Ben Carter
Thinkorswim is a powerful platform for trading and analysing stocks, options, futures, and forex. It offers a wide range of features, including candlestick charts, which are a popular tool for technical analysis. While candlesticks can provide valuable insights into price dynamics, there may be times when you want to remove or modify them. This can be done by adjusting the chart settings, such as changing the chart type, customising patterns, or hiding specific patterns. Additionally, you can change the appearance of candlesticks by modifying their colour schemes and thickness.
| Characteristics | Values |
|---|---|
| How to remove a candlestick pattern | Mouse over its pane and click 'x' |
| How to clear the candlestick list | Click 'Remove all' |
| How to change the color of candlesticks | Use the Appearance tab within the Chart Settings dialog |
| How to change the color of candlestick borders | Use the Chart type pulldown menu and select 'Border up' or 'Border down' |
| How to change the fill colors for candlesticks | Use the 'Fill up' and 'Fill down' options |
| How to make candlesticks hollow | Uncheck the checkbox before 'Fill up' and 'Fill down' |
| How to show wicks | Use the 'Show wicks' option |
| How to change the time frame of a chart | Click the Time Frame button above the chart and specify the desired aggregation period and time interval |
| How to change the chart type | Use the Style menu |
| How to adjust the row height | Use 'Ticksize' to adjust row height to the tick size of the charted symbol, or use 'Custom' to set the row height manually |
| How to highlight the opening digit of each period | Enable 'Emphasize first digit' |
| How to change the color of volume bars | Use 'Color as symbol ticks' to apply the same color as your bar, line, or candle border |
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What You'll Learn
Removing a candlestick pattern
To remove a candlestick pattern in Thinkorswim, you can follow these steps:
- Navigate to the "Charts" area: This is where you will be able to view and analyse price plots for various symbols, including stocks, options, futures, and forex.
- Specify the symbol: In the Symbol Selector box, type the name of the symbol you want to work with. You can browse through the available categories and select the relevant symbol.
- Select the Candlestick tab: Here, you will see a list of all available candlestick patterns, both pre-defined and those you have previously added.
- Identify the pattern you want to remove: You can double-click on the desired pattern to display it on the Added Patterns list.
- Mouse over the pattern's pane: Hover your mouse cursor over the pane of the candlestick pattern you want to remove.
- Click on the "X": By clicking the "X" button, you will remove the selected candlestick pattern.
- Click "Remove All" (optional): If you want to clear the entire list of added patterns, you can click the "Remove All" button.
Additionally, if you want to change the appearance of candlesticks without removing them, you can adjust their colours and settings. Here are the steps to do so:
- Open Chart Settings: Click on the chart, then click the gear icon, or use the keyboard shortcut CTRL+S.
- Select the Appearance tab: Within the Chart Settings dialog, choose the "Appearance" tab to customise the look of your candlesticks.
- Choose the bar type: From the Chart type pulldown menu, select "Candle" or any other bar type you want to adjust.
- Adjust colours and settings: For candles, you can adjust the border colours for "Up Candles" and "Down Candles" separately. You can also customise the "Fill up" and "Fill down" colours, and even make them hollow by unchecking the corresponding checkboxes.
- Apply and save changes: Once you've made your desired adjustments, click "Apply" to apply the settings, and then "OK" to save and exit the dialog box.
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Changing candlestick colours
To change the colour of candlesticks in Thinkorswim, you can use the Appearance tab within the Chart Settings dialog. First, open Chart Settings by clicking on a chart and then clicking on the gear icon, or by using the CTRL+S shortcut.
From the Chart Type pulldown menu, choose the bar type you want to adjust. You will see the bar components whose colours you can adjust. For example, with candles, you can adjust the border colour for up and down candles separately, using the 'Border up' and 'Border down' choices. Click on the colour swatch to the left of each to adjust the colours.
Beneath that, you can select the colours for 'Fill up' and 'Fill down', which are the fill colours for candles that close up or down. There is also a checkbox before each of these that allows you to make them hollow by unchecking them. You can also choose to show wicks.
Once you have adjusted the settings to your liking, click 'Apply' to apply the settings, and then 'OK' to close the dialog box. Alternatively, you can just click 'OK' to both apply and exit the dialog. If you want to return to the default colours, click the 'Reset to chart defaults' button at the bottom left of the dialog.
It is also possible to change the colour of volume bars. To do this, use 'Colour as symbol ticks' to apply the same colour as your bar, line, or candle border.
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Customising candlestick appearance
From here, you can select from a list of all available candlestick patterns, including pre-defined patterns and those you've previously added. Commonly found patterns like Hammer or Doji are good starting points as they frequently appear in typical chart views. To add a pattern, simply double-click on it, and you can add as many as you like.
To customise the appearance of a pattern, hover your mouse over its pane on the Added Patterns list and click the gear icon. This will allow you to modify the Inputs and Options, including calculation methods and appearance settings. You can customise the fill colours for candles that close up or down and even make them hollow. Additionally, you can specify the price relations between the candles, modifying the candle direction and defining price levels for open, high, low, and close.
You can also use custom candlestick patterns as study filters in Stock Hacker. Navigate to the Stock Hacker tab, click "Add study filter," and replace the default study with your custom candlestick pattern from the User Defined group.
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Using candlestick charts
Candlestick charts are a popular analysis tool with a long history of usage in Japanese markets. They are used to indicate trends in the development of a scenario, whether it be continuation or reversal. The most well-known candlestick pattern is the Doji, which is believed by many to indicate an upcoming trend reversal. It consists of a single candle with equal open and close prices, represented by the upper and lower sides of the candle body, respectively. The top and bottom sides of the candle indicate the high and low prices of the aggregation period.
To use candlestick charts in thinkorswim, follow these steps:
- Ensure that the Charts tab is open, and click on 'Patterns' in the upper right corner of the working area.
- Click on 'Select patterns' and then on the 『Candlestick』tab.
- You will see a list of all available candlestick patterns, including commonly found patterns like Hammer and Doji.
- Double-click on the pattern you desire from the list.
- To customize a pattern, move your mouse over its pane on the Added Patterns list and click the gear icon.
- In the Inputs and Options section, you can customize calculation methods and appearance settings.
- To remove a candlestick pattern, mouse over its pane and click the 'x'. To clear the entire list, click 'Remove all'.
You can also use the Candlestick Pattern Editor to create your own custom candlestick patterns. In this window, you can add Up candles, Mixed candles, or candles without a specified direction. You can also change the order of the candles by dragging and dropping them on the pattern chart.
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Switching between candle and line charts
To switch between candle and line charts in Thinkorswim, you can follow these steps:
- Open Chart Settings by clicking on the chart and then the gear icon, or by using the CTRL+S keyboard shortcut.
- In the Chart Settings dialog box, select the Appearance tab.
- From the Chart Type dropdown menu, select the desired chart type: Candle or Line.
- Adjust the appearance settings according to your preferences, such as colour schemes and line width.
- Click Apply to apply the settings, and then OK to exit the dialog box.
Alternatively, you can create charts under both the "Charts" and "Flexible Grid" sub-tabs. Build the same chart under each tab, but use a candle chart for one and a line chart for the other, changing the line colour to the background colour. This allows you to switch back and forth between the two and quickly see the difference. However, this method may vary in effectiveness depending on your workspace setup, and detached windows with additional charts may require creating and detaching multiple windows.
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Frequently asked questions
To remove a candlestick pattern, move your mouse over its pane and click the 'x'. To clear the entire list, click 'Remove all'.
To change the appearance of your candlesticks, open Chart Settings by clicking on your chart and then the gear icon, or use CTRL+S. Select the Appearance tab. From the Chart type pull-down menu, choose the bar type you want to adjust. You can adjust the colour of the border for up and down candles separately.
To change the time frame, click the Time Frame button above the chart. Specify the desired aggregation period and time interval. Each time frame is represented by an icon. You can also pick a time frame from your Favourites list.
To remove all candlesticks, create a new chart under the Flexible Grid sub-tab without candlesticks and use lines instead, changing the colour to the background. You can then switch back and forth between the two.
