Candles are used to visualize the price movements of financial assets and reflect them on price-time charts.
For example, candle 0 is the active bar that has not yet closed in the given time period, while candle 1 is the last bar that has closed.
When creating your strategy in Traderlands, you can select and calculate the indicators for up to 9 candles.
*View of candles on the chart
The candles on the chart show the opening, closing, high and low levels of the asset price over a given time period.
The opening and closing prices form the main body of the candle, while the upper and lower lines indicate the highest and lowest price levels reached during that time period.
Each candle may have a vertical bar and thin lines above and below the bar. These thin lines are called "pins".
*The stem and pin parts of a candle
A Special Candle Type: HEIKEN ASHI CANDLES
Heiken Ashi aims to filter out market noise by smoothing out fluctuations in price movements using different parameters of the candle.
*Heiken Ashi is selected on the left *The default Candle is selected on the right
How to Calculate Heiken Ashi Candles?
Open, Closed, High, Low are the four components that affect the shape, size and orientation of the candles.
The formulas for calculations are given below:
Open = (Previous candle opening price + Previous candle closing price) / 2
Close = (Candle close price + Candle open price + Candle high price + Candle low price) / 4
The average value of the current candle between low, high, open and close.
High = The highest value of the recent high, open or close.
Low = The lowest value of the recent low, open or close.
How to Set Heiken Ashi Candles?
Here you can select the parameters of the indicators you use when creating your own strategy in Traderlands.
You can set the candle type of the indicator you have selected as "Candle" or "Heiken Ashi".