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6 modes to choose from, each with their own purpose
TTM Trend candles are a near perfect recreation of the famous TTM Trend candle coloring indicator from ThinkorSwim. We decided this would be an extremely useful candle type to implement, as it allows traders to follow the trend in a much easier manner.
When using these candles, all you need to remember is that blue indicates a bullish trend, while red indicates a bearish trend.
NIO 2 Hour chart using TTM Trend Candles
Price Momentum candles are an excellent way of tracking bullish and bearish momentum through candle movements. They can also be used to identify potential reversals a few candles prior to the reversal occurring.
Light green candles indicate strong bullish momentum, while darker green candles indicate bullish momentum that is dying out.
Light red candles indicate strong bearish momentum, while dark red candles indicate bearish momentum that is dying out.
ETHUSD 1 Minute chart using Price Momentum
RSI candles are fairly simple to understand, as they just identify overbought and oversold zones based off the standard RSI indicator.
White candles are bullish, while grey candles are bearish.
Red candles indicate areas where the RSI is above 70, therefore overbought.
Blue candles indicate areas where the RSI is below 30, therefore oversold.
BTCUSD 5 Minute chart using RSI Candles
Fear and Greed candles are extremely useful, specifically on the daily time frame. They allow traders to see an estimate of where the current stock price is within a range from Extreme Greed to Extreme Fear. The colors that represent each rating are as follows:
Extreme Greed = Dark Green Medium Greed = Green Light Greed = Blue Neutral Greed = Aqua Neutral Balance = Grey Neutral Fear = Yellow Light Fear = Orange Medium Fear = Red Extreme Fear = Dark Red
SPY 1 Day chart using Fear and Greed Candles
Z-Score candles calculate the mean over a certain range, and from there it displays how far away the current candles are in a bullish or bearish direction.
As the candles become a darker green, they are getting further from the mean in an uptrend, while a lighter green means they are getting closer to the mean.
White candles represent the mean itself over the range.
As the candles become a darker red, they are getting further from the mean in a downtrend, while a lighter red means they are getting closer to the mean.
TSLA 1 Day chart using Z-Score Candles
Signal Based candles are the easiest to comprehend out of all our candle coloring modes. Their main use is giving the trader peace of mind by only displaying green candles and red candles and ignoring the general shakiness of the market.
Green candles indicate that the last signal was a buy, while red candles indicate that the last signal was a sell.
BBY 10 Minute chart using Signal Based Candles
You can customize your candle color settings in the Origami Algo settings menu.
Candle Color Settings