A candlestick shows the same Open, High, Low and Close information as the standard bar. A rectangle (candle body) is drawn between the Open and the Close. Since the left side open hash mark and the right side close hash mark have been replaced by the rectangle, the Open and the Close information is contained in the candlestick frame or color of the candle body.
Ensign Software has invented four proprietary candle types. These new candle types permit Color Bar studies to color the candle bodies with any color, yet retain the Open/Close information in the candle frames. Ensign Windows users need to upgrade to the Beta release to have these innovations. This article shows how to obtain the following types of candlesticks in Ensign Windows.
Menu Charts | Types:
Open a chart. Use menu Charts | Types to select one of the candle types. The candle choices are: Candlesticks, Solid Candles, Ensign Corners, Ensign Zebras, Ensign Rockets, and Ensign Flutes.
Chart Properties:
A second way to select a candle type is to press CTRL-P when the chart has focus to show the chart's properties form. Select the candle type on the Chart Type drop down list.
Candle Maximum Width: As the chart bar spacing is increased, the candle bodies will be drawn wider. Use this parameter to limit the maximum width of the candle body. The example limits the width to 12 pixels.
Candle Minimum Spacing: As the chart bar spacing is decreased, the candles are drawn closer together. Use this parameter to set a minimum space to maintain between candles. The body width will be decreased before the minimum spacing is overruled. Use a negative number to have the candle bodies overlap. This is particularly useful with the Equi-Volume option checked.
The frame and color parameters used by the candle types are discussed for each type of candle.
| Candlesticks:
A solid candle body is drawn for a Down Candle when the Close is below the Open. Therefore, the Open is at the top and the Close is at the bottom.
A hollow candle body is drawn for an Up Candle when the Close is above the Open. Therefore, the Open is at the bottom and the Close is at the top.
| Chart Type |
Candlesticks |
| Frame Color |
Chart Properties: Normal Bars Color |
| No Frame Box |
Use frame color or body color for wicks |
| Down Candle |
Chart Properties: Normal Bars Color |
| Up Candle |
Hollow shows chart background |
| Color Bars |
Normal |
|
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| Framed Candles:
This variation of a standard candlestick outlines the candle with a frame. The Down Candle bodies (solid) are colored. The Up Candle bodies are hollow.
| Chart Type |
Candlesticks |
| Frame Color |
Setup | Charts | Candlestick: Frame |
| No Frame Box |
Unchecked |
| Down Candle |
Setup | Charts | Candlestick: Down Body |
| Up Candle |
Hollow shows chart background |
| Color Bars |
Close vs. Open |
|
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| Solid Up Candles:
This variation of a Framed Candles draws the Up Candles with a solid body instead of a hollow body. One color is used for every Down Candle, and a different color is used for every Up Candle.
The Close price is at the bottom of a Red candle body, and at the top of a Green candle body. The Open price is on the opposite end of the candle body from the Close price.
| Chart Type |
Solid Candles |
| Frame Color |
Setup | Charts | Candlestick: Frame |
| No Frame Box |
Use either Frame color or candle fill color |
| Down Candle |
Setup | Charts | Candlestick: Down Body |
| Up Candle |
Setup | Charts | Candlestick: Up Body |
| Color Bars |
Close vs. Open |
|
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| Color Candlesticks:
Candlesticks can also be drawn using color. This example is the Dunnigan Bars selection on the Color Bars list.
Both the frame and the body must be colored. This is because the Open and Close relationship is indicated by the candle body being solid or hollow.
| Chart Type |
Candlesticks |
| Frame Color |
Varies. Same as the candle body color |
| No Frame Box |
Use either Frame color or candle fill color |
| Down Candle |
Body is solid. Color varies |
| Up Candle |
Body is hollow. Color varies |
| Color Bars |
Any, except Normal and Close vs. Open |
| 1st Color |
Chart Properties: Bullish Bars Color |
| 2nd Color |
Chart Properties: Bearish Bars Color |
| 3rd Color |
Setup | Charts: Outside Range Color |
| 4th Color |
Setup | Charts: Inside Range Color |
|
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| Ensign Corners™:
Ensign Corners™ is a blend of a standard bar and a candlestick. The Open is shown with a hash mark on the left side of the candle body. The Close is shown with a hash mark on the right side of the candle body.
| Chart Type |
Ensign Corners |
| Frame Color |
Setup | Charts | Candlestick: Frame |
| No Frame Box |
Use either Frame color or candle fill color |
| Down Candle |
Close hash mark at bottom of rectangle |
| Up Candle |
Close hash mark at top of rectangle |
| Color Bars |
Any |
| 1st Color |
Chart Properties: Bullish Bars Color |
| 2nd Color |
Chart Properties: Bearish Bars Color |
| 3rd Color |
Setup | Charts: Outside Range Color |
| 4th Color |
Setup | Charts: Inside Range Color |
|
 |
| Ensign Zebras™:
This variation draws a diagonal line across the candle body from the Open on the left side to the Close on the right side. The diagonal line is a quick visual indication of whether the candle is a Down Candle or an Up Candle.
Since the candle bodies look like forward or backward Z's, the name for this Z-bars presentation format is Ensign Zebras™.
| Chart Type |
Ensign Zebras |
| Frame Color |
Setup | Charts | Candlestick: Frame |
| No Frame Box |
Use either Frame color or candle fill color |
| Down Candle |
The Z line slopes downward |
| Up Candle |
The Z line slopes upward |
| Color Bars |
Any |
| 1st Color |
Chart Properties: Bullish Bars Color |
| 2nd Color |
Chart Properties: Bearish Bars Color |
| 3rd Color |
Setup | Charts: Outside Range Color |
| 4th Color |
Setup | Charts: Inside Range Color |
|
 |
| Ensign Rockets™:
This variation uses a different line thickness for the candle wicks and one edge of the candle body frame. This presentation format is called Ensign Rockets™.
The wick and body edge on the Open side of the candle body are drawn with a thicker line. This is the thrust side of the Ensign Rocket.
The Close side of the candle body is the Rocket nose, and shows the direction the Rocket is headed.
| Chart Type |
Ensign Rockets |
| Frame Color |
Setup | Charts | Candlestick: Frame |
| No Frame Box |
Use either Frame color or candle fill color |
| Down Candle |
Rocket thruster on the top |
| Up Candle |
Rocket thruster on the bottom |
| Color Bars |
Any |
| 1st Color |
Chart Properties: Bullish Bars Color |
| 2nd Color |
Chart Properties: Bearish Bars Color |
| 3rd Color |
Setup | Charts: Outside Range Color |
| 4th Color |
Setup | Charts: Inside Range Color |
|
 |
| Ensign Flutes™:
The final variation draws a rectangle from the High to the Low instead of from the Open to the Close. Like a standard bar, the Open price is shown with a hash mark on the left side. The Close price is shown with a hash mark on the right side.
This presentation format is called Ensign Flutes™.
| Chart Type |
Ensign Flutes |
| Frame Color |
Setup | Charts | Candlestick: Frame |
| No Frame Box |
Use either Frame color or candle fill color |
| Down Candle |
Close mark below the Open mark |
| Up Candle |
Close mark above the Open mark |
| Color Bars |
Any |
| 1st Color |
Chart Properties: Bullish Bars Color |
| 2nd Color |
Chart Properties: Bearish Bars Color |
| 3rd Color |
Setup | Charts: Outside Range Color |
| 4th Color |
Setup | Charts: Inside Range Color |
|
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Last modified 8/7/08 2:28 PM
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