Line Charts

In this line charts study material, we will see how line charts are one type of chart that gives an illustration of information as points connected to form straight lines. Line charts are one of the easiest ways to grasp any financial information and trading information. Let’s talk about the line chart, the different types of them, parts of the line chart, how to create a line chart and then solve a few cases also.

What is a Line Chart?

According to the study material notes on Line Charts, Line Charts illustrate information in the form of points connected continuously by the aid of lines. The line could be straight or curved based on the data that is being studied. A line chart is the most basic method of displaying quantitative information between two variables. These can be visualised using lines that may be straight or curving. Investors, traders, and financial officials make use of this type of chart to illustrate the low and high in trading for a certain value, as it gives an accurate representation of the information.

A line chart has a horizontal line, i.e. the x-axis, and a vertical line, i.e. the y-axis, to represent the data. The x-axis displays the duration of the period, while the y-axis displays the object being monitored. Line charts display the decreasing or increasing trend of a specific item. The line chart can also be known as the line graph.

Parts of Line Charts

Two of the major components while we are studying line charts study material are the x-axis and y-axis. The x-axis can also be referred to as an independent axis due to the fact that its values don’t depend on any other variables. The y-axis is also referred to as the dependent axis since its values are dependent upon variables in the x-axis. The axes are marked with a particular kind of information like the x-axis is labelled in terms of weeks, months, etc., while the y-axis is identified as dollars or the amount for the object. Each data point is labelled in the chart according to the x-axis and the y-axis, which are connected by a line that is the dot-to-dot design. The different components in a line graph include:

Lines: Straight lines that connect the points show the value between the two points. This line can be curved or straight. 

Title: It informs what the line graph is concerning, that is, details from the line chart.

Scales:  the vertical scale on the sides and the horizontal scale across the bottom tell us the amount or number.

Labels: The horizontal axis at the bottom and the vertical labels on the side indicate what information is displayed.

Points: The dots or data points are the (x,y) locations. Multiple data lines could be visible in a line chart.

Different types of Line Chart

As per the study material notes on Line Charts, a line chart is composed of three primary types commonly used in statistics and mathematics. Three types of line charts are: simple line chart, compound line chart, and Multiple line chart.

Simple Line Chart

A line chart that is simply drawn using only one line illustrates the relationship between two variables, for instance, the weekday and the price at which the company closes an investment. Simple line charts are the most popular line charts frequently used in everyday life.

Multiple Line Chart

A multiple line chart is a chart with at least two lines or more. A multi-line chart is the best choice if we display information about multiple variables containing various data points based on the time period and the time of day. This kind of line chart is beneficial when we have to analyse data such as prices, temperatures, etc. 

Compound Line Chart

The compound line chart is helpful in displaying data that is subdivided into different types and goes beyond the standard line chart. The compound line chart can display several data sets within one chart. Also, the term “compound line chart” is a blend of a line chart and a multiple line chart. 

How to create an Line Chart

The steps listed below are a good way to make the line chart.

• Create a table by drawing the x-axis and the y-axis on a sheet. At the very top, include a brief title that summarises the intent for the graph.
• Labelling the axis: When you are using time as one of your variables that you are evaluating, it should be placed across the horizontal line that is X-axis. Other numbers, i.e. the dependent variables that are measured, should be placed on the vertical line called the Y-axis. Each axis must be labelled by the name given to the system and the measurement being employed. For example, you can mark the x-axis using independent variables such as months or hours. This will indicate that each number that is written on the axis represents the number of months or hours. Divide each axis equally into increments that are applicable.
• Creating keys: When you’re trying to compare multiple items, you’ll need to make a key that can identify the contents of each line by the colour.
• Adding the data: The data for the line chart is typically displayed in a table with two columns that correspond to the x-axis and the y-axis. After you’ve added your data, the line chart will reflect the data’s values.

Conclusion

Line charts are an illustration of data that is composed of points that are connected continuously by the lines. The line could be straight or curved based on the information being studied. Line charts can be described as the most basic method of displaying quantitative data derived from two variables. They are displayed with the help of a line that could be straight or curving.