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Doji and spinning top: small body, unanswered question
The candle finished almost where it started. Does that mean nothing happened?
Measure a small body and distinguish a shape label from a direction forecast.
A small body says the close stayed near the open. The wicks show that price could still have travelled widely.
A doji has an open and close at or very near each other. Compare their distance with the candle's whole high–low range. A tiny body does not mean no trades occurred or that price stayed still.
A spinning top has a small visible body and wicks on both sides. For this exercise only, call a body up to 5% of a positive range doji-like, and above 5% up to 25% a spinning top when both wicks exist. These are our test thresholds, not universal definitions.
Read the location next. A small body after a rise, after a fall or inside a range has different context. It may precede continuation, reversal or more sideways movement. The label alone cannot choose among them.
Wait until the candle is complete and record the timeframe and price feed. OHLC values cannot reconstruct every move within the candle. Define any later confirmation and invalidation separately, with planned costs and loss limits; waiting is an acceptable outcome.
Let’s work through it
- Mark open, high, low and the completed close.
- Divide body size by the positive high–low range.
- Write the context and what further event the paper rule needs.
Let’s use numbers · hypothetical example
In fictional price units, O=100, H=104, L=96, C=100.2 gives range 8 and body 0.2: 0.2/8 = 2.5%. It fits our doji-like rule. Changing only C to 101 gives body 1, or 12.5%, with two wicks: our spinning-top example. Neither percentage is a chance of winning.
Easy mistakes to watch for
- Interpreting a tiny body as zero market activity.
- Treating a chosen shape threshold as a win probability.
- Naming a candle before it closes and ignoring later changes.
Keep in mind
If high equals low, the range is zero and this percentage calculation is undefined. A recognised shape does not cap risk or guarantee reversal.
Your turn
Keep H=104 and L=96, set O=100 and C=102, then calculate the body percentage. Decide whether it fits either exercise rule without guessing the next colour. Place the original doji after a rise and give the following candle a close of 105. Explain why a reversal was not compulsory.
A quick check before we move on
What is the body-to-range percentage of the 100→100.2 example?
- 25%
- A 95% probability of reversal
- 2.5%
Check answer
2.5% The body is 0.2 and the range is 8, so 0.2 ÷ 8 × 100 = 2.5%. This describes the candle, not future odds.
Sources and further reading
- www.cmegroup.com/education/courses/trading-and-analysis/technical-analysis
- www.binance.com/en/square/post/492082
- help.ctrader.com/knowledge-base/chart-types/candlesticks-chart/
Content reviewed: 29 October 2026
Educational material with hypothetical examples. Trading can cause substantial losses. A course, pattern, stop order or past result cannot guarantee a profit or limit every loss. Practise in simulation and check current rules and product terms in your jurisdiction.
