XTick supports different types of forex charts. You can use bar charts, japanese candlesticks, linear and dot charts. Also there are many "exotic" charts like Kagi, Renko, Point & Figure charts, Three-Line Breaks and Heikin-Ashi. The latest modern chart like Delta-Bars (Footprint charts) and PitBars are display buyer/seller information.
The Kagi chart is a chart used for tracking price movements and to make decisions on purchasing stock. It differs from
traditional stock charts, such as the Candlestick chart by being mostly independent of time. This feature aids in producing
a chart that reduces random noise.
Due to its effectiveness in showing a clear path of price movements, the Kagi chart is one of the various charts that investors use to make better decisions. The most important benefit of this chart is that it is independent of time and change of direction occurs only when a specific amount is reached.
Renko charts are price charts with rising and falling diagonal lines of boxes that are either filled or hollow.
Renko charts are "time independent" charts that do not have constantly spaced time axes. Renko charts have a pre-determined
"Brick Size" that is used to determine when new bricks are added to the chart. If prices move more than the Brick Size above
the top (or below the bottom) of the last brick on the chart, a new brick is added in the next chart column. Hollow bricks
are added if prices are rising. Black bricks are added if prices are falling. Only one type of brick can be added per time
period. Bricks are always with their corners touching and no more than one brick may occupy each chart column.
Point & Figure charts consist of columns of X's and O's that represent filtered price movements. X-Columns represent rising prices
and O-Columns represent falling prices. Each price box represents a specific value that price must reach to warrant an X or an O.
Time is not a factor in P&F charting. These charts evolve as prices move. No movement in price means no change in the P&F chart.
In classic 3-box reversal charts, column reversals are further filtered requiring a 3-box minimum to reverse the current column.
The 3-box Reversal Method is the most popular P&F charting method.
Invented in Japan, Three Line Break charts ignore time and only change when prices move a certain amount. In this regard,
these charts are quite similar to Point & Figure charts. Three Line Break charts show a series of vertical white and black lines.
White lines represent rising prices, while black lines portray falling prices. Prices continue in the same direction until a
reversal is warranted. A reversal occurs when the closing price exceeds the high or low of the prior two lines.
Heikin-Ashi Candlesticks are an offshoot from Japanese candlesticks. Heikin-Ashi Candlesticks use the open-close data from the
prior period and the open-high-low-close data from the current period to create a combo candlestick. The resulting candlestick
filters out some noise in an effort to better capture the trend. In Japanese, Heikin means "average" and "ashi" means "pace".
Taken together, Heikin-Ashi represents the average-pace of prices. Heikin-Ashi Candlesticks are not used like normal candlesticks.
Dozens of bullish or bearish reversal patterns consisting of 1-3 candlesticks are not to be found. Instead, these candlesticks
can be used to identify trending periods, potential reversal points and classic technical analysis patterns.
Delta-Bar is an individual price painted on the chart with a unique color that contains volume or some other market statistic - Footprint.
Stacking DB together creates bars, similar to what any candlestick or bar chart would present. The primary difference, and thus
advantage of the Delta-Bar chart, is it shows each individual price within a bar AND displays value added information such as
volume at price, order flow, buy/sell pressure, and other valuable statistics so that you can react quicker and have much greater
insight to what is happening.