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I have been logging the buy/sell transactions for bitcoin on a specific exchange and I'd like to create a candlestick chart from it.

Instinctively, I think I should decide on an time interval and then group transactions per time interval.

Then I can find the high and low point of every group. The open price would be the first transaction of a group and the close the last one.

Is it how it's done?

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Yes. For a candlestick plot you need four data points. For trading data it's common to use high, low, open, and close as the four points.

Note that it is more common for the exchange to provide those four points rather than having to compute it yourself, but your plan is fine for what you have.

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Yes

Candlesticks are usually composed of the body (black or white), and an upper and a lower shadow (wick): the area between the open and the close is called the real body, price excursions above and below the real body are called shadows. The wick illustrates the highest and lowest traded prices of a security during the time interval represented. The body illustrates the opening and closing trades. If the security closed higher than it opened, the body is hollow or unfilled, with the opening price at the bottom of the body and the closing price at the top. If the security closed lower than it opened, the body is solid or filled, with the opening price at the top and the closing price at the bottom. https://en.wikipedia.org/wiki/Candlestick_chart

Excel has a built-in "Volume-Open-High-Low-Close" chart type.

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