Candle Stick Dashboard

The CANDLESTICK DASHBOARD

is the second option in Analyst ZONE.

This page focuses on the analysis on formation of candlestick patterns or types.

One can click to change through 30 Min – 60 Min – 1Day – 1Week to examine statistics and results changes in those periods. The dropdown for the timeframe selection is presented as the first option placed at the left top corner of the Candlestick Dashboard page.

The above snapshot is taken considering the 30 Min timeframe. The trending section is divided into two different parts:

Trending UP

Trending DOWN

Stocks that are sustaining with positive scores are considered in Trending Up while stocks that have negative scores is been considered as Trending Down. The scores are mathematical calculations of the previous few candlestick formations and the continuity decided the trend in particular stocks.

Besides the scores, the second column within the table is CONSEC. CONSEC is the total number of consecutive positive / Negative Candlestick formation during the present rise / fall witnessed in the particular stock.

Besides the Trending UP / DOWN tables is the Stats table. This section of the page focuses on majorly used candlestick type or patterns and provides number of stocks matching the standards. The stats section uses NSE 500 as the universe. The count shown is additionally one of trick to measure the direction of the trend in current market

As we all know from the above, these are combination of various sorts of candlesticks and patterns; a number of them are continuation while others are reversal. Thus, if someone finds the number of stocks higher in continuation candlestick, then the probabilities of a trended move in market are higher. Watching the above stats, the number of “Longline” Candlestick itself is higher than that of other collections and this is often one among the continuation candlestick patterns. Thus, the present trend within the market is probably going to continue.

Trend Filter includes two different options: TREND_HIGH and TREND_LOW. We recently have discussed about the scores in Trending section. The trend filtration is filtering the scores that are above some levels. After a substantial amount of back-testing, the score of 30 is fixed. Thus, TREND_HIGH will show stocks that are having score above 30 into the

result section while TREND_LOW will produce stocks having score below -30.

USER can choose the Universe desired from the drop-down menu (default is set to F&O list). Others are NIFTY50, NIFTY BANK, NIFTY NEXT 50, NIFTY 500, NIFTY

MID-SMALL and INDICES. The dropdown also consists of Watch list (See watch list page for more details).

Lastly, the USER also can filter the result section for the stocks that have a particular kind of candlestick pattern or formation. This section features a yellow checkbox ahead of each option. The choice sometimes might not show any result:

if the count in stats for a specific pattern is ZERO,

If there are no stocks within the universe selected,

Or any other selection that user has which matches no stocks.

RESULTS

Below the filtering options is the result section, where USER can see the end result. Below is the screenshot for the same:

The result section provides entire details of the candlestick page in one place as per the choice of filters from the USER. This table has sorting facility and one can sort (default by Symbol) any column to seek out the specified result. The detailed view helps USER to watch for overlapping signals and make decisions quickly.

For e.g., The TREND_HIGH may produce a result where the score is the major filtration, but if any stock features a Doji formation, then the probabilities of that specific stock moving in the trend are probably very low and hence, the signal isn't to be taken.