The Red Candle resembles The Candle from the original Binding of Isaac. It recharges itself automatically, and when used will shoot a flame (Similar in look to normal Fireplaces) in the direction you're facing; the flame stays on screen. If an enemy hits this flame, the flame will lose size and the enemy will take a large amount of damage. When the fire becomes too small, it will disappear. It can also disappear if shot by your own tears.
This item works very well when fighting Mom. If timed correctly, you can throw the flame towards Mom's Eye/Mom's Flesh when they come out of the walls for massive damage.