In the context of candlestick patterns, what does the term 'Doji' refer to?

The term 'Doji' refers to a candlestick pattern where the open and close prices are nearly equal, resulting in a very small real body. This characteristic reflects a balance between buying and selling pressure during the period the candlestick represents. As such, the formation of a Doji often signals indecision in the market, indicating that traders are unsure about the direction in which the price should move.

A Doji does not inherently indicate a bullish sentiment, nor does it always predict a reversal. Instead, its significance relies on the context in which it appears within a broader trend and the surrounding candlesticks. This means that while it can be part of reversal signals, it does not always lead to such outcomes. Additionally, Doji patterns can appear in various market conditions, not exclusively during high volatility.

Thus, the fundamental identifying feature of a Doji is that its open and close prices are essentially the same, making this choice the correct answer.