Setting Up Your Chart In MT4 Forex Ninja

Alan Solar here, the passive income guru in this video tutorial explains to you how to set up your charts.

Right, so by now you've probably.

Installed or rather set up your bot. So let me just drag across here one of the currencies and we'll drag across ej and the reason we're using EJ and GJ is because, here we go, here's gj, gbp, JPY will drag it onto, onto the gray area. And the reason we're using those two.

The Japanese yen pairs is because there's huge volatility and you can make loads and loads of money.

Using the Japanese yen. Okay? In the same token you can also lose money. You know, it is a bot and you know if there is a world announcement that affects the currency badly, like over here, you may, you may lose your money. So invest with caution and only invest spare funds. So what I've done for you is I've dropped a file on, on your desktop over here. It's called Alan chart template. And what you would do is firstly is you'd set your chart to the four hour chart, okay? So please pause the video and set your chart to the four hour chart. Then come back to this video and resume the video. The next thing you can do is over here there's a drop down menu and you drop down the menu. This is the template section. We can just drop it down. That would be great.

Okay, there we go. And it says here, load template. Okay, so go ahead and do that. Go and click on that. Now please pause the video and go into that step and once done you can come back to this video and resume the video. Now I've dropped that template on your desktop. So click on desktop and you'll see my file showing over here. So you can just double click it and then what will happen is, is that your whole chart will change with moving averages. Okay? And let me explain to you so how you fit this, this, this chart in this window is you can just click over here on this icon. So please pause the video, go and set up your chart. Now go and install that template and once done you can come back to the video and then resume the video. So these are moving averages, These lines are all moving averages. If you click on, on the moving average, double click on the moving average, it'll tell you exactly what that moving average is. And the moving average is basically the close out of the last X amount of, of candles. And each candle represents a time frame. So we're on the four hour chart. So each candle represents Four hours. Okay. And there's a, there's an open price, a closed price, the low for the day and the high for the day. So basically over here, the bottom of the, of the, of the candle over there is where that, that can, let me enlarge it for you so that you can actually see what we're doing. Okay. So over here, the bottom of this candle is where the candle, the price opened for, for that time period being that four hour time time frame. Okay. The top of the candle over here is where the, where the, the price closed out for that four hour time period. This long wick over here is the low part is basically the lowest the price was in that four hour time frame. And then obviously the top of the candle over there, that would be the highest part, the highest price of that currency in that four hour time frame. So a 200.

Moving average means that they take the closing price of the last.

Four, the last 200 candles in this time. In this chart which is the four hour charts, it's the last 200 candles. And basically it's like plotting, plotting a little dot on a, on a graph. Okay. The next four hour chart that comes out.

The next four hour candle that comes out, it will then calculate the last 200 candles and then put a dot on the, on, on the, on the chart and then they join that, those dots with a line and you then get a.

Basically a moving average line. And that is quite representative of what has happened and what is going to happen in the future. So we've got 200, we've got a 100, we've got a 50, we've got a 34, we've got a 20, we've got a 10 and 8 and a 5. Okay, those are the moving averages and those are represented in the different colors. And the white is a Bollinger band. And what will happen is, is that you'll notice that the graph, the, the, the candles basically follow these time. These, these candles, they follow the time, the time, the moving averages and a lot of the trading around the world is based on these moving averages of which I'm going to be explaining to you in another video. So what this video is basically is just to, for you to understand what these lines are, how they work and for you to set up your graph so that you can start following along and start understanding why the currency, the price of the currency is reacting in the way it's reacting. Okay? So I hope that you've enjoyed this video. If you've enjoyed this video at the top of the screen of this video there is a subscribe button. Just click on the subscribe button. It'll take you to YouTube. You need to be logged into your Gmail account to subscribe to my video. I highly recommend that you subscribe to my videos because I come up with videos all the time and you need to be in the know of exactly what's going on with with my different platforms as things change all the time. So there's three things you need to do. Number one subscribe to my channel. Number two Click on the like button. Number three Click on the bell button. This is all underneath the video on YouTube. You'll see there's a subscribe button, a like button, a bell button and also in the comments section leave a positive comment as well as your Bitcoin wallet address because I give away 0.005 of a Bitcoin every every single Friday and you could be the lucky winner of that prize. So good luck and I'll see you on the next video.

You know that I'm a Do you.