How to use the Candlestick chart

Posted almost 6 years ago by Chris Plastow

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We recently added the Candlestick chart into Omniscope. Some of you may be wondering how/when to use this chart. Hopefully this post will provide you with some guidance.

A Candlestick chart is a financial chart typically used to visualise the price movements of a security, derivative or currency. Each 'candlestick' represents the price range on a single day, showing the Open, Close, Low and High values. We typically use colour to identify whether the entity closed or opened higher. In Omniscope the default colours are green when closing higher and red when closing lower. 

In order to create a Candlestick chart you must have a data-set with the required fields: A Date field and 4 numeric fields containing the Open, Close, Low and High values.  If your data has a Volume field this can also be visualised inside the candlestick chart in the form of a simple Bar chart. Omniscope will automatically attempt to recognise and assign the fields based on the field names. A Candlestick chart can only show the data for a single security/derivative/currency, so you may need to pane or tile the chart if there are multiple values.

Financial data is freely available on the internet from a variety of sources. In addition there are a number of paid-for services, such as Bloomberg, that also provide suitable data. Omniscope does not currently provide any direct connectors to these data sources but we are planning to introduce some in the future. Please get in touch if you want to discuss connectors with us. In the meantime if you want to use this data in Omniscope you need to either download the data then import via a File block or import directly via the data URL.

Creating a Candlestick chart from Yahoo finance data

Yahoo Finance provides free financial data that you can download and use to create a Candlestick chart. In the following data we will download historic stock data for Tesla, Inc, import it into Omniscope and create and configure a Candlestick chart as part of a report.

Navigate to Yahoo finance:

In the search box at the top type "Tesla". You should see a summary table:

Click "Historic data". select a time period (in this example we obtain data from the last year) and click the 'Apply' button.

Click 'Download data'. This should trigger the download of a CSV file.

Now open Omniscope and create a new report. In DataManager add a 'File' block and browse to the location of the CSV file. If Omniscope is running on a server you will need to upload the file before you can     access it.

Connect the File block to a report block and delete all the views. Add a "Candlestick" chart. The Chart should automatically pick the Date, Open, High, Low, Close and Volume fields.

Creating a Candlestick chart from Cryptocurrency price data

A while ago Antonio posted an article on how to build an interactive dashboard showing cryptocurrency price data:

Follow the instructions in this article to import Crypto data via the data-download URL. In the report, create a Candlestick chart instead of a Bar/Line chart. 

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