Instructor's Response:
The phrase "open" candle refers to the last candle on the right side of the chart. It is considered to be open until the time frame completes and then the candle will close and a new one will open. On a one hour chart for example, a candle will close at the end of each hour...on a 4 hour chart a candle will close at the end of each 4 hour period.
The candle does not provide insight as to the volume traded but does show price action during time frame represented by the candle.
Regarding the last part of your question, take a look at the example below...
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