XS
SM
MD
LG
XL

New Candlestick Pattern Tool on thinkorswim

TD Ameritrade is giving you the ability to create your very own candlestick pattern in their latest thinkorswim platform release.

Print
https://tickertapecdn.tdameritrade.com/assets/images/pages/md/
2 min read

From “Concealing Baby Swallow” to “Identical Three Crows” it may seem as though all the innuendoes and hidden trader slang has been accounted for. But in the case that your creative pun has not been named just yet, TD Ameritrade is giving you the ability to create your very own candlestick pattern in their latest thinkorswim® platform release. Now you can create patterns that include any number of Up, Down, or Doji candles with any given relationship to one another. This is all done with a drag and drop interface so there is no need to write any code or understand fancy thinkScript® functions. All you have to do is just draw the pattern you want to see.

Just follow these simple steps to get started:

  • From your charts choose Patterns and Select Patterns
  • Once on the Candlestick tab you will see the Create button at the bottom which brings you to the Candlestick Pattern Editor
  • In the Editor you can define each individual piece as an Up Candle, Down Candle, Doji, or a Mix group of candles. This is done by clicking the plus sign on the undefined candle.
  • The Open, High, Low, and Close of each candle can be associated with any point on another candle once defined. This is done by dragging one point and dropping it on another point. The wizard will ask you to define the condition and the candles will adjust appropriately.
  • If dragging and dropping is not your style you can use the drop down menus below the candles to edit the candles and your conditions

FIGURE 1: CANDLESTICK PATTERNS.

The latest feature on TD Ameritrade’s thinkorswim platform helps traders create their own candlestick patterns.  

Once your candlestick pattern is built and properly named the fun begins. Just as any existing candlestick pattern works, an icon of your choice will be placed above or below the final candle in your pattern to display which candle makes the pattern complete. This icon is chosen with the drop down at the top of the Candle Stick Pattern Editor.

The pattern will also be written in thinkScript on the adjacent tab, which allows you to copy the source code out and use it throughout the software to Scan, Alert, and even trigger orders just like any of the existing thinkorswim patterns.

For more information on how to use this feature, watch the following video:

We hope you enjoy this new feature as much as we do! Be sure to let us know what you think. Reach out on Twitter or drop a line to support@thinkorswim.com.

Call Us
800-454-9272
adChoicesAdChoices

Market volatility, volume, and system availability may delay account access and trade executions.

Past performance of a security or strategy does not guarantee future results or success.

Options are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses. Options trading subject to TD Ameritrade review and approval. Please read Characteristics and Risks of Standardized Options before investing in options.

Supporting documentation for any claims, comparisons, statistics, or other technical data will be supplied upon request.

The information is not intended to be investment advice or construed as a recommendation or endorsement of any particular investment or investment strategy, and is for illustrative purposes only. Be sure to understand all risks involved with each strategy, including commission costs, before attempting to place any trade. Clients must consider all relevant risk factors, including their own personal financial situations, before trading.

This is not an offer or solicitation in any jurisdiction where we are not authorized to do business or where such offer or solicitation would be contrary to the local laws and regulations of that jurisdiction, including, but not limited to persons residing in Australia, Canada, Hong Kong, Japan, Saudi Arabia, Singapore, UK, and the countries of the European Union.

TD Ameritrade, Inc., member FINRA/SIPC. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank. © 2018 TD Ameritrade.

Scroll to Top