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Technical Analysis |
Charts are primary tools of technical analysis. There are a lot of different types of charts. Usually, the x-axis measures time, while the y-axis measures price level. Charts can be constructed using different intervals; i.e. monthly, weekly, daily and also intra-day charts (e.g. 30 minutes, 5 minutes, tick)
Line chartsLine charts are usually based on the closing price, which some traders regard as the most important indicator, as its value reflects the whole information made available and digested during the trading day. Line charts contain more data in a compact space than the other types of charts do. They should be used when a large number of points are to be plotted, or when several series are being compared.
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Bar charts Each bar on a bar chart represents price performance for a specific period.
These periods could be as long as a month or as short as one minute, depending
on
the purpose for which the chart is to be used. Daily bar charts are the most popular
The closing price is indicated by a horizontal protrusion to the right of the bar,
while the opening price is indicated by a horizontal protrusion to the left of the bar.
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