Day trading charts can be based upon several different criteria, with the most popular being time, ticks (number of trades), volume (number of contracts), and price range. All four types of charts use the same market information (price, volume, etc.), but they display the information slightly differently.
EURUSD 1 min Chart with Indicators Applied
Charts based upon ticks make a new price bar (or candlestick, line, etc.) every time a specific number of trades are completed. Popular numbers of ticks are 33 ticks, 133 ticks, and 233 ticks, which are all short term timeframes. As tick based charts only make new bars when there have been enough trades, they adjust to the market, making bars less often when the market is moving slowly. Some day traders believe that this gives tick charts an advantage over time charts, but this really depends upon the trading system being used.
Steps to Setup 5 Tick Bar Chart in Metatrader
1)Download LogTickData and PostTickData mql4 codes
2)Put the Files inside c:Metatrader4ExpertsIndicator Folder
3)Open MetaEditor and Compile the Files LogTickData.mq4 and PostTickData.mq4
5)Open 1 Min EURUSD Chart
6)Put the LogTickData-indicator on this “naked” M1 EURUSD chart (enable DLL). Wait for some time so that tick data will be collected and stored.
7)Drag the PostTickData-indicator into the same chart on the Price-window (enable DLL).and choose your own preferred ticks per bar on the inputs-tab, (5 if you wish a 5-tick bar chart) but 33 – 133 – 233 are more random tick charts and the 133 is the one used most commonly.
8)Then you open the offline-chart !TickEURUSD, M5 (leave the time as is) This chart will start to collect tick data and you will see bars starts to form. Wait until sufficient bars has formed, and then add your favorite indicators.
1)Always leave the leading M1-chart open, don’t close it! There is one big disadvantage on this system – once you close MT, you must wait again building new data to produce a new actual tick chart.
2)The Tick data starts from 1970s