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Candlestick patterns are identifiable shapes formed by a single candlestick or group of candlesticks. Each candlestick represents a trading session, and it is often colored to indicate how the price closed during that session. While traders can use any color combination, green or white is generally used to represent a session where the price closed higher than its opening price. Red or black color, on the other hand, is used to represent a session that closed lower.