If you’ve ever done any trading with a prop firm, you’re well aware of the fact that information is paramount. And while numbers don’t deceive, perception of those numbers can be what destroys or makes your next step. That’s where chart types in MetaTrader 5 (MT5) come in—and not just using one, but actually mixing several together for a fuller perspective.
The majority of prop traders use charts for entry, exit, stop, and general market sentiment. Here’s the catch, though: one chart type alone won’t give you the whole picture. It’s like attempting to piece together a puzzle with only half the pieces. If you’re hoping to get every last drop of insight out of MT5 for your prop firm trading, mixing and matching chart types could be your secret sauce.
Let’s get into why this is important, how it all works, and how you can begin blending chart types in MT5 for more precise, more incisive prop trading analysis.
Why Chart Types Even Matter in Prop Trading
Prop trading isn’t vanilla retail trading. You’ve got more stringent risk rules, performance expectations, and less room for drawdown. You don’t trade because you feel like it—you trade to remain funded.
So, each choice must be supported by good logic and high-probability setups. That’s when your chart setup becomes an integral component of your trading process. Various types of charts in MT5 tell us different things:
- Candlesticks display price action and mind-set of the market.
- Line charts emphasize closing price trends.
- Bar charts provide neat views for volume and OHLC (Open, High, Low, Close).
- Heikin Ashi eliminates noise to show larger trends.
- Renko or Tick charts (through custom indicators) are able to eliminate time altogether and only represent price movement.
When you overlay these views, you’re not speculating—you’re adding context. And in prop trading, that edge counts.
What MT5 Provides in Chart Types
MT5 is quite versatile, particularly when compared to the older MT4. Default, MT5 provides:
Candlestick charts – your default for most strategies.
- Bar charts – perfect for more detail and a neater appearance.
- Line charts – useful for tracking momentum and trend.
But with some adjustments and tweaks, you can move beyond these fundamentals. You can include:
- Heikin Ashi candles
- Renko charts
- Tick charts
- Range bars
Personalized hybrid indicators that merge timeframes or price action in innovative combinations.
And MT5 allows you to have several chart windows open for the same instrument. Thus, you can have one clean line chart on one side, Heikin Ashi on the other, and bare candlesticks in the middle. This arrangement makes it possible to visually mix-and-match chart types—a particularly valuable tool for prop firm traders with the need to balance speed with precision.
The Power of Combining Charts: Why It Works
Combining chart types is like having multiple lenses on the same market move. Think of it like this:
- A candlestick might show a big bullish engulfing pattern.
- The Heikin Ashi version of that same move might reveal it’s just part of a bigger consolidation.
- A line chart on the 1-hour timeframe shows the uptrend’s slowing.
- Meanwhile, a tick chart shows sudden micro-volume spikes suggesting a reversal might be on the horizon.
Together, you see a more complete, truer picture. You resist the tunnel vision that comes with trusting one type of chart.
Real Talk: This is What Prop Firms Want
Be reminded, funded accounts are evaluated based on consistency, risk, and decision-making. If you continue to get surprised by fake breakouts or whipsaws, chances are your analysis lacks substance.
The chart combinations provide that level of depth. It makes you less emotional and better prepared—qualities every prop firm desires in their traders.
Real Chart Combinations That Work
Let’s dissect some chart combinations that can make your analysis better on MT5.
Candlesticks + Heikin Ashi
It is one of the strongest combinations, particularly for trend confirmation.
Candlesticks provide you with high-quality price action—rejections, wicks, and engulfing patterns.
Heikin Ashi assists you in weeding out the noise and identifying smooth trends.
How to use them together:
Open two chart windows side by side. Use Heikin Ashi to determine the trend direction (bullish or bearish) and await confirmation from candles before entering a trade.
Use Case:
If the Heikin Ashi is printing strong bullish candles, and then your standard candlestick chart presents you with a bullish pin bar off support, that’s a high-confidence entry.
Line Chart + Candlestick
This may seem elementary, but it’s really powerful.
Line charts cut through the noise and allow you to visualize the actual direction based on closing prices.
Candlesticks provide emotional context to those closest.
How to use them together:
Use the line chart on a higher time period (such as H1 or H4) to spot clean trends. Then use candlesticks on a lower time period (such as M15 or M5) to anticipate entries based on patterns.
Why it works:
Line charts smooth out the wild highs and lows that have a tendency to skew your analysis. Candlesticks then allow you to zoom in for accurate execution.
Bar Chart + Heikin Ashi
Bar charts are underappreciated. They provide you the complete OHLC frame without getting too visually busy.
Combo breakdown:
- Bar chart for price structure details.
- Heikin Ashi for trend filtering.
Tip:
This combination is particularly great if you’re trading a scalping strategy and need a clear means of picking signals for market structure changes with minimal visual noise.
Candlestick + Renko (through Indicator)
If you like breakout or momentum trading, one word: fire.
Candlestick indicates raw market action.
Renko eliminates time and concentrates on price-only movement.
How to use it:
Use Renko (added through a custom indicator) to monitor true momentum and eliminate whipsaw. Use your candlestick chart to enter at the right time when Renko shows a price breakout.
Pro Tip:
This is incredible during news releases or high-volatility trading. Renko slices through the noise and makes you confident.
