For a detailed explanation, check our candlestick chart explanations.
For a more detailed explanation of the symbols used, see our symbols explanations page.
Note that some candlestick charts use different symbols for the ascending and descending candles, so use caution if you’re comparing one symbol to another!
How do historical candlestick charts work?
Historical candlestick charts are based on historical data (such as how the price of a particular stock or security changed over time). The chart consists of 10 major candlestick patterns arranged in a tree, which shows the path price had traveled when it rose or fell.
The chart represents an initial position, which is the initial position which, when you choose a new candlestick pattern, will be added to that particular tree to form a final position (this is known as a pivot point). The chart then has 10 additional paths, which represent future positions, which can help you to identify the direction for each type of candlestick chart (as shown in the picture above). A pivot point exists when price stops at any of the 10 candlestick patterns in the tree, and the pattern which starts with the pivot point will be taken over. The end result is a trend chart that shows the direction of the price and moves back and forth from the bottom to the top of the long term moving average (a.k.a. the moving average crossover).
How does the chart differ from simple and candlestick chart?
Simple candlestick charts are just plain old numbers drawn on paper (although if you’re a serious technical trader, some more advanced technical indicators can be used to make charts). Each candlestick pattern is represented by an 8 by 11 square on the chart – each square represents 1/10th of a candlestick pattern’s length. Simple candlestick charts also usually show only a single price or a few numbers. The only major difference is the position taken at the start of the candlestick chart, which can be any of the 10 paths.
Candlestick charts generally show only a small number of candlestick patterns, so you can’t really see all the paths in a candlestick chart. Candlestick charts also don’t have any pivots, so you won’t notice any movement from side to side.
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