Chloe Adams
There are several ways to highlight candles. In the context of trading, highlighting candles involves using indicators to identify significant price movements and potential trading opportunities. The Big Candle Highlighter, for instance, marks candles with substantial price movements based on their percentage difference between open and close prices. On the other hand, some people may be interested in physically highlighting candles by dyeing them a specific colour. This can be achieved by melting wax and adding candle dye, stirring thoroughly, and then allowing the wax to cool before pouring it into a mould.
Characteristics and Values of Highlighting Candles
| Characteristics | Values |
|---|---|
| Purpose | To identify significant candles with substantial price movements, aiding in spotting key price actions, potential reversals, or market events |
| Indicators | Percentage difference between open and close prices, customisable thresholds, range precision, and visual alerts |
| Colours | Green for bullish candles, red for bearish candles, with optional background highlighting for emphasis |
| Customisation | Ability to choose colour, candle size calculation method, and threshold for highlighting |
| Techniques | Melting wax, adding dye or crayons, stirring thoroughly, and pouring into a mould to create coloured candles |
| Tools | Double boiler, paraffin wax, candle dye, crayons, and a kitchen thermometer |
| Safety | Avoid food colouring and additives that may become dangerous with an open flame |
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What You'll Learn
Highlighting candles with dye
Dyeing candles is a great way to make your candles unique and customised. There are several methods for highlighting candles with dye, and the process is relatively simple.
Firstly, you must melt the wax you are using. This can be done on a stovetop in a double boiler, or in a slow cooker or melting pot. You can melt old candles, or use wax from scratch, such as beeswax pellets or paraffin wax.
Once melted, you can add your chosen dye. Candle dye is a specific type of colourant that dissolves in wax. It is a synthetic chemical, usually made from anilines, and comes in liquid, chip, block, or powder form. Liquid dye is highly concentrated, so only a few drops are needed for a whole batch of wax. You can also adjust the shade by using more or fewer drops. Powdered dye should be added at a rate of 2-3 teaspoons, or 0.5-1 tablespoon, depending on the desired shade. Stir the dye into the wax thoroughly and slowly to ensure even distribution. You can also use crayons, but be aware that the wax may not blend perfectly, and you may be left with some residue.
If you are using dye blocks, the recommended temperature for adding them is 185°F. You can also add liquid dye at the melting point, or if using the double boiler method, add it with the wax and melt together.
Once you have achieved your desired colour, allow the wax to cool to around 135-140°F. You can then pour the wax into a mould with a new wick and allow it to harden.
You can also dip pre-made candles into the dyed wax for 5-10 seconds, and then let them dry. This method is useful for testing colours.
It is important to note that some fragrances may alter the finished colour, so testing is recommended. Dyes are also UV light-sensitive, so they should be stored away from direct sunlight.
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Using crayons to colour candles
Candles can be made from crayons, and they can be a fun and easy way to use up old, broken, or unused crayons. However, candles made from pure crayons do not burn well, so it is recommended to add some candle wax to the crayon wax. The process is quite simple, and you can create beautiful, colourful candles.
Firstly, prepare your crayons by peeling off and recycling any paper wrappings. If the wrapper does not come off easily, you can try soaking the crayons in water for about 10 minutes, or placing them in a bowl of cold water with ice for about 5 minutes. You can then snap the crayon in half and peel off the wrapper. Alternatively, you can use a craft blade to cut off the wrapper, or gently slide a knife downwards on the crayon until you can see the crayon itself.
Next, break or cut the crayons into small pieces. The smaller the pieces, the easier they will melt. Some people grate the crayons into flakes, which helps them melt faster. You will need about 6 crayons per 1 cup (225 grams) of wax.
Now you can melt the crayons. You can do this in a double boiler over medium heat, stirring often. Alternatively, you can use a microwave. Place the crayons in a microwave-safe container and heat in short intervals, stirring in between, until the wax is completely melted.
Once the crayons are melted, you can add fragrance if desired. A few drops of candle fragrance or essential oil can be added, and the mixture should be stirred well.
Now you are ready to pour the melted wax and crayon mixture into your candle mould or holder. If you are making a striped candle, you will need to melt and pour each colour separately, allowing each layer to harden before adding the next. If you are making a solid-coloured candle, fill the mould almost to the top. Allow the candle to harden completely before using it, which can take several hours. You can speed up this process by putting the candle in the freezer for 2-3 hours.
Finally, trim the wick of your candle down to about 1/4 inch (0.64 cm) above the candle's surface. Your crayon candle is now ready to light and enjoy!
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Highlighting high-volume candles
ThinkorSwim Script
One method is to use a ThinkorSwim script that highlights high-volume candles in colours like lime or red, making it easier to identify algo lines. This script can be customised to include a volume threshold, for example, only highlighting candles with a volume 1.25 times above the specified average volume.
Volume Delta Candles
Another tool is Volume Delta Candles, which provides insights into intrabar trading activity with an easy-to-understand visual format. It calculates the Volume Delta percentage against the total volume, displaying it as a coloured segment on each bar. The script also highlights the price level within each bar with the most trading activity. The colours can be customised to suit your preferences, and it is available for free on charting platforms like TradingView and MetaTrader.
Big Candle Highlighter
The Big Candle Highlighter is an indicator that highlights significant candles based on their percentage difference between open and close prices. It allows for customisation of the minimum percentage difference required to mark a candle as "big". You can also choose the colour for labelling and highlighting bullish and bearish big candles, as well as optionally highlighting the background for better visual emphasis.
These tools provide traders with valuable information about market dynamics and help identify potential trading opportunities. They can be customised and tailored to suit different trading strategies and preferences.
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Big Candle Highlighter indicator
The Big Candle Highlighter indicator is a versatile tool designed to help traders identify significant candles based on their percentage difference between open and close prices. This indicator highlights "big" candles, enabling traders to quickly spot substantial price movements, potential reversals, or significant market events.
One of the key features of the Big Candle Highlighter is the customizable threshold. Traders can define the minimum percentage difference required for a candle to be considered "big," ensuring that the indicator aligns with their trading strategy. For example, setting a threshold of 2.0 means that only candles with a 2% or more difference between their open and close prices will be marked as "big."
The indicator also offers range precision, allowing traders to choose between using the Open-Close range or the High-Low range to determine the size of a candle. This provides flexibility in how "big" candles are defined. Additionally, the indicator includes visual alerts, marking large bullish candles with a green label and bearish candles with a red label. These labels can be customized, and the background of big candles can also be highlighted for even greater visual emphasis.
The upgraded version of the Big Candle Highlighter adds further precision by providing four methods for calculating candle size. These methods include Open-Close, High-Low, Open-High, and Open-Low, each capturing different aspects of the candle's price movement. This enhanced versatility allows traders to tailor the indicator to their specific trading strategies and quickly identify significant market moves.
The Big Candle Highlighter is particularly useful for traders looking to identify significant price movements and potential trading opportunities. By focusing on candles that exhibit substantial changes from open to close prices, traders can gain a better understanding of market dynamics and make more informed trading decisions. This indicator enhances technical analysis and helps traders stay ahead of market trends by quickly spotting large market movements.
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Highlighting candles by time
Candle Clock
A candle clock is a traditional method of telling the time using a thin candle with consistent markings. This method was used in medieval churches and was attributed to Alfred the Great, king of Wessex. The candle would be marked at regular intervals, usually with each mark indicating 20 minutes. As the candle burned down, the markings would indicate the passage of time.
Candlestick Charts
Candlestick charts are a more modern way of highlighting candles by time, developed in 18th-century Japan by rice trader Munehisa Homma. Each candlestick represents a specific time frame and is made up of three components: the real body or body, shadows, and colour. The body is the rectangular section that shows the range between the opening and closing price. The shadows indicate the highest and lowest prices reached during the time frame. The colour of the candlestick indicates whether the price increased (typically green or white) or decreased (typically red or black) over the given time period.
Timing Techniques
When highlighting candles by time, it is important to consider the duration of burning. It is recommended that candles are not burned for longer than four hours and are allowed to cool for at least two hours before being relit. This helps to prevent the build-up of carbon on the wick, which can cause an unstable flame and release soot. Trimming the wick to a quarter of an inch before lighting can also help prolong the life of the candle and improve its burning quality.
Time Interval Customization
In the context of candlestick charts, highlighting candles by time can be achieved through time interval customization. This involves specifying a desired time range, such as the most relevant trading hours, and uniformly colouring the candles within that range. This technique helps streamline analysis and enhance focus on price action during the selected time interval.
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Frequently asked questions
Candle dyes are the best way to add colour to your candles. Candle companies sell liquid dyes specifically designed for their products, but you can also use all-purpose dyes or powdered dyes and pigments such as Rit Dye. Avoid using food colouring as the watery dye and oily wax will separate.
First, melt your wax on a stovetop in a double boiler or use a block of paraffin wax if you're making your candles from scratch. Then, add a small amount of liquid or powdered dye, stirring continuously until the colour is even. Gradually add more dye until you reach your desired shade. Finally, allow the wax to cool before pouring it into a mould.
You can use code to highlight individual candles in a quantmod chart. One way to do this is by changing the theme colours to match the points you want to highlight.
Tools like the Big Candle Highlighter can help traders identify significant candles by highlighting those with a substantial percentage difference between open and close prices. This can be customised to suit your trading strategy.
