Yes the Chart component is very flexible. It can do what you are looking to achieve.
By default the Chart component has a Data property holding time-series data. The first column in this dataset is the time (x-coordinate) value for each of the values in the other columns. Each column after this then represents the values (y-coordinate) for a line on the graph. Adding more columns will add more graphed lines.
You can use the chart customizer to modify the x and y-axis, add additional axis, add additional datasets, and change how the data is rendered.
If you dig in really deep you can go so far as changing the color of individual points and more.
See this post for an example:
http://forum.inductiveautomation.com/t/change-color-of-one-point-in-a-xychart/24745
If you need help with something specific, don’t hesitate to ask.