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Knowing a bit about alternatives to candlestick charts serves as a point of reference and makes clear the benefits of using candlestick charts for analyzing price data.

Although they’re not as versatile and useful as candlesticks, each of these alternative charts has its benefits:

 Line charts are simple and straightforward.

 Bar charts are important to understand because they’re still relatively prevalent and often the default setting in a charting package.

 Point and figure charts are great for revealing support and resistance levels.

I’m confident that you’ll be a believer in candlesticks when everything is said and done, but understanding the alternatives is certainly worth your time.