If you've ever opened a new chart in MetaTrader (MT4 / MT5), you're probably familiar with the default settings - the green candlesticks against a black background. While functional, it's not exactly visually appealing. In this article, you'll learn an easy way to customize your chart to make it more aesthetically pleasing and easier to read candles.
–Watch the video below, for a step-by-step tutorial.
Changing Candle Colors and Background
Follow these simple steps to adjust your chart and candlesticks, for a better trading experience and improved visibility.
Accessing Chart Properties: To begin customizing your chart in MetaTrader, right-click anywhere on the chart and select "Properties." This will bring up a menu where you can adjust various settings, from changing candle and background colors and selecting a unique color for each setting.
Customize Background Color: Switching from the default black background to a lighter color, such as white, is a simple yet very powerful improvement. This adjustment can significantly improve readability and the overall appearance of your chart - this is especially common for those who like the traditional look of "TradingView" chart with the green/red candles on white.
Customize Candle Colors: Besides background adjustments, the colors of your candlesticks play a crucial role in chart interpretation. Consider customizing candle colors to fit your color preference and trading style, keeping in mind that you will spend a lot of time looking at them. Choose wisely and ensure that the color contrast works for you rather than against you. A common color for bullish candles is green, whereas bearish candles are typically printed in red.
Adjust Foreground Color: Once the background color is determined, the next step is to select a foreground color that provides contrast to display the date and price data correctly. A basic and effective setting is a dark (black) foreground paired with a white background, and a brighter foreground color if the background is black or any other dark color. The candle or bar colors also have to be considered to maintain proper visibility across the entire chart.
Optimizing Visibility & Fine-tuning: After customizing the background and candle colors, the next step is to remove any unnecessary info from the chart to declutter it. For example, the grid and tick data are automatically displayed in the default settings but generally offer a much cleaner look and better visibility once removed. Cleaning up the chart significantly helps with being able to spot price movements and candle formations, ultimately leading to better trades.
4 Benefits of Customization
Visual Appeal
Customizing candle colors and background settings can transform your trading experience from boring and dull to attractively dynamic, making chart analysis more engaging and enjoyable.
Improved Readability
By choosing colors that suit your personal preferences and optimize readability, you can quickly spot price movements and enter trades with perfect timing, ensuring that you no longer miss out on a good setup just because you were unable to see it on a cluttered chart.
Reduced Eye Strain
A well-designed chart layout with appropriate colors and contrast can also help reduce eye tension and fatigue during extended trading sessions. Keeping the health aspect in mind is always a win in the long run.
Improved Trading Performance
A clean and easy-to-read chart can, in addition to the points above, also lead you to become a better trader, as important data is easier to read, and a good-looking chart can act as an extra motivator and give an emotional boost.
Video Tutorial (Step-by-step)
Watch this YouTube video for a step-by-step tutorial on how to adjust candle and background colors. The video also includes other MetaTrader tips, tricks, and settings that will help you become a better MT4 / MT5 user and improve your trading.
YouTube Video:
Timestamps:
1) (0:49) Candle & Background Colour
2) (2:43) Risk-Reward Ratio Tool
3) (6:03) Customize Toolbar & Timeframes
4) (9:32) Jump to Specific Date
5) (10:27) Scale Fix Chart
6) (12:00) Crosshair / Measuring Tool
7) (13:24) Alerts & Notifications
8) (15:33) Support & Resistance
9) (17:38) Spread (Bid & Ask Price)
10) (21:02) Chart Autoscroll
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Trade safe.
Ian - CPP Trading
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