At Olymp Trade, there are 4 types of price charts: line chart, Japanese candlestick chart, Heiken Ashi chart, bar chart. Each type of chart is suitable for different strategies. To make your strategy highly effective, you need to choose the right chart in Olymp Trade.
How to use line chart in Olymp Trade
Line chart is created from simple lines. However, it helps you determine where the support and resistance zone is. It will be suitable if you like simplicity and do not care about price behaviour that can be shown in candlestick chart.
You can use this chart combine with Bollinger Bands for long time frame. When price goes steadily and creates straight line, Bollinger Bands shrinks, it is a sign for the appearance of a support or resistance zone. If Bollinger Band enlarges and price goes beyond the support or resistance zone, it’s time you should prepare to buy a suitable in long time. Set the time for which your forecast from 5 minutes or more
Japanese Candlestick Chart
This is the most popular type of chart when it comes to technical analysis. If you like to analyse price’s behavior, and buy Fixed Time Trade based on the color of candlesticks; or focus on candlestick signs of reversal, then this chart is for you.
There are a lot of indicators that can be used in combination with Japanese candlestick chart because many traders prefer using this type of chart. Your job is to choose the strategy that is suitable for yourself.
Heiken Ashi Chart in Olymp Trade
Heiken Ashi is a chart that indicates trends in long term. Traders who use Heiken Ashi are those who prefer long time frame Fixed Time Trade. When using Heiken Ashi, we just care about the color of candles: Red means downward trend, Green means upward trend.
If you like long time frame, this chart is for you. You just need to estimate the trend correctly and earn profit.
Bar chart in Olymp Trade
Not many people use and understand this type of chart because the application and indicators for this type of chart are very limited. However, this is a simple chart which provides you information such as opening price and closing price. The bar chart is visualized and you are able to use indicators in combination with bar chart.
Choose a suitable chart for trading in Olymp Trade
There are many ways to succeed in Olymp Trade as long as you have right strategies and a cool head. A suitable chart can be useful to control your strategy as well as emotion.
If you are interested in long time frame, line chart and Heiken Ashi chart are good choices.
If you prefer short time frame, you should use candlestick chart or bar chart.
Wish you success!