapt, too. Like, during highly volatile hours, you may prefer to use candlesticks or bar charts instead of line charts. 

3. Ignoring Customization Options

Many traders overlook customization in MT5. Withminorl adjustments, you can ease your analysis process. 

4. Overloading Charts with Indicators

Though indicators are helpful, loading charts with too many indicators may create confusion. Keep your trading system simple and easier to interpret. 

Conclusion

MT5 trading platform is quite helpfull. Understand its chart types and other features to improve your market analysis and trading outcomes. You can become an informed trader by leveraging different chart types, customizing them and using indicators. 

Ready to take your trading to the next level? FundingPips offers funded trading accounts, allowing you to trade with a professional edge. Sign up today and put your charting skills to the test with our capital.

4/9/2025, 10:47:29 AM

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