Candlesticks
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side close hash mark have been replaced by the rectangle, the Open and the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 |
|
 |
| 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 |
|
 |
| 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 |
|
 |
|
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 |
|
 |
| 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 |
|
 |
|
