Basic Candle Pattern Summary

A summary of the basic candle patterns included in TCScan+ is listed below. You can edit/view these basic patterns formulae by clicking the EDIT button in the middle-right of the Formula Builder form. Name Code Picture Description A down-close bar, i.e., any bar that closes lower than it opens.

Black Candle

BC

Black Closing Marubozu

BCM

A down-close bar where the close is at the low, i.e., there is no wick on the bottom. This is a strong indication of continued bearishness in a downtrend. A down-close bar where the open is at the high and the close is at the low, i.e., there are no wicks on the candle. This is generally an indication of bearish continuation. A down-close bar where the open is at the high, i.e., there is no wick at the top. This is an indication of continued bearishness in a downtrend, but is not as strong a signal as a closing marubozu. A bar where the open and the close are equal. Dojis are a stronger form of the spinning top, indicating a strong contest between bulls and bears. They should be watched as a sign of reversal during a trend, especially in an uptrend.

Black Marubozu

BM

Black Opening Marubozu

BOM

Doji

DOJ

Dragonfly Doji

DDOJ

A Doji where the open and close are at the high of the bar.

Four Price Doji

FDOJ

A flat bar, i.e., the open, high, low and close are equal or very close to each other.

Gravestone Doji

GDOJ

A Doji where the open and close are at the bottom of the bar (inverse of the Dragonfly Doji.)

Long Black Candle

LBC

A down-close bar whose body is significantly larger than average.

Long White Candle

LWC

An up-close bar whose body is significantly larger than average.

Long-Legged Doji

LLD

A Doji that has longer than average upper and lower wicks.

Short Black Candle

SBC

A down-close bar that has a shorter body than average.

Short White Candle

SWC

An up-close bar that has a shorter body than average.

Spinning Top

ST

A bar that has a much shorter body than the range. This is an indication of indecision in the market and is considered neutral in a sideways market. In a trending market, however, the next day should be watched as an indication of the future trend.

White Candle

WC

A bar where the close is higher than the open.

White Closing Marubozu

WCM

An up-close bar where the close is at the high. This is a strong indication of continued bullishness in and uptrend.

White Marubozu

WM

An up-close bar where the open is at the low and the close is at the high. This is generally an indication of bullish continuation. An up-close bar where the open is at the low. This is an indication of continued bullishness in an uptrend, but is not as string a signal as a closing marubozu.

White Opening Marubozu

WOM