Learning how to read charts is one of the first and most important steps for anyone starting their journey on a trading platform. Quotex, a rising name in the world of binary options trading, provides a user-friendly interface and helpful tools designed for new traders. Understanding the basics of technical analysis using these charts can significantly improve your decision-making and success rate.
This guide will walk you through step-by-step instructions on how to read Quotex charts and begin analyzing price movements with confidence.
Step 1: Log in to the Quotex Trading Platform
First, sign in to your Quotex account. Once you’re inside, you’ll be taken to the main interface of the trading website, where you can view live charts of different financial assets. The design is clean and intuitive, especially suitable for a platform for beginners.
Step 2: Pick What You Want to Use
At the top of the screen, you’ll see a list of available assets — currencies, cryptocurrencies, commodities, and more. Choose one that you want to analyze. For example, if you’re interested in trading EUR/USD, select it from the asset list. This selection will bring up the real-time chart for that asset on the binary platform.
Step 3: Set the Time Frame
Each candle on the chart represents a certain time interval, such as 5 seconds, 1 minute, or 5 minutes. On this trading platform binary, you can change the time frame by clicking on the time icon. Shorter time frames are typically used for quick trades, while longer time frames give you a broader market overview.
Step 4: Understand the Candlestick Patterns
Quotex uses candlestick charts by default. Each candle represents price movement within your selected time frame. Green candles indicate that the price closed higher than it opened (bullish), while red candles show a price decrease (bearish).
Here’s how to interpret them:
- Body: The thick section shows the opening and closing prices.
- Wick: The thin lines above and below the body show the highest and lowest prices.
- Pattern: Candlestick shapes and sequences (like Doji, Hammer, Engulfing) give clues to possible future price movements.
This chart format is common across any trading platform broker and is vital to understanding market behavior.
Step 5: Add Indicators and Tools
Technical indicators help you analyze trends, momentum, and potential reversals. On Quotex, click the indicators icon to choose from tools like:
- Moving Averages (MA) – Show the overall trend.
- Relative Strength Index (RSI) – Helps detect overbought or oversold conditions.
- MACD – Tracks momentum and trend strength.
Use these tools wisely and avoid overloading your chart. These are crucial elements discussed in any quality trading platform tutorial.
Step 6: Draw Trend Lines and Mark Levels
Manually drawing trend lines helps you identify the direction of the market. On Quotex, use the drawing tools to sketch lines across price lows (uptrend) or highs (downtrend).
Also, mark support and resistance levels—areas where prices often bounce or get rejected. These levels are great reference points for setting entry and exit positions, especially in binary options trading.
Step 7: Identify Chart Patterns
Common chart patterns like triangles, head and shoulders, or double bottoms provide signals of market reversals or continuations. Quotex allows you to visualize these patterns clearly, even if you’re using the trading website mobile version.
Practicing how to spot these patterns is essential for website trading beginners looking to gain consistency in their trades.
Step 8: Make a Trade Based on Your Analysis
After completing your technical analysis, use your findings to make a trade decision. On Quotex, simply select the direction (Up or Down), input your investment amount, and choose the expiration time.
Remember, while technical analysis improves your trading accuracy, it doesn’t guarantee outcomes—discipline and money management are just as important.
Reading Quotex charts becomes easier with practice and a structured approach. Whether you’re on a desktop or using a website trading app, applying these steps will help you make informed trading decisions.
For those using a website trading beginners platform, Quotex offers a safe and simple environment to learn technical analysis without feeling overwhelmed. With time, patience, and regular use of these chart-reading techniques, even a new trader can gain the confidence to trade successfully on a trading website like Quotex.
