The candlesticks chart heavily rely on the colours used in the charts. Different colours have different significance. However, a major problem is observed related to the colour configuration of the candlestick charts, as colours of the chart are not standardized.
Norman G. Fosback introduced a much known and frequently used technical index, Absolute Breadth Index. Norman G. Fosback has described a very useful technical indicator in his book "stock market logic", namely, Absolute Breadth Index.