Ben Carter
Candlestick charts are a vital tool for traders and investors, enabling them to gauge the probability of outcomes in price movements and make informed decisions. They were created by a Japanese rice trader named Homma, and refined by Charles Dow, a father of modern technical analysis. These charts are widely used to analyse financial markets, with Binance offering customisation options for colours and technical indicators. On the Binance website or app, users can view the price trend of a trading pair by zooming out on the candlestick chart and selecting different time settings. The ability to display open orders, order history, and a countdown timer for the current candle closing provides further functionality.
| Characteristics | Values |
|---|---|
| Candlestick chart creation | Often credited to a Japanese rice trader called Homma |
| Candlestick chart usage | Used to analyse financial markets |
| Candlestick chart function | Help traders gauge the probability of outcomes in price movement |
| Candlestick chart body | Longer bodies indicate more intense buying or selling pressure during the measured timeframe |
| Candlestick chart wicks | Short wicks indicate that the high or low of the measured timeframe was near the closing price |
| Candlestick chart colours | Can be customised by selecting the candlestick icon |
| Candlestick chart settings | Can be managed by hovering over the chart and using the buttons that appear in the top right corner |
| Candlestick chart orders | Can be displayed by logging into your Binance account and going to [Trade] - [Spot] |
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What You'll Learn
Customising candlestick colours
Candlestick charts are a type of financial chart that graphically represents the price moves of an asset for a given timeframe. They are used to facilitate the analysis of financial markets, helping traders to gauge the probability of outcomes in price movements. Each candlestick represents the same amount of time and can represent any period, from seconds to years.
To customise the candlestick colours on Binance, follow these steps:
- Click on the "Technical Indicator" icon on the "Original" view.
- Select the indices to be displayed on the chart.
- Customise the colours by clicking on each box and selecting your preferred colours.
- Click "Save" to apply your chosen colours.
You can also customise the candlestick chart by clicking on the candlestick icon. Additionally, you can manage panes by hovering over the chart and using the buttons that appear in the top right corner to reorder or delete them.
It's important to note that while candlesticks provide a general idea of price action, they may not offer all the details needed for a comprehensive analysis. They show the distance between the open and close prices, along with the highest and lowest prices, but not the interval between these points.
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Viewing price trends
Candlestick charts are a vital tool for traders and investors, enabling them to gauge the probability of outcomes in price movements and make informed decisions. They visually represent the battle between bulls and bears over a specific period, with the length of the body indicating the intensity of buying or selling pressure. Short wicks signify that the high or low was near the closing price.
To view price trends using candlesticks on Binance, follow these steps:
- Log in to your Binance account.
- Navigate to the "Trade" or "Markets" section and select "Spot."
- Choose a trading pair, such as BTC/USDT, to enter the trading interface.
- Tap or click on the "Settings" icon.
- Enable the display of open orders and order history by checking the relevant boxes. Note that the order history function will only show the last 500 executed orders within the previous 6 months.
- Your order history will appear as "B" (buy order) or "S" (sell order) icons superimposed on the candlestick bars.
- To view the price trend of a trading pair on the Binance App, use a pinch-out gesture on the candlestick chart to zoom out.
- You can also customize the candlestick chart by clicking on the candlestick icon and selecting different time settings, such as 1m or 5m.
- Additionally, you may choose to display your open orders, order history, and a countdown timer for the current candle by enabling these options in the settings.
- Manage the panes by hovering over the chart, allowing you to reorder or delete them using the buttons that appear in the top right corner.
- Finally, you can customize the colours of the candlesticks and technical indicators in TradingView mode to suit your preferences.
By following these steps, you can effectively view price trends using candlesticks on the Binance platform, gaining valuable insights into the probability of price movements and making more informed trading decisions.
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Displaying open orders
To display open orders on Binance, follow these steps:
- Log in to your Binance account and navigate to the "Trade" or "Markets" tab, then select "Spot."
- Click on the "Settings" icon. This will allow you to manage your display settings and select which data you want to view.
- Check the box to enable open orders display. You may also enable the order history display if desired.
- Your open orders will now be visible on the candlestick chart. They will appear as floating boxes, and you can view details such as the order type, amount, and price.
- To view specific order details, simply press the corresponding icon. For example, press " [S]" to view sell order details or " [B]" to view buy order details.
- If you encounter any issues with your orders not showing up in the open orders section, check the filter settings. By default, it may be set to display orders from the last 24 hours. Adjust the filter to a longer duration, such as 90 or 180 days, to ensure your orders are included within the selected time frame.
By following these steps, you can effectively display and manage your open orders on the Binance platform, providing you with valuable information for your trading activities.
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Understanding candlestick charts
The creation of candlestick charts as a charting tool is often credited to a Japanese rice trader named Homma. His ideas were refined by many, including Charles Dow, one of the fathers of modern technical analysis. While candlestick charts can be used to analyse any type of data, they are primarily employed to facilitate the analysis of financial markets. Used correctly, they help traders gauge the probability of outcomes in price movements.
A candlestick chart consists of multiple candlesticks, each illustrating the market movement of a specific period. For example, a 1-hour chart will have multiple candlesticks, each representing a 1-hour market movement. Each candlestick displays the opening and closing prices (the body of the candlestick), as well as the high and low price points (the wicks). The wicks of a candlestick indicate the high and low of the period, but they do not show which occurred first. The longer the body of the candlestick, the more intense the buying or selling pressure during the measured timeframe.
The colour of the candlesticks also conveys information. Typically, a green body indicates that the asset closed higher than it opened, while a red body means that the price moved down, and the close was lower than the open. Some charting tools use black and white representations, with ascending candlesticks depicted in black or filled-in colours and descending candlesticks shown in white or hollow colours.
While candlestick charts can provide valuable insights, they should be used alongside other technical indicators and proper risk management strategies to reduce potential losses. It is important to remember that they are not infallible and should be one of many tools used in analysis and decision-making.
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Restoring default colours
To restore the default colours on Binance candlesticks, follow these steps:
- Ensure you are on the "Original" view by clicking on the "Original" button on the top right corner of the chart.
- Click on the "Technical Indicator" icon. This will allow you to customise the colours and technical indicators displayed on the Original view mode.
- To restore the default colours, simply click the "Reset" button. This will revert all colours to their original settings.
- If you are using the TradingView mode, the process is similar. Click on TradingView to enter this mode, and then customise the colours and indicators as desired.
- To reset the colours to their defaults in TradingView mode, click "Reset" as before.
Remember that you can always customise the colours of your candlesticks and indicators to your preference and then save these settings before resetting if you wish to experiment with different colour schemes. Additionally, if you are using the mobile app, try selecting different time settings (e.g. 1m, 5m) to view the candlesticks.
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Frequently asked questions
To switch to candlesticks on the Binance mobile app, you can try selecting different time settings (1m, 5m, etc).
To view the price trend of a trading pair on the Binance App, simply pinch your fingers on the candlestick chart to zoom out.
To display your open orders and order history on the candlestick chart, log in to your Binance account and go to [Trade] - [Spot]. Then, click the [Settings] icon and check the boxes to enable the display of open orders and order history.
To customise the candlestick colours and technical indicators, select the indices to be displayed on the chart and customise the colours. Then, click [Save]. To restore the default colours, click [Reset].
To display the countdown timer on the candlestick chart, log in to your Binance account and go to [Markets] - [Spot]. Tap a trading pair to enter the trading interface (e.g. BTC/USDT), then tap the [Settings] icon.
