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Tony, you might want to double check how Metastock does it because it
really doesn't sound right to me. Unlike bar charts, in candle
charts the only way to tell at a glance whether a day is up or down
is by the color of the candle. In the scheme you described, ALL
candles that failed to rise above the previous close would be colored
as "down" candles regardless of whether the open is above or below
the close. That doesn't seem to make sense.
Take a stock that gaps down $5.00 overnight. The next day it rises
$4.00 from open to close. In the format you described (if I've
understood you correctly), the candle would be black for a down day
since it never got above the previous close. Even more confusing, if
the stock gapped down $1, then fell another $4.00 the next day, the
candle would be identical to the previous candle, even though the
first one rose $4 during the day and the second one fell $4.
Good luck, Wayne
--- In amibroker@xxxxxxxxxxxxxxx, "Tony Meskill" <tmeskill@xxxx>
wrote:
> Hi Wane
>
> I have been using Metastock for 2+ years now, and that was the
default used.
> I assumed it was the standard as it makes most sense to me, come to
think of
> it even the CNBC tickers use yesterdays close as the reference.
>
> Tony
>
>
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