In this lesson, we will explore the various chart types and timeframes available on the Deriv MT5 platform. Understanding how to utilize these features will significantly enhance your trading experience and help you make informed decisions.
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The Importance of Charts in Forex Trading

Charts in Deriv MT5 visualize changes in instrument prices over time, serving as essential tools for technical analysis and the operation of Expert Advisors. They allow traders to monitor current prices in real-time and respond quickly to market changes. To open a chart, simply select an instrument in the Market Watch window, right-click, and select the 'Chart Window' option. Alternatively, you can drag a symbol from the Market Watch onto the chart window or use the 'New Chart' command from the 'File' menu.
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Types of Charts Available

Deriv MT5 offers three different types of charts, each providing unique visual insights into price movements:

1. Line Charts: The simplest type, line charts show price movements over time by connecting closing prices with a single line. They are useful for getting a clear view of overall trends without clutter.
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2. Bar Charts: Bar charts provide more detail by displaying the open, high, low, and close prices for each time period. Each bar shows a vertical line indicating price range, with horizontal lines representing opening and closing prices.
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3. Candlestick Charts: Similar to bar charts but with a more visually comprehensive representation, candlestick charts display the same open, high, low, and close data, where the body indicates the price range between opening and closing prices. The color of the candlestick can indicate whether the market moved up or down during the period.
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Customizing Your Charts

You can customize your chart view by right-clicking on the chart and selecting 'Properties' or by pressing F8. In the Common Tab, you can choose between Bar, Candlestick, or Line charts, adjust Chart Shift for better viewing, enable Autoscroll for real-time updates, and choose scaling options to maintain consistent vertical proportions.
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Show Tab

In the Show Tab, you can manage what information is displayed on your charts. Options include showing or hiding elements such as the trading symbol name, timeframe, OHLC (Open, High, Low, Close) line for detailed price data, and quick trading buttons for efficient trade execution. You can also display Bid and Ask price lines and tick volumes for analysis.
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Colors Tab

The Colors Tab allows you to customize the color display of your charts. You can choose predefined color schemes or set custom ones according to your preferences, adjusting colors for various elements like up bars, down bars, and volume lines for personalized visualization.
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Working with Multiple Charts

Deriv MT5 supports the ability to open multiple charts simultaneously, which can help you monitor various instruments or timeframes. To organize your charts, navigate to the ‘Windows’ menu and select your preferred arrangement type.
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Setting the Number of Bars

By default, Deriv MT5 shows up to 100,000 bars in your charts. If you find that only a few bars are visible, you can adjust this setting by going to ‘Tools’, selecting ‘Options’, and navigating to the ‘Charts’ tab. There, you can set the number of bars per chart from 5,000 to unlimited. However, be mindful of your device’s capabilities; if it struggles under heavy loads, consider reducing the number of bars displayed.
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Conclusion

In conclusion, understanding how to utilize different chart types and timeframes effectively is crucial for all traders using the Deriv MT5 platform. By mastering these features, you can gain deeper insights into market movements, enhance your analysis, and make more informed trading decisions.