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CUSTOM CANDLE QUALITY GRADER FOR THINKORSWIM®Automatically Identify & Grade High-Quality Bullish and Bearish CandlesTHIS ISPERFECT FOR UPGRADING YOUR EXISTING TRADING STRATEGY BY ADDING A QUALITY CANDLE CONDITIONFully Adjustable ATR Size • Body Strength • Close Quality • Wick Control • Oversized Candle Protection
CUSTOM THINKORSWIM® CHART STUDY — QUALITY-GRADED ARROWS PLOT DIRECTLY ON YOUR CHART
NOT EVERY GREEN OR RED CANDLE IS CREATED EQUAL
A candle may look strong at first glance, but appearances can be misleading.
A large candle may contain too much wick.
A green candle may close poorly.
A red candle may show significant rejection.
A candle may simply be too small to matter.
And an extremely large candle may already be overextended or climactic by the time you see it.
The Custom Candle Quality Grader is designed to help traders evaluate individual bullish and bearish candles using objective, adjustable candle-quality measurements.
Instead of manually judging every candle, the study automatically evaluates its structure and displays a colored quality-grade arrow when the candle meets your selected requirements.
You define what a quality candle means.
The study does the measuring for you.
USE CANDLE QUALITY AS AN ADDITIONAL LEVEL OF CONFIRMATION
This study is intentionally designed as a trading analysis and confirmation tool.
It is not intended to replace your current trading strategy.
Instead, use it alongside the trading setups you already follow.
Your strategy may identify a potential opportunity.
The Candle Quality Grader helps you answer another important question:
“Does the candle supporting my setup actually meet my definition of a strong candle?”
Use it alongside your own:
Your strategy identifies the setup. This tool evaluates the candle.COLORED CANDLE-QUALITY ARROWS
Every bullish or bearish candle that passes all enabled candle-quality requirements and meets your selected Minimum Arrow Grade can receive a colored grade arrow.
Bullish qualifying candle:
Arrow appears below the candle, pointing upward.
Bearish qualifying candle:
Arrow appears above the candle, pointing downward.
The arrow location shows the candle's direction.
The arrow color represents the candle's quality grade.
For example:
A+ — Exceptional Candle QualityA — Very Strong Candle QualityB+ — Strong Candle QualityB — Meets Minimum Quality Requirement
Candles that do not meet your selected minimum requirements receive no normal quality arrow.
This makes it easy to visually distinguish higher-quality candles from ordinary candles and market noise.
IMPORTANT:
THIS IS A CHART STUDY / INDICATOR — NOT a scanner or buy/sell system. Arrows grade candle quality only and are not trade recommendations. Trading involves substantial risk, including possible loss of all trading capital.
This tool analyzes and grades candles on the Thinkorswim® chart you are viewing. It does not scan the market or generate a list of stocks that meet the criteria.
YOU CONTROL THE CANDLE-QUALITY REQUIREMENTS
Different traders have different standards.
A momentum trader may prefer a different candle structure than a pullback trader.
A scalper may want more permissive settings.
Another trader may want only the cleanest, strongest candles.
That is why the major candle-quality parameters are adjustable.
1. CANDLE SIZE RELATIVE TO ATR
Candle size can be evaluated relative to Average True Range — ATR.
This is much more useful than simply saying a candle must be a certain number of cents or dollars in size.
For example:
A $0.40 candle may be unusually large for one stock.
The same $0.40 candle may be insignificant for another.
ATR helps evaluate candle size relative to the security's current volatility.
The trader can adjust the ATR length and qualifying candle-size requirements.
2. ADJUSTABLE MINIMUM CANDLE SIZE
Very small candles may represent weak price movement, indecision, or market noise.
The study allows the trader to establish a:
Minimum Qualifying Candle Range vs. ATR
For example:
Minimum Candle Size = 0.50 ATR
Candles below the selected minimum can be prevented from receiving a quality-grade arrow.
3. ADJUSTABLE IDEAL CANDLE SIZE
A candle does not need to become enormous to demonstrate strong directional price action.
The trader can establish an Ideal Candle Size relative to ATR.
This allows healthy expansion to receive appropriate credit without assuming:
“The bigger the candle, the better.”
Because that is not always true.
4. ADJUSTABLE MAXIMUM CANDLE SIZE — OVERSIZED CANDLE PROTECTION
This is one of the most important features of the study.
An extremely large candle may look powerful.
But an unusually oversized candle may also represent:
Late-stage price news-driven spike
A blow-off move
Excessively extended price action
A candle occurring near the end of a fast move
For this reason, the study includes an adjustable:
MAXIMUM QUALIFYING CANDLE RANGE VS. ATR
For example, a trader might choose:
Minimum Candle Size: 0.50 ATR
Ideal Candle Size: 1.10 ATR
Maximum Qualifying Candle Size: 2.50 ATR
All three ATR values are adjustable by the user.
If a candle exceeds the trader's selected maximum, it will not receive a normal candle-quality grade arrow.
This helps prevent an extremely oversized candle from automatically being labeled an excellent candle simply because it is large.
The maximum setting is adjustable, allowing each trader to determine how much candle expansion they are willing to accept.
5. CANDLE BODY % OF TOTAL RANGE
Large range does not necessarily mean strong candle structure.
A candle can travel a large distance but contain a relatively small body and large wicks.
The study can measure:
Candle Body ÷ Total Candle Range
For example:
A candle with a body equal to 80% of its total range generally shows stronger directional structure than a candle where the body represents only 30% of the range.
The trader determines the minimum body percentage required.
6. DIRECTIONAL CLOSE STRENGTH
Where a candle closes within its range can be an important part of candle quality.
For a bullish candle, the study evaluates how strongly the candle closes toward its high.
For a bearish candle, the study evaluates how strongly the candle closes toward its low.
The trader can adjust the required directional close percentage.
A candle that closes very near the favorable end of its range can receive a stronger quality assessment than a candle that gives back a large portion of its move before closing.
7. MAXIMUM OPPOSING WICK
A large opposing wick can indicate rejection.
For bullish candles, the study can evaluate and limit the size of the:
Upper Wick
For bearish candles, the study can evaluate and limit the size of the:
Lower Wick
The trader determines the maximum acceptable opposing wick percentage.
This allows you to favor cleaner directional candles while filtering candles showing excessive rejection.
BULLISH AND BEARISH CANDLES ARE BOTH ANALYZED
This is not just a “big green candle” indicator.
The study evaluates candle quality in both directions.
Bullish candle quality can consider:
Bearish candle quality can consider:
The same quality principles are applied appropriately in either direction.
QUALITY GRADING MAKES THE CHART EASY TO READ
Instead of treating every qualifying candle equally, the study can separate candles into different quality levels.
This provides much more information than a simple:
YES / NO
candle indicator.
A trader can quickly see the difference between:
A candle that barely meets their minimum requirements
and
A candle displaying exceptionally strong structure according to their selected parameters.
WHY THIS CAN BE USEFUL
Many trading strategies depend partly on the quality of the candle that appears during a setup.
But traders often evaluate candle quality visually and inconsistently.
The Custom Candle Quality Grader helps convert several candle characteristics into objective measurements.
Instead of asking:
“Does this candle look strong?”
you can establish your requirements in advance and allow the study to consistently apply those standards to every candle.
EXAMPLE
Suppose a bullish candle appears during a setup you are already monitoring.
The study may evaluate characteristics such as:
Candle Range: 1.20 ATR
Body: 79% of total candle range
Directional Close: 92% toward the high
Upper Wick: 5%
If those values satisfy your selected requirements, the candle can receive the appropriate quality-grade arrow.
Now suppose another green candle appears with:
Candle Range: 3.80 ATR
Even though that candle is dramatically larger, it may exceed your selected:
Maximum Qualifying Candle Size
and therefore fail to receive a normal quality grade.
This helps distinguish healthy candle structure from excessive candle expansion.
MAKE THE STUDY AS SELECTIVE AS YOU WANT
Because the primary settings are adjustable, the trader can experiment with different requirements.
Want more qualifying candles?
Use more permissive settings.
Want only exceptionally clean candles?
Increase your minimum requirements.
Trade higher-volatility stocks?
Adjust the ATR-based candle-size ranges.
Prefer a stricter wick requirement?
Reduce the maximum permitted opposing wick.
You control the definition of candle quality.DESIGNED TO COMPLEMENT — NOT REPLACE — YOUR TRADING SYSTEM
This product does not claim to predict future price movement.
It does not attempt to tell you that every A+ candle should be traded.
A high-quality candle can occur:
At resistance
At support
During a breakout
During a pullback
Early in a move
Late in a move
With the trend
Against the trend
That is why this tool is designed to be combined with the trader's own market analysis and strategy.
The arrow tells you about the quality of the candle.It does not tell you whether the overall trade setup is good or bad.FAST VISUAL ANALYSIS
Once the study is configured, there is no need to manually calculate:
Candle range relative to ATR
Body percentage
Directional close percentage
Opposing wick percentage
Whether a candle exceeds your maximum acceptable size
The study evaluates the candle automatically.
This allows the trader to focus on their existing strategy while using candle quality as another piece of information.
GREAT FOR TRADERS WHO USE
Price Trading
Support / Resistance
Intraday Trading
Custom Trading Systems
WHAT YOU RECEIVE
Your purchase includes the:
Custom Candle Quality Grader for Thinkorswim®
Delivered on a USB 3.0 flash drive.
Included on the USB:
Custom ThinkScript® chart study code
Installation instructions
Setup instructions
Parameter explanations
Basic recommended usage information
SIMPLE INSTALLATION
The included instructions will explain how to add the custom study to the Thinkorswim® desktop platform.
Basic computer skills such as opening files, copying text, and navigating Thinkorswim® study settings are recommended.
USB INFORMATION
The included flash drive uses a standard:
USB-A Connection
If your computer has only USB-C ports, you will need a compatible USB-A-to-USB-C adapter.
Adapter is not included.
PLEASE NOTE
This listing is for a custom Thinkorswim® chart study delivered on a USB flash drive.
No software box or retail software packaging is included unless specifically shown and stated otherwise.
IMPORTANT TRADING DISCLOSURE
This product is a technical-analysis and charting tool only.
It is NOT:
A trading strategy
A stock-picking service
An automated trading system
A guarantee of profitable trades
A guarantee of future price movement
Financial or investment advice
The colored arrows identify candle-quality grades based on the user's selected parameters.
They are NOT buy or sell signals.
A high-quality candle does not guarantee that price will continue in that direction.
Market conditions, trend, support, resistance, liquidity, volatility, news, entry price, stop placement, and many other factors can affect trading results.
Trading stocks and other financial instruments involves substantial risk and may result in financial loss.
Use this study as one source of information within your own trading process and risk-management plan.
SHIPPINGFREE USPS GROUND ADVANTAGE SHIPPING
Free shipping within the Continental United States only.
The product will be shipped physically on a USB flash drive.
PRODUCT SUMMARY✔ Grades Bullish & Bearish Candle Quality✔ Colored Grade Arrows Directly on the Chart✔ Adjustable Minimum Candle Size✔ Adjustable Ideal Candle Size✔ Adjustable MAXIMUM Candle Size✔ ATR-Based Volatility Adjustment✔ Adjustable Body % Requirement✔ Adjustable Directional Close Requirement✔ Adjustable Maximum Opposing Wick✔ Helps Identify Oversized / Excessively Extended Candles✔ Works Alongside Your Existing Trading Strategy✔ Strategy-Neutral Trading Tool✔ Customizable for Different Trading Styles✔ Thinkorswim® Desktop Chart StudyDEFINE YOUR CANDLE. LET THE STUDY FIND IT.
Stop relying entirely on visual judgment to decide whether a candle looks strong.
Set your own candle-quality requirements and let the Custom Candle Quality Grader consistently identify and grade the candles that meet them.
Your Strategy Finds the Setup.This Tool Evaluates the Candle.
Custom Candle Quality Grader for Thinkorswim®
Thinkorswim® and ThinkScript® are trademarks of their respective owner. This independently developed product is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc.
IMPORTANT PRODUCT & TRADING DISCLAIMER
THIS IS A THINKORSWIM® CHART STUDY / INDICATOR — NOT A STOCK HACKER SCANNER, AUTOMATED TRADING SYSTEM, OR BUY/SELL SIGNAL SERVICE.
Colored arrows represent candle-quality grades only, based on the user's selected settings. An arrow or high candle grade does not mean a trade should be entered, exited, or will be profitable.
This tool is intended to be used only as an additional technical-analysis/confirmation tool alongside the purchaser's own trading strategy and risk-management process.
Trading stocks, ETFs, options, futures, and other financial instruments involves substantial risk. You may lose some or all of your trading capital, and leveraged or margin trading may result in losses greater than the amount originally invested.
No guarantee or representation is made regarding profitability, accuracy, win rate, future performance, avoidance of losses, or suitability for any particular security, timeframe, trading style, or market condition. Past or example chart results do not guarantee future results.
The adjustable Maximum Candle Size feature only controls whether an oversized candle qualifies for a normal candle-quality grade. It does not determine whether a candle is actually a market top, bottom, exhaustion event, capitulation event, or safe/unsafe trade.
The purchaser is solely responsible for all trading decisions, including:
This study does not place, manage, or close trades and has no access to the purchaser's brokerage account.
To the maximum extent permitted by applicable law, the seller is not responsible for trading losses, lost profits, lost opportunities, margin losses, or other financial losses resulting from the purchaser's trading decisions, use, misuse, interpretation, or reliance on this study.
Software platforms, market data, ThinkScript® functionality, and Thinkorswim® may change. The purchaser is responsible for confirming that the study is operating as expected before using its information in live trading.
Thinkorswim® and ThinkScript® are trademarks of their respective owner. This independently developed product is not affiliated with, sponsored by, approved by, or endorsed by Charles Schwab & Co., Inc.
By purchasing and using this product, the purchaser acknowledges that trading involves substantial financial risk and that all trading decisions and resulting gains or losses remain solely the purchaser's responsibility.
Purchase and use of this product are subject to the included Risk Disclaimer, License & Terms.
