Regular and Advanced Chart Types
You can choose between 10 different chart types to suit your needs as each one help to analyse the market in a different way.
To choose a specific chart type click on the down arrow next to the bars button
Brief explanations are below on the 5 most commonly used chart types that are and are not time-based:
Renko & Kagi (Not Time-Based)
Renko charts only measure price movement and show if the trend of the price direction is up or down. Unlike Candlestick charts, Renko charts filter out all other variables besides price movement.
This is why Renko charts are popular at discovering basic support & resistance levels, breakouts and generating signals when used with other indicators.
The size of the bricks can be pre-determined by the user and once the price moves more than the defined ‘brick size’ either above or below the most recent brick, then a new brick is added to the chart. New bricks are only added when the price movement completely fills the predetermined brick size.
Kagi charts are similar to Renko charts in that they only show price action. The main difference is that they use lines instead of bricks, so it will be matter of personal preference as to which one you use.
Line Break Chart (Not Time-Based)
This chart also only focuses on price movements. However, the prices it uses are the current closing price versus a previous closing price (normally around 2 closes ago which you can change in the chart settings).
Point and Figure (Not Time-Based)
These charts show price movement as either an ‘X’ for a move up or an ‘O’ for a move down in price.
Each box that the X or O occupies represents an amount of money that the price has moved, such as $5 per X or O (which is user defined). This way you can easily calculate the moves and swings that the current gold and silver prices have had during the day.
A Candlestick chart will show you how the current gold and silver prices have moved within a certain time period, such as a minute or day.