It's likely that you spend a significant portion of your day staring at MetaTrader 5 (MT5) charts if you trade with a prop firm. To be honest, charts are the foundation of every sound trading strategy. However, not every chart is made equally.
Actually, you can be losing out on important information if you're only using the default settings. A variety of chart styles are available in MT5, each of which tells the tale of the market in a different way. If you're trying to reach that elusive profit objective while keeping within the drawdown limitations, learning how to understand and apply each one might give you the advantage your prop firm account sorely needs.
So let’s discuss Line, Bar, and Candlestick.
Line Chart: Clean and Simple, But Is It Enough?
What It Is
A line chart connects the closing prices of each time period with a straight line. That’s it. No high, no low, no open—just the close.
How to Access It in MT5
- On the top of the platform, click the Charts menu.
- Choose Line Chart or just press Ctrl + F.
When to Use It
Line charts are ideal when:
- You’re doing a broad, high-level analysis.
- You want to focus on market direction without all the noise.
- You're analyzing longer timeframes like daily, weekly, or even monthly charts.
Pros
- Super clean and easy on the eyes.
- Perfect for spotting support/resistance zones without distractions.
- Great for overlaying indicators like moving averages.
Cons
- No detail—you're missing open, high, and low prices.
- Not suitable for precise entries or exits.
Prop Firm Use Case
Let’s say you’re reviewing your trade journal or building a swing trade idea. A line chart can help you stay zoomed out and avoid tunnel vision. It’s like checking the map before diving into a street view.
Bar Chart: The Classic Workhorse
Before candlesticks took over everyone’s screen, bar charts were the standard for technical traders.
What It Is
Each bar shows the open, high, low, and close (OHLC) for a time period. The bar has a vertical line from low to high with small horizontal lines sticking out:
- Left = Open
- Right = Close
How to Access It in MT5
- Go to "Charts" > "Bar Chart", or press Alt + 1.
When to Use It
- You’re focused on price action and want all the data.
- You like a minimalist view with full price info.
- You’re into old-school trading systems or certain indicator setups.
Pros
- Gives you a complete picture (OHLC).
- Takes up less visual space than candlesticks.
- Helps reduce emotional bias (especially if candle colors affect your decisions).
Cons
- Not as visually intuitive as candlesticks.
- Takes time to get used to reading.
Prop Firm Use Case
If you're trading a rule-based system or using indicators like MACD or ADX, bar charts can keep things clean without stripping away vital price data. Some funded traders actually prefer bar charts for backtesting mechanical systems—they find it less “noisy.”
Candlestick Chart: The Trader’s Favorite
This is what most traders default to and for good reason.
What It Is
Candlestick charts also show OHLC but in a way that’s visually more intuitive. Each candle has:
- A body (between open and close)
- Wicks (or shadows) extending to the high and low
- Color coding to show bullish usually green or white and bearish usually red or black candles
How to Access It in MT5
- Click Charts > Candlesticks or press Alt + 2.
When to Use It
- You want a quick sense of market sentiment.
- You rely on price action signals (think pin bars, engulfing candles, inside bars).
- You trade on lower timeframes and need clarity.
Pros
- Super visual—trends and reversals pop right out.
- Helps with reading market psychology.
- Compatible with most trading strategies used in prop firms.
Cons
- Can get cluttered in fast markets.
- Colors and candle shapes may trigger emotional decisions for some traders.
Prop Firm Use Case
Whether you’re scalping EUR/USD on the 5-minute chart or planning a swing on Gold, candlesticks are your go-to. Many funded traders use candlestick patterns like dojis and morning stars, etc.as part of their entry strategy. Pair them with volume or market structure, and you’ve got a lethal combo.
How to Customize Your Charts in MT5 (So You Actually Like Looking at Them)
MT5 charts can look pretty ugly straight out of the box. But don’t worry, you can customize them like a pro.
Steps to Customize:
- Right-click on the chart and select Properties.
- Use the Colors tab to change background, candle colors, grid, etc.
- In the Common tab, choose between types of charts in MT5, show/hide grid, ask line, etc.
- Save your setup as a template by right-clicking and choosing Template > Save Template.
Pro Tip for Prop Traders
Save different templates for different purposes:
- Execution Template with candlesticks and volume
- Analysis Template with line chart and indicators
- Clean Template for screenshots or reporting
You don’t have to stick to one boring chart. Customize it to match your prop trading workflow.