You see, most traders believe charts exist to represent price action. But in the intense pressure cooker of prop shops, chart types can make you make faster decisions—or stall until the opportunity's passed. The secret is knowing what chart to use, when to change, and how to transition on the fly.
So, let's go through how you can easily make MT5 chart types work for you to remain sharp, flexible, and on top of the game in your prop trading career.
Prop firms are not similar to risking your own personal account. There's hierarchy, there are rules, and there are more sets of eyes monitoring how you manage risk. You don't get unlimited opportunities to get it wrong. Consider attempting to pass a $100K challenge—you've got perhaps 30 days, a tight drawdown limit, and the stress of being aware that one bad setup could cost you the game.
And now, if you're looking at the incorrect type of chart in MT5 for the strategy you're attempting to execute, you're already disadvantaged. Candlesticks may provide a clean read on momentum, but if you're scalping and taking tick movement into account, a line chart or a custom Heikin-Ashi configuration may better filter out the noise.
Simply stated: making changes to your charts isn't a matter of personal taste. In the prop firm setting, it's about survival and productivity.
MT5 makes things easy with three default chart types straight out of the package:
These are classic but still useful. Bar charts compress a lot of information—open, high, low, close—into one vertical line. They're a good option if you prefer a bare-bones but informative perspective. They're excellent for seeing volatility changes without the "storytelling" aspect of candlesticks.
The crowd favorite. Candlesticks paint a clear picture of sentiment and momentum. Most prop traders default to candlesticks because they’re intuitive and patterns like engulfing candles or dojis practically jump out at you.
The stripped-down option. Line charts only connect closing prices, which makes them perfect if you’re trying to zoom out and get a quick sense of overall direction without being distracted by every little wick or shadow.
These three may appear rudimentary, but the actual advantage is in knowing when to alternate among them.
That's where most traders fall short: they utilize one chart type as if it were biblical. But funded trading is adaptable. What may thrive in a ranging market will kill you in a trend. So, let's dissect:
When you're going for profit goals, candlesticks are most likely your best option. They provide you with a clear picture of momentum and allow you to move quickly when you observe strong reversal or continuation signals.
Adaptation Tip: When the market begins to get wobbly and candlesticks appear to be a mess, immediately switch to a line chart. This silences the noise and allows you to observe whether there's truly a clean trend emerging—or if you're merely being faked out.
Once you're capitalized, it's more a matter of preserving your drawdown than trying to hit a mark in a hurry. Under such circumstances, bar charts become underappreciated friends. They don't possess the emotional draw of candlesticks, so you won't overtrade on "that one giant candle."
Adaptation Tip: Employ bar charts during times of consolidation and revert to candlesticks when confirming breakouts.
Prop firms will typically disapprove of news trading, but come on—sometimes spikes are just too enticing. If you do decide to dance with the devil, you'll want to be fast. Line charts assist you in understanding where price is actually closing in the madness, but candlesticks will cause you to freeze since the wicks are everywhere.
Adaptation Tip: Switch between line and candlesticks to test if the move is real or simply a wick-fest.
Here's a small secret most prop traders miss: MT5 has shortcut keys that allow you to switch chart types in an instant. No more right-click menus with your entry window shutting.
When you’re under the clock in a prop challenge, these shortcuts are lifesavers. Train your muscle memory so flipping between chart types feels as natural as hitting buy or sell.
One of MT5’s best perks is how customizable it is. You’re not stuck with just the defaults.
Setting up these specialized chart types requires some configuration, but once you have them ready to roll, you'll have tools that provide you with a serious advantage in adjusting.
