Consecutive Candles

Table of Contents

These filters look at a standard intraday candlestick chart to see if the stock price has been moving up recently, and if so, for how long.  These filters are available for 1, 2, 5, 10, 15, and 30 minute charts.

These filters are similar to the up days filters, but the definition is slightly different.  For an intraday chart, a candle is called an “up candle” if the high of the candle is higher than the high of the previous candle and the low of this candle is higher than the low of the previous candle.  If a candle has a lower high than the previous candle, and a lower low than the previous candle, then we call it a “down candle.”

These filters only look at complete candles.  At 12:07 we look at the 5 minute candle that started at 12:00 and ended at 12:05.  We work backwards from there to see how many consecutive up candles we can find before we find a candle which is not an up candle.  We completely ignore the candle which started at 12:05 and will end at 12:10.  We will start looking at that candle at 12:10.

We use negative numbers to represent down candles.  If you set the max value to -2, then this filter will look for stocks where the last two candles were both down candles.  0 means that the most recent candle was neither an up candle nor a down candle.

As with all of our analysis of traditional candlesticks, we only update these filters during market hours.  And if a stock has an empty candle, we don’t look any past that candle.

Filter Info for Consecutive Candles [Up1]