Maddie James
Candlestick charts are one of the most popular methods for traders to visualize market data and gain insights into price action and trends. TradeStation offers two distinct candlestick styles: standard and trend-based. The standard style uses solid green bodies for up candles and solid red bodies for down candles. The trend-based style, on the other hand, uses hollow bodies when the close is above the open and solid bodies when the close is below the open. To set Tradestation candles to solid, users can customize the candlestick style in the Chart Analysis window by selecting Candle with Trend under the Style tab. Additionally, users can modify the color and weight of each component to create solid candles.
| Characteristics | Values |
|---|---|
| Candlestick chart styles | Candle, Candle with Trend, OHLC (open, high, low, close) bars, Line and Area charts |
| Default candlestick style | Solid green bodies for up candles, solid red bodies for down candles |
| Candlestick with trend | Hollow bodies when close is above open, solid bodies when close is below open |
| Simple candlestick | Green when close is greater than open, red when close is lower than open |
| Candlestick components | Up, Down, Wick |
| Candlestick transparency | 0% is completely solid, 100% is invisible |
| Wick | Thin line extending up and down from the body, can be any color |
| Body | Thick part of the candlestick, represents the range between the open and closing prices |
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What You'll Learn
Choose between Candle and Candle with Trend styles
When creating a candlestick chart, you have the option to select between two different styles: Candle and Candle with Trend. The Candle style will always be filled, with the bar colour indicating the hollow or filled bar state. On the other hand, the Candle with Trend style uses hollow and filled bars to indicate the trend direction, with the bar colour showing whether the trend is upward or downward.
The Candle style is a classic option that presents data in a straightforward manner. Each candlestick represents a specific period, typically a single day's trading, and consists of the open, high, low, and close prices. The thick rectangular body of the candlestick represents the range between the open and close prices, while the thin wicks or shadows represent the highs and lows. The colour of the candlestick indicates the direction of price movement, with a green or white body indicating an increase in price and a red or black body signalling a decrease. This style allows for a quick interpretation of price information and is often used in technical analysis.
The Candle with Trend style, on the other hand, provides additional information by considering the relationship with the previous candlestick. This style uses hollow and filled bars to indicate whether the current candlestick is higher or lower than the previous one. If the current candlestick is higher, it will be filled, and if it is lower, it will be hollow. The colour of the candlestick can also provide information about the trend. For example, a green candlestick indicates an upward trend, while a red candlestick suggests a downward trend. This style offers a more detailed analysis by comparing the current and previous price movements.
Both styles have their advantages and are useful in different scenarios. The Candle style is ideal for a quick assessment of price trends and can be used to identify common candlestick patterns, such as bullish and bearish reversals. It is widely recognised and utilised in technical analysis. On the other hand, the Candle with Trend style provides a more nuanced view by considering the relationship between consecutive candlesticks. This style can help identify continuation patterns and market indecision by comparing the current and previous price movements.
When choosing between the two styles, consider the level of detail you require and the specific analysis you are performing. The Candle style is suitable for a broad overview and identifying common patterns, while the Candle with Trend style offers a more fine-grained perspective by incorporating the previous candlestick's data. Additionally, you can customise the appearance of the candlesticks by changing the colours and weights of the components, such as the Up, Down, or Wick, to ensure they align with your preferences and enhance the visibility of the chart.
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Select the desired bar type
TradeStation offers two distinct candlestick charting styles: "Candle" and "Candle with Trend". The default candlestick style uses solid green bodies for up candles and solid red bodies for down candles.
To select the desired bar type, first, activate a Chart Analysis window containing a bar chart symbol. From the Menu bar, click Format > Symbol. The Format Symbol [symbol] dialog is displayed. Click the Style tab. Under Bar type, select Candlestick with Trend for bars that are displayed as hollow/filled where the bar colour is used to indicate the trend direction. Select Candlestick for bars that are always filled where the bar colour is used to show the hollow or filled bar state.
You can also create a candlestick chart when you first create a chart for a selected symbol, or you can convert an existing bar chart to a candlestick chart. It is recommended that you first plot your symbol as a bar chart, and then convert it.
To change the style components for a custom session, the session must be customised under the Customize Symbol – Properties tab. Under Outside Regular Session, select a colour from the Colour Weight drop-down list. To use the same colour and weight settings for all components with each bar type, check the setting. If you want to use different settings for each component, clear the checkbox.
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Use the Transparency slider to adjust the transparency of the selected bar type
When creating a candlestick chart in TradeStation, you can adjust the transparency of the selected bar type using the Transparency slider. This slider sets the percent transparency of the bar type, ranging from 0% (completely solid) to 100% (invisible). Moving the slider left or right will increase or decrease the transparency of the selected bar type, allowing you to customize the appearance of your chart.
To access the Transparency slider, follow these steps:
- Open the Chart Analysis window and select the desired chart containing the candlestick bars.
- Go to the Data menu and choose "Edit Symbol" or use the shortcut by pressing "Alt + E".
- In the Symbol Properties dialog box, select the “Style” tab.
- Under the “Bar Type” section, you will find the Transparency slider.
- Move the slider to adjust the transparency of the selected bar type.
Alternatively, you can enter a specific value in the "% box" next to the slider to set the transparency more precisely. For example, if you want the bars to be semi-transparent, you can set the transparency to 50%. This will make the bars partially see-through, allowing underlying information or gridlines to be visible.
Remember that adjusting the transparency can impact the readability of your chart. Too much transparency can make it difficult to interpret the data, especially if there are multiple layers or overlapping elements. Play around with the slider to find the right balance between visibility and transparency for your candlestick chart.
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Change the color and weight of each component
To change the colour and weight of each component of a candlestick chart in TradeStation, you must first select a bar component (for example, Up, Down, or Wick) from the Bar components list. Under 'Regular Session', you can select a colour from the 'Colour' dropdown list and a weight from the 'Weight' dropdown list.
To change the colour and weight of a bar component outside of the regular session, select the bar component from the 'Bar Components' list, and then select a colour and weight from the respective dropdown lists.
To display all the components of the candlestick in the same colour and weight, select the 'Use same colour/weight for all components' checkbox. If you clear this checkbox, you can choose different colours and weights for each bar component.
The Up and Down components must be set to the same colour to display hollow and filled bodies for candlestick charts. The Wick colour can be any colour.
The volume of the candlestick is represented by the width of the ActivityZone (real body) and can be changed using the 'BlockSize' input.
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Set candlestick charts as your default
Candlestick charts are one of the most popular methods for traders to visualise market data and make informed decisions. TradeStation offers two distinct candlestick charting styles: standard and trend-based. The standard style uses solid green bodies for up candles and solid red bodies for down candles. The trend-based style uses hollow bodies when the close is above the open and solid bodies when the close is below the open.
To set candlestick charts as your default in TradeStation:
- First, create a chart for a selected symbol or convert an existing bar chart to a candlestick chart.
- Activate a Chart Analysis window containing a bar chart symbol.
- From the Menu bar, click Format > Symbol. The Format Symbol [symbol] dialog box will be displayed.
- Click the Style tab. Under Bar type, select Candlestick with Trend for bars that are displayed as hollow/filled, where the bar colour indicates the trend direction. Select Candlestick for bars that are always filled, where the bar colour shows the hollow or filled bar state.
- To display hollow and filled bodies for candlestick charts, set both the Up and Down components to the same colour. You can quickly do this by selecting the "Use same colour/weight for all components" check box. The Wick colour can be any colour.
- Click "Set as Default" to use these colour and weight settings as the default for all future candlestick charts of the selected bar type.
- Click "OK" when finished.
Now, candlestick charts will be your default setting in TradeStation. You can always change your chart type or settings using the Format menu.
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Frequently asked questions
First, plot your chosen symbol as a bar chart, then convert it to a candlestick chart. Click Format in the Menu bar, then Symbol, and select Candlestick with Trend for hollow and filled bars, or Candlestick for always filled bars.
TradeStation offers two distinct candlestick styles: "Candle" and "Candle with Trend". The "Candle" style uses solid green bodies for up candles and solid red bodies for down candles. The "Candle with Trend" style uses hollow bodies when the close is above the open, and solid bodies when the close is below the open.
To change the colour of the candles, select "Edit Symbol" and then "Bar components" in the lower box. Each component can be customised with its own colour and weight.
Once you have finished customising your candlestick chart, click Set as Default to use these colour and weight settings as the default for all future candlestick charts of the selected bar type.
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