How to overlay different chart types on MT5How to overlay different chart types on MT5
Offering strong tools for technical analysis, trading automation, and market monitoring, MetaTrader 5 (MT5) is among the most sophisticated trading platforms in the world. One of its best aspects is the freedom it lets traders create charts that fit their trading tactics. Overlaying various chart styles to get more market insights and improve decision-making is one very helpful method.
We will clarify how to overlay several sorts of charts on MT5, investigate the several chart styles available in MT5, and highlight how these features might help traders—especially those using an instant funded trading account—in this article.
MT5's Chart Categories:
Knowing the primary types of charts in MT5 will enable us to go on overlays:
Line Charts:
Offering a clear picture of the general trend of the market without much noise, plots show closing prices as a continuous line. Useful for fast recognizing trends.
Bar graph:
For every time, displays price information (open, high, low, close) as vertical bars with horizontal ticks. Helps traders evaluate price range and volatility.
Chart for candlesticks:
Popular with traders for its visual clarity, candlesticks display the same OHLC data more graphically with colored bodies denoting bullish or bearish action.
Heiken Ashi Chart accessible through custom indicators:
A smoothed version of candlesticks highlights the dominant trend by filtering out little market noise.
Renko, Range, and Tick Charts (through custom indicators or add-ons):
These charts help traders concentrate on major market changes by ignoring time and instead charting bricks or bars according to price movement.
Why should one overlay several types of charts?
Overlaying charts in MT5 could benefit traders:
- Simultaneously compare several views on the market.
- Find differences or confirmations between various kinds of charts.
- Merge accurate price activity (e.g., Candlesticks) with smooth trends (e.g., Heiken Ashi).
- Create sophisticated approaches like multi-timeframe analysis.
This is especially useful for traders using an instant funded trading account, when stringent risk constraints and profit targets demand very informed and accurate trade decisions.
Overlay of Various Chart Kinds in MT5
Although MT5 does not inherently allow two distinct chart kinds to overlap in the same main chart window (such as presenting candlesticks and bars directly over top of each other), some innovative techniques will let you create overlays:
1. Using Several Chart Windows
One sensible approach to overlay chart kinds is to arrange several chart windows side by side:
- Open two different charts for the same instrument.
- For each graph, select a distinct chart kind (e. g. one candlestick, one line).
- For rapid comparison, drag and tile the windows within MT5.
This approach lets you visibly compare movements between chart kinds with little effort, though not a precise overlay.
2. Indicators that are overlaid
Using indicators that replicate another chart type directly on top of your primary chart is a more sophisticated approach:
- Illustration: Overlay Line Chart on a Candlestick Chart
- For your instrument, open a candlestick chart.
- Add a unique indicator that overlays a line chart of closing prices over candlesticks (e. g. a Moving Average adjusted to period 1, applied to Close, without smoothing).
This gives the visual impression of a line chart over your candlestick chart, therefore assisting you in following actual closing trends across candlestick patterns.
3. Custom Indicators for Specialised Charts
Custom indicators exist to plot:
- Heiken Ashi candles on a common candlestick diagram
- Renko blocks over candlestick charts
- Range bars overlapping ordinary price charts
Procedures for overlaying Heiken Ashi:
1. Get a free or MetaTrader Market Heiken Ashi customized indicator.
2. Add it to your current candlestick graph.
3. Pick in the indicator settings whether to show it in a different window or the primary chart.
Many metrics let you change colors or transparency to prevent the overlay from totally hiding your underlying chart.
4. For many viewpoints, use “subwindows".
MT5 allows you to include symbols beneath your primary chart in subwindows. For example: Main window: Candlestick chart
The Heiken Ashi indicator or line chart of another time frame is known as a subwindow.
Though it helps with a layered analytic approach, this is not a real overlay.
Helpful Overlay Advice:
Change thicknesses and hues.
Select conflicting colors, such as overlays stay vivid and different.
Preserve Chart Forms
Save your overlay configuration as a template for fast reuse on other instruments once it is completed.
Verify Indicator Performance
Too many overlays can cause MT5, particularly on cheaper computers, to run slowly.
Benefits for instantaneously funded account holders
Strict guidelines on drawdowns and risk apply to traders employing an instant-funded trading account. One gets great advantages from the capacity to overlap several sorts of graphs:
- Quickly spotting trends or market shifts
- Better signal verification before engaging in significant transactions
- Improved accuracy in risk management and position sizing
Funded account traders frequently live under tremendous stress. A competitive benefit is having a more layered market perspective.
Conclusion:
MT5's adaptability, especially with custom indicators, makes all of this possible, whether you are plotting Heiken Ashi candles, comparing a line chart over candlesticks, or utilizing specific overlays like Renko bricks.
These overlays are critical tools for investors with an immediately funded trading account; they might spell the difference between achieving your trading targets and breaking risk limits.
Discover the chart formats available in MT5, overlay experiment, and market edge improvement!