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Popular Types of Forex Charts You Should Know

Any serious traders need to know several different types of Forex charts. It’s no secret that nowadays there are many types of charts available in the Forex market. While back then, charts are available on paper, now it is easier to access them on our gadgets.
 
From a basic chart to a more complicated one, you have plenty of choices on how to analyze the Forex market through a chart. With a lot of choices on the table, it is crucial to figure out which chart type to use before you start trading.
 
We cannot deny that each chart type offers its pros and cons. However, in the end, it would be your style and need that determine the best chart to be used. Before choosing your Forex charts, read on to learn further about each available chart.
 
 

The Most Popular Charts in the Forex Market

 
One of the most common types of Forex charts is the basic one. Considering its name, a basic chart is known to be the simplest chart in the Forex market. The basic chart types include several options including line, tick, and bar charts. Let’s discuss this further below.
 
Tick Charts
 
This one is considered as the nearest form of price action charts. Most Forex traders typically compare this chart with a one-minute chart. Nevertheless, you should be aware that tick charts show you something more than just the traditional OHLC. It also presents transaction numbers in the Forex market.
 
Line Charts
 
It’s safe to say that a line chart is the simplest one you can find in the Forex market. The simplicity of a line chart is indeed the benefit. You should remember that a line chart only involves prices of a particular period only that is enough to analyze the market.
 
Bar charts
 
One of the most popular types of Forex charts is a bar chart. You can find a small point of an opening level, another point of the closing level, and a vertical line on a bar chart. It is possible to see pattern changes in a bar chart. 
 
Aside from the basic charts above, there is also an intermediate Forex chart type. One of the most well-known charts in this type is the candlestick. A candlestick chart looks like a bar chart, but it has two main elements including a body and shadows. 
 
For an expert trader, there are also some professional trading charts like Heiken-Ashi, Figure, as well as Renko and Point charts. Experienced traders typically take advantage of this chart to find out false moves in the Forex market or to properly ride on the major trends. 
 

The Best Broker to Trade Forex with Various Charts

 
You already know some types of Forex charts for different purposes and traders. If you are just starting Forex trading, it would be recommended to try the basic ones before attempting to use the intermediate or expert charts since these may make you confused.
 
Then, to take advantage of the charts perfectly, you will need a good Forex platform to trade. The best Forex broker like SalmaMarket offers a reliable MetaTrader 4 platform that offers a lot of tools and features. You can consider SalmaMarket to increase your winning chances.
 
SalmaMarket Forex broker is one of the best STP brokerage companies that won’t limit your trading strategies to its favor. Instead, SalmaMarket provides everything you need to improve your winning chances including offering an advanced Forex platform like MetaTrader 4. 
 
In conclusion, you have a lot of options when it comes to Forex trading charts. Choosing the best chart based on your skills and experience could help you improve the winning chance in trading Forex. That’s all everything you should know about different types of Forex charts.

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