Does "candlelight" mean "compare side by side"?
Solution 1:
I'm going to go ahead an put in an official answer to the actual question.
"Is it a recognised use of the word?"
The simple answer is, very strongly,
"No."
your friends / fellow inmates / bosses are either
(i) using a very strange "inside" terminology - perhaps from some specific technical field
(ii) using an "inside joke" -- some linguistic quirk that has built up between them.
(iii) they are using a confused - essentially "wrong", "silly" - mishearing or similar mistake.
A vast number of highly intelligent / professionally linguistic / literate people are on this 'ere list; and nobody's cottoned-on to anything.
So honestly, the answer to your specific question is "No"
I can confidently speak for the entire mailing list, when I say, we'd love some feedback on just what they meant. Cheers!
Solution 2:
Note that candlestick charting is a technical term used in talking about stock markets.
Is there a chance this is the term you overheard?
(To be clear, the actual image you present looks nothing like a candlestick chart in any way. But there may have been some confusion.)
Candle as a verb can refer to examining eggs by holding in front of a candle.
It's very vague, but this makes me think of when you hold something up to a lightsource like this ...
Conceivably, your colleagues have in mind something related to: holding one up to the other with a light source behind.
But it's totally confused, and not in any way an idiom or anything that makes sense. Almost certainly, it is simply a mishearing somewhere along the chain.
Solution 3:
I have not come across this usage. My guess is that it is derived from the practise of candling eggs to check for development of the embryo. http://en.wikipedia.org/wiki/Candling