Chartists can also colorize candlesticks and volume bars to identify up periods and down periods. The second chart shows a colorized version of the same stock (FDX) over the same period. Just below the chart, in the Chart Attributes section, chartists can check the “Color Prices” box and “Color Volume” box to colorize. A hollow candlestick still means the close was above the open, and a filled candlestick means the close was below the open. The red candlestick means the close was below the prior close, while a black candlestick means the close was above the prior close. The same applies to the red and green volume bars.
When calculating CandleVolume charts, note that volume is normalized to show it as a percentage of the look-back period. For a four month daily chart, each day's volume would be divided by total volume for the look-back period (four months). As such, the width of each box represents the percentage of total volume for the look-back period. Big volume days take up more space on the X-axis (horizontal) than low volume days. With varying width, this means the date axis is usually not uniform on CandleVolume charts. Some weeks will extend longer because of wide candlesticks, while others will be shorter because of narrow candlesticks. The first chart below shows Pfizer (PFE) with normal candlesticks and a normal X-axis. The second chart shows how CandleVolume changes the X-axis because volume was much higher in June than in prior months.