Candles that close higher than open being hollow and candles that close lower then open being solid

[erician]

Would love the option to have the body of a candle that closes higher then it opened being hollow and the body of a candle that closes lower then when it opened being solid.  

 

TD ameritrade offers this and I can't tell you how useful it is for momentum traders as you can get a better feel of the 'real' direction in a green candle or red candle . 

 

Every trader friend I know uses this and is a huge part of their success.

 

I have included a picture.

[Jerry Medved]

we do not have that option. No current plans for it.

[Mike Medved]

Candles that close higher than open are green in MT and that close lower than open are red. In your example, they are green or red, hollow or solid. So if the color in MT is replaced by being solid or hollow, what does the color of the candle in your pic signify?

 

[erician]

Mike

 

If they close lower then the PRIOR candle they are red, like you cite, but thats not what I am saying.  

 

THe pic I provded shows a candle that may have gapped higher then the previous candle and it may have closed higher then the previous but if all it did was drop lower the enture candle, it would be solid showing the candle 'sold off'

 

Many traders, like myself, use this to see a visual representation of how strong or how weak is the buying power/selling power was in that particular candle, thus possibly giving hints as to possible momentum.

[Jerry Medved]

will look

[gary1833]

On 2/24/2018 at 12:19 PM, Mike Medved said:

Candles that close higher than open are green in MT and that close lower than open are red. In your example, they are green or red, hollow or solid. So if the color in MT is replaced by being solid or hollow, what does the color of the candle in your pic signify?

 

I would like to know the answer erician

On 2/24/2018 at 1:09 PM, Jerry Medved said:

will look

post

[Mike Medved]

I am sorry this fell through the cracks.

 

Can you point us to a cite somewhere online describing these coloring/hollowing rules?

[ahujat]

I also would like to request this feature.

So a black candle is formed when the stock gaps above the previous day's closing price but then closes below the opening price. So, technically, it's a red candle as the closing price is less than the opening price but what makes it special is that although the stock closed below the open but it closed above the previous day's close. What it signifies is that the traders are selling a gap up instead of bidding it up higher.

Similarily hollow candles are just the reverse of hollow. Stock gaps down but then closes above the open but the close is below the close of the previous day. Basically, traders are buying the dip. (In the pic below, the green candles i represented by hoolow candle with black outline, while the 'hollow' candle is the white candle with red outline.

Quite a few times, these are formed around turning points.

[Mike Medved]

You know you can make an advanced paintbar that would do this (I think I got the logic right):

    if (Close < Open && Close > Math.Max(Close[1],Open[1]))
    {
        SetColor("ColorUp", SysColor.Background);
    }
    if (Close > Open && Close < Math.Min(Open[1],Close[1]))
    {
        SetColor("ColorDn", SysColor.Background);
    }

Place this paintbar on the chart and set your colors to whatever you want.

Then you can either set the paintbar to color candles or just make it show arrows on  the candles that satisfy the criteria or something.

[ahujat]

It works partially.

I think the issue is that Candle outline color setting is ignored. 

So,  the black candle works but their is no way to create a hollow candle. If the color is set to background, the candlestick just diappears.

 

There should be actually 2 options for candle outline color, one for up candle and one for down.

[ahujat]

Ok, Just saw that there is a separate  option for the Candle outline. Now, If Candle Outline color can be made configurable separately for both and up and down candle, that would be awesome