A combination of candlestick and market profile: Q The Modal Point in a ProSticks bar represents the most heavily transacted price for the particular time interval. Similar to Market Profile, ProSticks uses the bell-curve theory to determine the Modal Point. UQ http://www.prosticks.com/education/best_both_worlds.php?sid=273448411df1962cba1db6c05b3213c9
has something like a median point inside bars, so the concept is not so new, although these are probably a bit different things.
Funny that's what I said here http://www.elitetrader.com/vb/showthread.php?s=&threadid=29495&highlight=candlestick What decoration is needed in daily/hourly candlestick or barchart for intraday As an intraday trader I am interested to know if market made its low first or it high first. Daily/hourly candlestick or chartbar doesn't indicate this : for example when you have a white candlestick, it doesn't imply obligatorily that the low has been made firstly and the high secondly since the color of the candlestick corresponds to the differential between close and open, information which is redundant with the bases of the candlestick since they already indicate open and close. So I intend to add these decorations : an up arrow to indicate that market made a low first, a down arrow to indicate that market made a high first.
yes it's not new it's just classical "Box and Whisker plot" in classical statistical toolbox as remarked in a very old post of mine : http://www.elitetrader.com/vb/showthread.php?s=&postid=216095&highlight=candlestick#post216095 "And I will add that Candlestick is just "Box and Whisker plot" used in Statistical control so I knew the candlestick without even knowing their name before entering trading field ". <IMG SRC=http://ellerbruch.nmu.edu/cs255/jnord/three.gif> So the only thing that is new is what I said above about the intraday trend (since in a stat distrib there is no trend normally). In fact candlestick is not exactly Box and Whisker plot but is more primitive since Box and Whisker plot indicates quantiles so it's like a condensed market profile. Market profile is in fact similar to Stem-and-Leaf Plot in classical statistical toobox.