Doji candlesticks exhibit various formations, each conveying distinct market sentiments and potential implications for traders. Understanding the different variations is crucial for accurate technical analysis. Here are some notable variations:

1. Classic Doji: This has a small body with opening and closing prices nearly identical, signaling indecision and a potential trend reversal.

2. Long-Legged Doji: Characterized by long upper and lower shadows, it suggests high volatility and significant market indecision.

3. Dragonfly Doji: With a small body and a long lower shadow, this signals a potential bullish reversal, especially if it occurs after a downtrend.

4. Gravestone Doji: Opposite to the Dragonfly, the Gravestone has a long upper shadow, indicating a potential bearish reversal, especially after an uptrend.

5. Four-Price Doji: Represented by a horizontal line, it indicates that the open, close, high, and low prices are the same, emphasizing market equilibrium.

6. Libya Doji: Rare and considered significant, it occurs when the opening and closing prices are the same, but there's a gap both ways, suggesting a possible trend reversal.

7. Northern Doji and Southern Doji: Specific to candlestick charting, they involve multiple consecutive Doji candles, emphasizing potential changes in market sentiment.

These variations offer nuanced insights into market dynamics, and traders often combine their analysis with other technical indicators to make informed decisions based on the specific Doji pattern observed.