one type of chart

Types of charts

By foski97 | Learn with me | 3 Apr 2024

Hey there!

Lets continue learning. Today, I investigated the different types of charts that i have access to.

The first type is the line. This type of chart is the most simple one (at least for me) as it indicates the closing time as a dot in a continuous line. It makes it simple to detect long term trends but I think I miss a lot of information with this chart.

Line chart for bitcoin

The second type that catches my eye is called "bars", also called HLOC. It is literally a bar with two horizontal lines attached to it. The on in the left indicates the opening price for that time frame, the one on the right indicates the closing price. The bar itself indicates the whole range of prices the asset has been traded for in that period of time. I think this chart makes it difficult to see the opening and closing prices (too small for my eyes) but has all the necessary information that I need (for now).

bar chart

The last type (and my favourite one) is "the candles". Its the easier for me to understand. It is a wider bar over a smaller bar. The thin one indicates the whole price range the asset was traded for while the wide one indicates opening and closing times. It is slightly more complicated to know which one is the opening and closing price as it doesn't indicated as directly as the bar chart type, but I think I can make you understand it. 

If the opening price is lower than the closing price (bullish candle), the candle will be displayed in green. This indicates that if you see a green candle, the lower side of the wide bar is the opening price and the upper one is the closing price.

If the opening price is higher than the closing price (bearish candle), the candle will be displayed in red. This indicates that if you see a red candle, the lower side of the wide bar is the closing price and the upper one is the opening price.

candle chart

Also, I see that in the candle chart i can understand more the market pressure. For example, if I see a very long wide candle (bet you can find one in the image), it indicates me that there was a strong pressuro to buy or sell that asset. If the overall length of the candle (including the narrow line) is short, I can think as a stationary place, no price change. Finally, if I see a long thin line with a very short wide body, I can think it as a strong pressure to move the price with a strong resistance in the other direction, making the opening and closing price very similar but with an intention to move it.

All those patterns can be found in the image, tell me if you found them.

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