Ben Carter
Candlestick charts are a powerful tool for traders and financial analysts, offering insights into price movements over time. With its unique structure, each candlestick represents four critical data points: open and close prices form the thick body, while the high and low prices create the candle wick. This structure allows users to quickly identify patterns and make informed predictions. Creating a candlestick chart in Tableau involves several steps, including connecting to a data source, configuring dimensions and measures, and calculating specific fields. With the right data and careful setup, Tableau users can harness the full potential of candlestick charts for deeper insights into stock behaviour and volatility analysis.
| Characteristics | Values |
|---|---|
| Purpose | Used in finance to analyse price movements over time |
| Data | Date, High, Low, Measure Names, Open, Close |
| Data Type | Date |
| Data Granularity | Month/Year |
| Calculated Fields | "Up or Down", "Closed Down", "Closed Up" |
| Aggregation | Average |
| Visualization | Dual-axis chart, Gantt bar chart |
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What You'll Learn
Connect to data source and edit data types
To create a candlestick chart in Tableau, the first step is to connect to a data source. This can be done by selecting a published data source or connecting to databases and tables from Tableau Server on the Connect pane in Tableau Desktop. If you have Data Management with Tableau Catalog enabled, you can connect to external assets such as databases, files, and tables.
Tableau provides native connectors for supported files and databases, which are optimized for those data types. If your file or database type isn't listed, you can create your own connection using Other Databases (JDBC), Other Databases (ODBC), a Web Data Connector, or a Connector Plugin built with the Tableau Connector SDK.
Once connected to a data source, you can edit the data types by right-clicking on the data source in the data pane. The metadata grid displays essential information about each column, including the data type, field name, and physical table name. You can perform tasks such as hiding or renaming columns.
Additionally, you can edit a published data source to test changes and make improvements while maintaining a single source of data. This can be done by creating joins and editing the schema from the Data Source page directly in your browser. However, only users with a site role of Creator can edit published data sources.
You can also accomplish various tasks by editing your data source, such as adding tables through a join operation. This allows you to combine multiple tables to gain comprehensive insights and make more informed analyses. You can also edit the location of your data source by navigating to the new location or selecting a new data source altogether.
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Drag 'Date' on Columns and Filters
To create a candlestick chart in Tableau, you must first connect to your data source. Right-click on "Date" in the data pane and select "Change data type" followed by "Date". Now, you can begin to drag "Date" on Columns. To do this, right-click on "Date" and select "MDY (Date)".
Next, you will drag "Date" on Filters. Select "Month/Year" and then select "All". This will allow you to filter the data by month and year, which is important for financial data that is often analysed over time.
At this point, you should have the date displayed on both the x-axis (columns) and the filters shelf. You can now continue with the remaining steps to create your candlestick chart.
The next step is to drag "High" on Rows. This will create the top of the candlestick, representing the highest price for that date. Following this, you will drag "Low" on the y-axis until you see two green rectangles appear, creating the bottom of the candlestick and representing the lowest price for that date.
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Create a calculated field
Candlestick charts are often used in finance to analyse price movements over time. They are similar to bar charts, but each candlestick represents four important data points: open and close prices in the thick body, and high and low prices in the candle wick.
To create a calculated field, follow these steps:
- Connect to your data source. For a candlestick chart, you will need data that includes date and price information, such as the New York Stock Exchange Data (S&P 500) by Kaggle.
- Create a new calculated field by right-clicking on the appropriate column in the data pane. For example, you can create a field called "Up or Down" to indicate whether the average close price is greater than the average open price. The formula for this field would be: if avg ([Close])>AVG([Open])then "up" ELSE "down" END.
- Repeat this process to create additional calculated fields as needed. For example, you can create a field called "Closed Down" to return the open price when the close price is lower. The formula for this field would be: if avg ([Open])>AVG([Close]) then avg([Open]) END.
- Drag and drop your calculated fields into the Marks card. For example, you can add "Closed Down" and "Closed Up" to the Detail shelf in the Marks card.
- Continue building your chart by adding reference bands, editing the axis, and formatting your chart as desired.
By following these steps, you can create calculated fields that provide insights into price movements and help you analyse and visualise your data in Tableau.
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Drag 'Open' and 'Close' on Detail in the Marks card
To create a candlestick chart in Tableau, you need to connect to a data source and adjust the data type and settings. One of the steps in this process involves dragging 'Open' and 'Close' on Detail in the Marks card.
The Marks card is a key element for visual analysis in Tableau. It allows you to control the appearance of marks in the view, including their colour, size, shape, detail, text, and tooltips. You can drag fields to buttons on the Marks card to encode the mark data and add context and detail to the marks in the view. For example, when you add a categorical size encoding to a view, Tableau displays a legend showing the sizes assigned to each member in the field on the Size target.
To separate marks in the view or add more granularity, you can drag a dimension to Detail on the Marks card. This separates the marks in the data view according to the members of that dimension. This is a way to show more data without changing the table structure. You can also add multiple fields to Detail, as well as to Label, Tooltip, and Colour.
In the case of creating a candlestick chart, you need to drag 'Open' and 'Close' on Detail in the Marks card. You then right-click on each of them and select 'Measure (Sum) > Average'. This is part of a larger process of creating calculated fields and adjusting settings to build a candlestick chart.
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Drag Reference Band on Cell
To create a candlestick chart in Tableau, you must first connect to your data source. You can then start to build your chart by performing a series of right-clicks and drag-and-drop actions.
One feature of candlestick charts is the reference band, which can be added to your chart by dragging it from the Analytics pane into the view. This action will bring up a dialog box, with the Band area already selected at the top.
The reference band has three options for defining its scope: Table, Pane, and Cell. Selecting "Cell" adds a reference line within each cell, meaning the computed reference lines are recalculated for each cell in the view.
To use a continuous field as the basis for your reference band, drag the field from the Data pane to the Details target on the Marks card. You can then edit the reference band to select the continuous field in the Value (From) and Value (To) areas, and select a computation for each value.
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Frequently asked questions
A candlestick chart is a financial tool used to describe and analyse the price movement of a security, derivative, or currency.
Each candlestick represents four important pieces of information for a given day: the open and close prices in the thick body, and the high and low prices in the candle wick.
First, connect your data source. Then, create the candle wick by dragging the dimension date to the rows shelf and changing the level of detail to "Exact Date (Discrete)". Next, drag the measure fields "high" and "low" to the rows shelf and aggregate using AVG. Finally, filter the view by Month/Year and ticker symbol.
Create a calculated field called "Closed Down" that returns the open price when the close price is lower. Drag this calculation to the detail shelf and add a reference line. This will insert the real body for candles with lower closing prices than open prices.
You can create two additional calculations to fill in these gaps. First, make the view a dual axis and synchronize the axis. Then, change the marks card to a Gantt bar and uncheck "Include Zero" to zoom in on the view.
