Most Preferable Intraday Charts in Trading

Line Charts:

It is the most simple type of chart. This chart can only represent the closing price. Time-frame can be changed. To observe the long term trade and different chart patterns like- double tops, double bottoms, line charts are helpful.

As line charts are pretty much simple so we can’t get more info of trading.

Bar-charts:

These charts are totally based on time. These charts display the volume of price and according to that chart build up. This chart can display the closing time and opening time both. OHLC charts are actually the bar chart.

You can identify the increment and decrement in prices by the two different colour lines.

Candlestick charts:

Its the most popular chart. For a certain timestamp, Candle displays the low, high, opening and closing price. Candlestick depends on Low tail, body and upper tail. It is the most preferable chart in intraday trading.

To measure the fluctuation of prices different types of candles used by the intraday traders. Traders can easily analyze the Right-Stop Loss and target price through this chart.

Volume Charts:

Volume charts play an important role in intraday trading. Because it shows the behaviour of the market. These charts represent the quantity of stock. For trading, Candlestick chart and volume are used simultaneously.

Point and Figure charts:

To get effective results in trading its simple chart pattern. If the drastic change appears in prices then these charts focus on that. These charts target the falling price point and rising price. These charts are really helpful during different timestamps.

Renko Charts:

In Japanese, ‘Renga’ word used for bricks. Then it turned into Renko. Basically, it shows the fluctuations in price on charts. It only shows the trend and what’s going in the market or the market behaviour but can’t help to measure the exact price.

To analyze, Key support and resistance levels these charts are used.

Kagi Chart:

No lines or timestamps are used in this type of chart. To get effective results in trading Kagi chart preferred.

The prices going higher or down it only identifies by the thickness of the swing-line.

All these charts are really helpful for intraday traders. Traders use these charts according to their convenience and strategies.

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