In the fast-paced world of proprietary trading, understanding the tools available on your trading platform can significantly enhance your chances of success. One such tool is the MetaTrader 5 (MT5) trading platform, which offers multiple chart types tailored to various trading strategies. Whether you’re scalping, swing trading, or using algorithmic strategies, knowing the types of chart in MT5 is essential—especially when you’re working with the best prop firm in the UK, where performance, discipline, and precision matter the most.
This article will walk you through the different MT5 chart types, their advantages, and how choosing the right chart type can give you an edge when trading with top UK prop firms.
Why Chart Type Matters in Prop Firm Trading
1. Visual Clarity and Decision-Making
The chart type you use can either clarify or distort market data. For traders working with UK prop firms, where precision is key and performance is constantly monitored, clear visual representation of price movements is essential. The wrong chart could lead to:
Missed entry/exit points
Misinterpreted trends
Poor risk management
2. Adapting to Prop Firm Rules
The best prop firm in the UK will usually have strict rules regarding drawdown, position sizing, and consistency. A suitable chart type can help you stay within these boundaries by offering a reliable view of market dynamics that suits your strategy.
Overview of the Types of Chart in MT5
MT5 offers three primary chart types: Line Chart, Bar Chart, and Candlestick Chart. Each has its strengths, and choosing the right one depends on your trading style.
1. Line Chart: Simplicity for Long-Term Analysis
Features: Displays only the closing prices for each period, connecting them with a continuous line.
Best for: Long-term traders and beginners.
Benefits:
Easy to read
Removes market noise
Best suited for spotting major trends
Use Case with a UK Prop Firm:
If your prop firm encourages higher time-frame analysis and fewer trades (like swing or position trading), line charts can help you remain focused on broader market direction without getting distracted by intraday volatility.
2. Bar Chart: Compact Detail for Experienced Traders
Features: Shows open, high, low, and close (OHLC) values for each period in a vertical bar.
Best for: Intermediate to advanced traders.
Benefits:
More data per unit
Space-efficient view
Ideal for comparing candles over time
Use Case with a UK Prop Firm:
Some top UK prop firms prefer traders who demonstrate strong analytical depth. Bar charts provide a detailed picture without the visual intensity of candlesticks, allowing for precise technical decisions.
3. Candlestick Chart: The Most Popular and Informative
Features: Displays OHLC data using “candles” with bodies and wicks.
Best for: All traders, especially intraday and technical pattern traders.
Benefits:
Visually intuitive
Excellent for spotting reversals and continuation patterns
Strong historical support in technical analysis
Use Case with a UK Prop Firm:
If you’re working with the best prop firm in the UK offering real-time capital and requiring high-frequency trading with tight stops, candlestick charts are your go-to. They’re perfect for identifying signals in fast-moving markets.
Matching MT5 Chart Types to Trading Styles in UK Prop Firms
Different UK prop firms cater to various trading styles. Choosing the right chart type on MT5 can help align your strategy with your prop firm’s expectations.
1. Scalping with Candlestick Charts
Scalpers need split-second decisions and immediate feedback. Candlestick charts:
Show price action clearly
Offer insight into short-term momentum
Are ideal for small timeframes like 1-minute or 5-minute charts
Prop firms like FTMO UK and MyFundedFX support scalping strategies, and traders can benefit from using candlestick charts to meet profit targets while respecting drawdown limits.
2. Swing Trading with Line or Bar Charts
Swing traders benefit from cleaner, less cluttered views. Line charts:
Filter out intraday noise
Emphasize closing prices—key for end-of-day analysis
Help maintain psychological discipline by focusing on trends, not fluctuations
UK firms like The5ers UK value traders who can hold trades longer and manage risk responsibly—traits enhanced with simplified chart views.
3. Algorithmic or Quantitative Trading with Bar Charts
Algorithmic traders need data density without visual distraction. Bar charts:
Present all necessary OHLC values for automated systems
Provide a cleaner interface for coding and strategy testing
Align with EA (Expert Advisor) backtesting in MT5
Prop firms such as Lux Trading Firm UK that support automated strategies find bar charts suitable for building and testing trading bots.
How the Best Prop Firm in UK Enhances Chart-Based Trading
Working with a top UK prop firm does more than provide capital. These firms also:
Offer professional guidance on chart reading and strategy optimization
Provide advanced MT5 integrations for real-time performance tracking
Deliver risk dashboards that help align your MT5 chart analysis with funding requirements
Whether you’re using a line, bar, or candlestick chart, your success depends not only on your technical skills but also on how well you adhere to your firm’s rules and adapt your tools accordingly.
Final Tips for Traders Using MT5 with UK Prop Firms
Test Chart Types in Demo Mode First: Before risking real capital, backtest your strategy on different chart types.
Use MT5’s Multi-Chart Layouts: Combine chart types for a holistic view (e.g., candlestick for entries, line chart for trend direction).
Stay Consistent: Choose a chart type and stick with it to avoid confusion and emotional decision-making.
Regularly Evaluate: Use MT5’s trading reports and analytics to assess which chart type supports your best performance under your prop firm’s funding model.
Conclusion
Understanding the types of chart in MT5 is not just a technical preference—it’s a strategic advantage when working with the best prop firm in the UK. From candlestick charts for scalping precision to line charts for trend-focused swing trading, selecting the right chart type tailored to your trading style can be the difference between passing an evaluation and losing capital access.
By integrating platform knowledge with prop firm expectations, traders can sharpen their edge and increase their chances of long-term profitability in a professional trading environment.
