Tyler Brooks
Candles have been used for centuries, dating back to ancient times when they were made from natural materials like plant fibres, animal fat, and beeswax. Today, candles are primarily made of paraffin wax, a petroleum byproduct, and provide an efficient and portable lighting system. The basic functionality involves the wick absorbing liquid wax and pulling it upward, where it vaporizes and burns, producing light and a small amount of smoke. In a different context, the term 'candles' also refers to candlestick charts, a popular tool in financial markets for interpreting price information and predicting trends. Candlestick charts visually represent price fluctuations, with each candle representing a time period, and the body of the candle indicating the opening and closing price during that period. The colour of the body, along with its length, and the presence of shadows, convey additional information about market sentiment and potential opportunities.
| Characteristics | Values |
|---|---|
| Origin | 18th-century Japan |
| Developed by | Rice trader Munehisa Homma |
| Purpose | To help traders and investors quickly assess price movements and short-term market sentiment |
| Components | Real body, shadows, and color |
| Body | Represents the open-to-close range |
| Shadow | Indicates the intra-day high and low |
| Color | Reveals the direction of market movement: green/white indicates a price increase, red/black indicates a price decrease |
| Patterns | Morning star, three white soldiers, hammer, inverted hammer |
| Usage | Best used alongside other technical tools |
| Practice | Practice entering and exiting trades based on signals from patterns |
| Limitations | Cannot be used in isolation to confirm overall trends |
| Other names | Candelabra, chandelier, lantern, sconce |
| Wick | Made of absorbent material like glass fiber or natural fibers like cotton |
| Construction | Paraffin wax, beeswax, tallow, plant materials dipped in animal fat, whale fat, etc. |
| Function | The wick absorbs liquid wax, which vaporizes and combines with oxygen to form a flame |
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What You'll Learn
How to read a candlestick chart
Candlestick charts are a cornerstone of technical analysis and one of the earliest forms of such analysis, having been developed in the 18th century in Japan by rice trader Munehisa Homma. They help traders and investors quickly assess price movements and short-term market sentiment. Each candlestick represents a specific period, typically a single day's trading, and is made of three components: the body, shadows, and colour.
The body, or real body, is the rectangular section of the candlestick and shows the range between the opening and closing prices. Long bodies indicate strong buying or selling pressure, while short bodies suggest indecision. The hollow or filled portion of the candlestick is the body, with hollow candlesticks indicating buying pressure and filled candlesticks indicating selling pressure.
Shadows, or wicks, extend above and below the body, marking the highest and lowest prices reached during the period and offering insights into market volatility. The high is marked by the top of the upper shadow or the real body if there is no shadow, while the low price is represented by the bottom of the lower shadow or the real body if there is no lower shadow.
The colour of the candle provides a quick snapshot of price direction. A bullish candlestick is typically green or white and means the closing price is higher than the opening price, indicating upward momentum. Conversely, a bearish candlestick is generally red or black, signalling that the closing price was lower than the opening price, reflecting downward pressure.
By analysing these four price points over multiple candlesticks, traders can identify market sentiment and how the bulls and bears are faring against each other, helping to predict potential price changes.
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The wick and its importance
While consumers usually focus on a candle's shape, colour, design, or scent, the wick is one of a candle's most essential parts. The primary purpose of a wick is to carry the wax to the flame, acting like a fuel pump. The wick draws the liquefied wax up into the flame, where it combines with oxygen to start the combustion process, keeping the candle burning.
The size of the wick is critical to the candle's performance. If the wick is too large, it will draw too much wax, causing the candle to flare up or produce soot. Conversely, if the wick is too small, the flame might flicker or go out. The diameter of the wick determines the amount of fuel that reaches the flame, with larger wicks creating larger flames and using more wax, resulting in a faster burn. Therefore, it is essential to choose the correct wick size relative to the candle size to ensure a steady flame and proper burn.
The material and construction of the wick also play a crucial role. Most high-quality wicks are made from braided, plaited, or knitted fibres, which encourage a slow and consistent burn. Twisted wicks, commonly found in birthday candles, burn faster due to their loose construction. Flat wicks, often used in taper and pillar candles, are braided or knitted flat so that they curl back into the flame as they burn, making them self-consuming. Square wicks are more rounded and robust than flat wicks and are preferred for beeswax applications to prevent wick clogging. Cored wicks use a core material such as cotton, paper, zinc, or tin to keep the wick upright, while wooden wicks have gained popularity for their aesthetic and soft crackling sound.
The choice of wick material and treatment can also improve rigidity, preventing the wick from falling into the melted wax, and enhancing the flow of wax up the wick. Wicks are often treated with flame-resistant solutions to prevent destruction by the flames. Treatments such as borax and salt, dissolved in water, are commonly used to improve the colour and brightness of the flame.
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The body and its colour
Candlestick charts are a cornerstone of technical analysis and one of its earliest forms, having been developed in the 18th century in Japan by rice trader Munehisa Homma. They are a visual representation of the size of price fluctuations used to identify patterns and help traders interpret price information quickly.
The body of a candlestick chart is a key component and represents the open-to-close range of trading done during a specific time period. The body can be long or short and is usually coloured either red or green (or white). The colour of the body indicates the direction of market movement, with a green or white body signalling a price increase, and a red or black body indicating a price decrease. For example, a candlestick chart for one month with each candle representing a day that has more consecutive reds indicates that the price is falling.
The colour of the body can also vary within different candlestick patterns. For instance, the hammer candlestick pattern, which indicates strong buying pressure, can be either red or green, with a green hammer being a stronger bullish signal. The morning star pattern, a sign of hope in a bleak market downtrend, is a three-candlestick pattern consisting of one short-bodied candle between a long red and a long green candle. The three white soldiers pattern, on the other hand, consists of consecutive long green or white candles with small shadows, indicating a bullish reversal.
It is important to note that while individual candlesticks provide valuable information, patterns can only be determined by comparing one candle to its preceding and subsequent candles. Traders must understand these patterns to make informed decisions and predict market trends accurately.
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The shadow and its length
Candlestick charts are a cornerstone in technical analysis and one of the earliest forms of such analysis, having been developed in the 18th century in Japan by rice trader Munehisa Homma. They are a visual representation of the size of price fluctuations and are used to identify patterns, helping traders and investors quickly assess price movements and short-term market sentiment.
The body of the candle represents the opening and closing price of the trading done during the period. The body can be long or short and red or green. The colour of the body can tell traders if the stock price is rising or falling. For example, if a candlestick chart for one month, with each candle representing a day, has more consecutive reds, then traders know that the price is falling.
Above and below the body are vertical lines called wicks or shadows that show the lows and highs of the traded price of the stock. The shadow indicates the intra-day high and low. The shadow can be long or short. For example, if the upper wick on a red candle is short, then it indicates that the stock opened near the high of the day.
The hammer candlestick pattern is formed of a short body with a long lower shadow and is found at the bottom of a downward trend. The lower shadow must be at least twice the length of the body. A hammer shows that although there were selling pressures during the day, ultimately, a strong buying pressure drove the price back up.
The morning star candlestick pattern is considered a sign of hope in a bleak market downtrend. It is a three-candlestick pattern: one short-bodied candle between a long red and a long green candle. It signals that the selling pressure of the first day is subsiding, and a bullish reversal is on the horizon.
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The history of candles
Candle-making was developed independently in several countries, with various materials and techniques being used. In China, textual evidence suggests that candles may have been made from whale fat in the Qin dynasty (221–206 BCE). Chinese candles were also made from beeswax, wax from the Chinese tallow tree, or Chinese wax derived from insects. In Japan, candles were made from wax extracted from tree nuts, while in India, candle wax was made by boiling the fruit of the cinnamon tree.
In Europe, candles were primarily made from tallow and beeswax from the Roman period until the modern era. The Romans are credited with introducing molded candles, which were more consistent in size and shape, as well as the use of wicks. During the Middle Ages, beeswax candles were introduced in Europe, which burned more cleanly and had a pleasant smell compared to tallow.
In the 18th and 19th centuries, there were significant developments in candlemaking. The growth of the whaling industry led to the use of spermaceti, a wax obtained from sperm whales, which burned brighter and was harder than tallow or beeswax. In the 1820s, French chemist Michel Eugene Chevreul discovered how to extract stearic acid from animal fatty acids, leading to the development of stearin wax, which was hard and burned cleanly. The 19th century also saw the introduction of large-scale industrial manufacturing techniques for the mass production of candles.
In the 20th century, candles saw renewed popularity with the development of synthetic waxes, scented candles, and decorative designs. Candles became available in a variety of sizes, shapes, and colors, and consumer interest in scented candles escalated. Today, candles continue to be used for illumination, decoration, and in religious and cultural ceremonies, showcasing the enduring significance of this ancient craft.
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Frequently asked questions
Candles are made of wax and a wick. The wax is usually paraffin wax, a petroleum byproduct, but can also be beeswax, tallow, or plant-based waxes. The wick needs to be naturally absorbent so that it can absorb liquid wax and move it upward while the candle is burning.
When you light a candle, the heat from the flame melts the wax near the wick. The wick then absorbs the liquid wax and pulls it upward through capillary action. The wax vaporizes, combines with oxygen in the air, and burns to keep the candle lit.
Candlestick charts are a visual representation of price movements and market sentiment over time. They are used in financial markets to quickly assess and predict price trends and identify buying and selling opportunities.
Each candlestick represents a specific time period and has three main components: the body, the shadow, and the colour. The body shows the open-to-close range, the shadow indicates the intra-day high and low, and the colour reveals the direction of market movement (green/white for an increase, red/black for a decrease).
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