graded means that characteristics of the image including contrast, hue, saturation, etc, have been adjusted according to the filmmaker's preference and vision.

"Looks like this troll's..."
[takes off sunglasses]
"...on ice."
(YEEAA-)
[slips on ice, cracks head open like a melon on ice, oh the blood, oh my god the blood, so much blood and brains and vein tissue everywhere, Jesus Christ there are children here, oh his eyes - HIS EYES - one is looking right at me, oh dear sweet…