Over the years, other systems of depicting prices and their movement have been developed by different people, each purportedly giving some advantage over the chart with which you have now become familiar. It’s fair to say that none has caught on to the extent of candlestick charting which is now considered the standard for technical analysis. However, they each profess to have certain strengths in analysis which I will point out as we go through them.
If you’re interested in exploring other methods, here is a summary of others that you are quite likely to find in software packages if you hunt hard enough.
Steve Nison, who brought Japanese candlestick techniques to the western world, discovered several Japanese charting methods during his research. These include the three line break, and the Renko and Kagi charts that we will look at next. In each case you will see that less attention is paid to the time-scale, as the price movement is the important factor.