Master the MT5 Trading Platform: Understanding the Types of Chart in MT5 for Better Trading

In the fast-moving world of financial markets, having the right tools and visual clarity is essential for success. The MT5 trading platform (MetaTrader 5) is one of the most powerful and widely used platforms in the world for forex, CFD, and stock trading.

One of its most valuable features is the variety of Types of chart in MT5, which allow traders to analyze price action from different perspectives—helping them identify trends, reversals, and key support/resistance levels with greater accuracy.

In this comprehensive guide, we’ll explore the MT5 trading platform and dive deep into the Types of chart in MT5, showing you how to use each one to improve your trading decisions.

Why the MT5 Trading Platform Is a Game-Changer

Developed by MetaQuotes Software, the MT5 trading platform is an advanced upgrade over MT4, offering enhanced features for both manual and algorithmic traders.

Key Advantages of MT5:

Over 30 built-in technical indicators
21 timeframes – from 1 minute to monthly charts
Multi-market access – trade forex, stocks, commodities, and futures
Integrated economic calendar – stay ahead of market-moving news
Strategy Tester – backtest your strategies using historical data
Support for Expert Advisors (EAs) – automate your trading
Hedging and netting systems – flexible position management

With its clean interface, fast execution, and powerful charting tools, MT5 is ideal for day traders, swing traders, scalpers, and algorithmic traders alike.

Types of Chart in MT5: A Trader’s Best Tool for Market Analysis

One of the standout features of the MT5 trading platform is the variety of Types of chart in MT5. Each chart type offers a unique perspective on price action, helping traders identify trends, reversals, and key support/resistance levels.

Here are the main Types of chart in MT5:

1. Candlestick Charts

The most popular among professional traders, candlestick charts display the open, high, low, and close (OHLC) prices for each time period.

Green (or white) candles = price closed higher than it opened
Red (or black) candles = price closed lower

Candlesticks are especially useful for identifying patterns like:

Doji (indecision)
Hammer (potential reversal)
Engulfing (strong momentum shift)
Shooting Star (bearish reversal)

These patterns help traders anticipate market direction and time their entries and exits.

2. Bar Charts (OHLC)

Bar charts show the same data as candlesticks but in a minimalist format. Each vertical bar represents:

Open (left tick)
High (top of bar)
Low (bottom of bar)
Close (right tick)

Bar charts are ideal for traders who prefer a clean, clutter-free view and want to focus purely on price action without visual distractions.

3. Line Charts

Line charts connect the closing prices of each period with a continuous line. While they provide less detail, they’re excellent for identifying long-term trends and smoothing out short-term volatility—perfect for higher timeframes like H4 or D1.

Line charts are commonly used for:

Trend confirmation
Reducing emotional trading based on minor fluctuations
Multi-timeframe analysis

4. Renko Charts (via Add-ons)

Renko charts focus purely on price movement, ignoring time and volume. Each “brick” represents a fixed price change (e.g., 10 pips), and a new brick forms only when price moves by that amount.

Renko charts are ideal for:

Identifying strong trends
Filtering out false breakouts
Swing and position trading

Traders often use Renko charts alongside traditional time-based charts to confirm signals.

5. Point and Figure Charts (via Add-ons)

These charts emphasize directional movement without considering time or volume. They use columns of Xs (upward movement) and Os (downward movement) to track price changes.

P&F charts are favored by:

Long-term traders
Breakout and reversal traders
Those who want to eliminate time-based noise

While not built into MT5 by default, third-party plugins make them accessible.

How to Use Types of Chart in MT5 for Better Trading Decisions

To get the most out of the Types of chart in MT5, consider the following best practices:

Use Multiple Timeframes: Combine higher timeframes (like H4 or D1) for trend analysis with lower ones (like M15 or M30) for precise entries.
Apply Technical Indicators: Overlay moving averages, RSI, MACD, or Bollinger Bands onto your preferred chart type to enhance your analysis.
Customize Your Workspace: Set up multiple chart windows with different Types of chart in MT5 to compare perspectives quickly.
Set Alerts: Configure price alerts based on chart patterns or key levels to stay informed even when you’re away from your screen.

By mastering the Types of chart in MT5, traders can refine their strategies, spot high-probability setups, and react swiftly to changing market conditions.

Final Thoughts: Build a Smarter, More Profitable Trading Career

Mastering the MT5 trading platform and understanding the Types of chart in MT5 are essential steps toward building a sustainable and profitable trading career. Whether you’re just starting out or refining your existing performance, leveraging these tools and concepts will give you a competitive edge in the forex market.

By combining technical analysis, strategic planning, and smart chart selection, you can maximize your potential and enjoy long-term success in the exciting world of professional trading.