Each chart can be displayed in different types. Each type of chart offers a different market perspective for a complete and accurate analysis.
The most common way of displaying a Chart. In each bar you can easily identify the Open, High, Low and Close prices. Each bar represents a time frame chosen by the user.
The same price parameters are used as with Open, High, Low, Close, which make up each candle. The body of the candle represents the price range between Open and Close. The shadow extensions represent the maximum price range.
This type of graph does not take into consideration the time factor, in fact an X is drawn when the price goes up, while the price goes down an O is drawn.
The time variable is not taken into account for the visualization of this type of graph. The cubes are drawn when the price passes a variation threshold set by the user. Green is drawn if the variation is rising; red if the variation is falling.
The Kagi visualization appears as a series of successive lines linked together by the Close price which also determines the thickness and the direction. For the construction of the graph, a reference percentage variation (or points) must be established in advance. If the prices mark a percentage change at least equal to that set in the same direction as the last movement, then the line extends vertically up to the new closing price. Conversely, if the prices move in the opposite direction for a percentage (or points) at least equal to the one set, then a new line will be drawn up to the new Close price, accompanied by a slight horizontal shift. This imaginary line is usually referred to as the inflection line. The change in color (and / or thickness) of the line is due to the overcoming of the previous inflection line. The change in color (and / or thickness) of the line is due to the overcoming of the previous inflection line.
In this type of chart, green or red columns are drawn depending on the direction and formation of new maximums or minimums of the financial instrument. Only the Close price is considered, if it is greater than the previous one a green column is drawn, otherwise a red column. Once 3 successive green columns have been drawn, the red column is drawn only if the minimum of the three previous columns is exceeded. The same procedure is followed in case of a bearish trend.
The Heikin-Ashi chart type is constructed like a regular candlestick chart (except with the new values above). The user can define the time frame desired, daily hourly, 5 min, etc. Instead of using the open-high-low-close (OHLC) bars like standard candlestick charts, the Heikin-Ashi technique uses a modified formula:
the first bar, HA_Open = Open
HA_Close = (Open+High+Low+Close)/4
HA_Open = [Open (previous bar) + Close (previous bar)]/2
HA_High = Max (High, HA_Open, HA_Close)
HA_Low = Min (Low, HA_Open, HA_Close)
As its name implies, CandleVolume charts merge volume into candlesticks. This allows chartists to analyze both price action and volume with one look at the price chart.
CandleVolume charts are similar to EquiVolume charts, but offer more information because candlesticks are used instead of high-low boxes.
This means chartists can see the open and close for each period, as well as the high and the low. CandleVolume charts can be used just like normal charts.
Chartists can look for candlestick patterns as well as classical chart patterns, such as triangles and wedges, to generate signals.
Equivolume charts mold price and volume information into every data point and visually depict it as rectangular bars for the period in question.
The height of each bar represents the high and low for each period and the width represents the volume for each period relative to the total volume traded over the specified time period being analyzed.
A criticism of equivolume charts is that they do not show a security’s open and close prices.
The market trades when prices are convenient for the buyer and the seller, this phase monitored during the day defines the area in which most of the trades were made. This fundamental information provides insights into market expectations.
You can completely customize this graph, choose the duration of a block, the duration of the opening range, project race extensions, etc. There are many characteristics that you can easily bring back to your way of trading.
You can find all the information below in the beeTrader’s users guide.
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