Chart types in NanoTrader
The NanoTrader platform offers a great variety of chart types. New chart types are added on a regular basis.
Bar charts
Each bar represents an identical time period. The trader can see the open price of the period, the close price of the period and the high and the low of the period. Green (red) indicates a close price above (below) the open price of the period.
This example shows a bar chart in combination with a simple moving average.
Line charts
The line chart represents the market as a simple line. Simple, yet still useful for different types of trading.
This example shows the line chart in combination with the SuperTrend indicator. The background of the chart is green if the indicator is bullish and red if the indicator is bearish.
Range bars
Range bars only reflect price changes of a certain size. They do not reflect time and they do not reflect small price changes. This results in charts which only draw a candle when a specified trading range occurs.
This example shows 30-point range bars. The inset shows the classic candlestick charts from 10.00 to 12.00. Compare these to the range bars which cover the same time period.
Tick charts
Tick charts are a popular scalper tool. They represent the executed orders (time&sales) as a live chart. Each bar represents a fixed number of executed orders. So the more trades, the more bars. This allows traders to see accelerations and slow-downs in the market.
This example shows a 10 ticks chart i.e. each candle consists of the prices of 10 executed orders. Notice the variable time axis which reflects accelerations.
Twin charts
Twin charts are charts in different time frames which are linked to each other. Traders use charts in higher time frames to identify the market trend or to place orders on important support or resistance levels. With twin charts, for example, you can draw a trend channel in a day chart and it will also appear automatically in your daytrading chart.
This example shows a daytrading chart accompanied by 60-minute and 1-day twin charts.
Candlestick charts
Each candle represents an identical time period. The trader can see the open price of the period, the close of the period and the high and the low of the period. Green (red) indicates a close price above (below) the open price of the period. Particularly interesting are certain combinations of candlesticks.
This example shows a candlestick chart. The highlighted combination of four candles is called a hammer pattern. It is a popular buy signal. The platform indicates these signals.
Heikin Ashi charts
Heikin Ashi is, technically speaking, a trend indicator. As it looks like a chart it can often be found among chart types. This example shows that combinations of Heikin Ashi candles in higher time frames can supply interesting trading signals.
This example shows the Heikin Ashi chart below the classic candlesticks chart.
Renko charts
Like range bars the renko charts only reflect price movement. A renko chart is constructed by placing a brick in the next column once the price surpasses the top or bottom of the previous brick by a predefined amount.
This example shows a 10 points renko chart. Notice the current market price is 10787,0. No red renko block will be drawn before the market goes below 10780,0.
Three line break charts
Three line break charts ignore time and only change when prices move by a certain amount. The chart is drawn in the same direction until a reversal occurs. A reversal occurs when the closing price exceeds the high or low of the prior two lines.
This example shows NanoTrader's unique capability of drawing the classic candlesticks chart combined with three line break channels and their reversal signals. Traders can use classic charts but still see the important points three line break points out to them. Read more.
Logarithmic charts
Imagine an extreme case where a chart moves from 100 to 1100 in the zoomed period. If the chart is shown linearly it does not unveil its relative movement, i.e., although the move from 100 to 200 is an increase of 100% it gets the same vertical space as a move from 1000 to 1100, which is just a 10% increase. So displaying it with a logarithmical scale maintains the relative movements.
This example shows a long chart for the German market DAX index. Notice the logarithmic price scale.
