A Comprehensive Guide to Bookmap Thinkorswim

Bookmap Thinkorswim is a powerful tool for traders and investors, offering real-time market data and advanced charting capabilities.

Thinkorswim's Bookmap is a unique feature that displays liquidity levels across different price levels, giving traders a visual representation of market sentiment.

By analyzing Bookmap Thinkorswim, traders can identify areas of high liquidity and potential trading opportunities.

This comprehensive guide will walk you through the ins and outs of Bookmap Thinkorswim, helping you make the most of this valuable tool.

When customizing your Bookmap settings, you can adjust the display to your liking.

You can change the chart type to display the underlying asset, an index, or an ETF.

The chart type affects the data and analysis you can see.

You can also adjust the time frame to suit your trading strategy.

For example, if you're a day trader, you might want to use a 1-minute or 5-minute chart.

The time frame determines how often the chart updates and how much data is displayed.

Bookmap also allows you to set alerts based on specific conditions.

You can set alerts for price movements, volume, or other indicators.

This way, you can stay on top of market activity and make timely trading decisions.

The alert settings can be customized to fit your individual needs.

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Bookmap is a software that visualizes real-time market data and provides analytical tools for order flow analysis. It can be used with various brokers and data providers, including thinkorswim.

Bookmap displays the order flow data in a heatmap-style chart, which shows the pending orders at different price levels and how they change over time. This is a key component of Bookmap, and it's what sets it apart from other trading tools.

The heatmap on Bookmap is a color-coded display of pending orders at different price levels. The colors on the heatmap correspond to the color-gradient scheme selected on the toolbar, with the colors on the right side of the color gradient having the highest liquidity.

Some of the key components of Bookmap include the heatmap, volume dots, volume bars, and indicators. Volume dots are a representation of traded volume per time at a specific price, while volume bars show total traded volume over a specified period of time.

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You can customize the display parameters and the visibility of the components using the toolbar or the right-click menu. This means you can tailor Bookmap to your specific needs and trading style.

Here are some of the key indicators available on Bookmap:

These indicators provide additional information about the order flow and market conditions, helping you make more informed trading decisions.

Bookmap can be accessed from the thinkorswim platform with a TD Ameritrade account and a Bookmap subscription.

You won't be able to use add-ons from the marketplace when using Bookmap through thinkorswim, such as the MBO Bundle – Stops and Icebergs Tracker & Liquidity Tracker Pro.

To use Bookmap directly from its website, you'll need to subscribe separately and use a different data provider, but you'll have access to more features.

Here are some limitations of using Bookmap through thinkorswim:

Custom Notes is a powerful feature in Bookmap that allows you to manually enter and style your notes. You can also import and export them as a .csv file.

To add notes to the chart, start by setting the column type to "Notes > Custom Notes." This is the first step in the process.

Next, select the desired price level in the Custom Notes column and double-click or right-click to open the "Add/Edit Notes" dialog box. This is where the magic happens.

In the custom note dialog box, you can input and style your note to your heart's content. You can add formatting, colors, and even images to make your notes stand out.

If you want to take it to the next level, you can add a line to the note, which will appear at the corresponding price level on the chart. This is a great way to highlight important information or draw attention to specific areas of the chart.

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Bookmap thinkorswim offers some additional features and indicators that can provide valuable insights into order flow and market conditions.

You can view and edit these features using the studies configuration button. Some of these features and indicators include:

These features can be customized and tailored to your specific trading needs. The studies configuration button allows you to make changes and adjustments on the fly.

The Large Lot Tracker is a feature that shows an estimate of the biggest single order waiting to be filled at any price level if that order exceeds a certain limit. It's indicated by a vertical white line on the order bars on the COB column.

This feature can be enabled on your Bookmap chart by clicking on the Large Lot Tracker button on the toolbar or by right-clicking on the chart and going to Configure visible components > Large Lot Tracker.

The Large Lot Tracker can help you identify the presence of a dominant market participant(s) at a certain price level and anticipate their impact on price movements.

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The Order Book and DOM are two powerful tools in Bookmap Thinkorswim that help you navigate the markets with ease. The Current Order Book (COB) column displays a graphical representation of pending orders with bars and numerical values, allowing you to gauge the size of contracts represented by each bar.

To customize the COB column, you can right-click on it and select Configure column, which opens a popup menu with various display options. You can switch between numbers and percentages, and even select an aggregate display or extended display to view the cumulative size of price levels.

The Trading DOM column provides full DOM functionality, allowing you to place, cancel, and modify orders with a simple left-click. You can also customize the columns to show only the information you need, and define mouse commands for specific order types.

To access the configuration options for the Trading DOM column, right-click on it and select Configure column. This will open a menu with setup options for defining mouse commands and order modification actions.

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Volume Bars are displayed as vertical bars below the heatmap with a color-gradient scheme that ranges from red to green.

You can add Volume Bars to your Bookmap chart by clicking on the Volume Bars button on the toolbar or by right-clicking on the chart and going to Configure visible components > Volume Bars.

Volume Bars can help you analyze the distribution of volume across different price levels and identify areas of high or low trading activity in the market.

The colors of the volume bars can be used to interpret the balance between buyer and seller aggression, with certain colors indicating different levels of trading activity.

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The Current Order Book (COB) column displays a graphical representation and numeric values of the pending orders with bars. This allows users to interpret the size of pending orders by comparing the relative size of the graphical bars.

Users can switch from numbers to percentages in configuration settings by clicking the respective checkbox, which can be applied to both views: Numbers only and Bars & Numbers. Percentages are only related to the orders visible on the chart and will always be shown with two digits after the decimal point.

The COB column also has an aggregate display or extended display option. In aggregate display, each level represents the cumulative size of the current price level and the aggregate size of preceding levels, excluding Iceberg and Large Lot indications. Extended display allows users to choose between active or extended ranges based on the latest size updates for price levels that are out of the active range.

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To control all these display options, right-click on the relevant column and click Configure column to set your display preferences from the popup.

Users can also select trade side, extended display, aggregate display, or set maximal depth in the configuration menu. For example, activating the Extended checkbox will turn on the display of liquidity that was previously available at the corresponding price level.

Here are the configuration options for the COB column:

The Trading DOM column provides full DOM functionality, allowing traders to place, cancel, and modify orders with a simple left-click.

The Volume and Delta section of Bookmap Thinkorswim is where things get really interesting. You can add two types of volume columns to your chart: CVP (Chart range volume profile) and SVP (Session range volume profile). Both profiles represent traded volume on the price scale, and you can configure them to view buy and sell contracts separately.

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By looking at the colors of the volume bars, you can interpret the balance between buyer and seller aggression. The colors help you understand the dynamics of the market, but for more details on configuring these columns, you'll need to check out the instructional video.

You can reset the data on the Volume, Quotes, and Trades columns in a few different ways. The +/- Quotes Delta column resets after each update of the best bid and ask, and you can manually reset it by right-clicking on the column and selecting the Reset menu option. Alternatively, you can enable the Reset on Double Click option, which allows you to reset the column by double-clicking it.

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VWAP is a powerful tool that can help you determine the fair value of a security. It's displayed as a horizontal line across the Bookmap chart with a color-gradient scheme that ranges from blue to yellow.

You can add VWAP to your Bookmap chart by clicking on the Add Indicator button on the toolbar or by right-clicking on the chart and going to Add Indicator > VWAP.

VWAP can help you identify areas of support and resistance in the market by showing you the average price of a security based on its trading volume.

By using VWAP, you can make more informed trading decisions and avoid getting caught up in market fluctuations.

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Volume columns are a crucial part of the Bookmap chart, providing valuable insights into market activity. They can be configured to display buy and sell contracts separately, giving you a more nuanced understanding of market dynamics.

You can choose from two types of volume profiles: CVP (Chart range volume profile) and SVP (Session range volume profile). The CVP shows traded volume within the visible chart range, while the SVP displays traded volume for the entire session.

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The volume bars can be colored to represent buyer and seller aggression, allowing you to interpret the balance between buyers and sellers. By default, the number displayed represents buy and sell contracts, but you can configure them to view each separately.

To customize the column display, right-click on the columns and select "Configure Column". This opens the configuration window where you can choose various display options, such as displaying data as a single or split histogram.

Here are some ways to customize the volume columns:

Bookmap Thinkorswim offers a wide range of data and feeds to help traders make informed decisions.

The platform provides real-time market data, including order flow, depth of market, and level 2 quotes. This information is displayed in a clear and concise manner, making it easy to analyze and understand.

Thinkorswim's advanced data feeds allow traders to access detailed information about market participants, including their buying and selling activity. This data is invaluable for traders who want to identify trends and patterns in the market.

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The platform's order flow data is particularly useful for traders who focus on scalping and day trading. By analyzing order flow, traders can gain insights into market sentiment and make more informed trading decisions.

Thinkorswim's data and feeds are also highly customizable, allowing traders to tailor their experience to their individual needs. This includes the ability to add or remove data feeds, as well as customize the layout and design of the platform.

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The cost of using Thinkorswim is a significant consideration for many traders. The platform offers a range of commission-free trading options, including stocks, ETFs, and options.

Thinkorswim's commission-free model can save traders a substantial amount of money on trading costs. For example, with a minimum of 100 trades per quarter, the commission is waived on all options trades.

This can add up to significant savings over time, making it a more cost-effective option for frequent traders.

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The cost of using Bookmap with thinkorswim can be a bit confusing, but let's break it down. You can use the free thinkorswim Bookmap on three different tickers, including MSFT, AAPL, and mini ES futures.

There are two ways to subscribe to Bookmap, and the prices vary accordingly. You can subscribe directly through thinkorswim for $39.99 per month, which gives you access to Bookmap and the data as part of TOS.

Alternatively, you can subscribe to Bookmap directly from its website for $16 to $99 per month, depending on the plan. This will give you access to Bookmap and its advanced features, but you'll need to use a different data provider.

Here's a quick summary of the pricing options:

The bottom line is that having the right tools can make a huge difference in your trading experience. Using the Bookmap on thinkorswim allows you to visualize and analyze real-time market data using heatmap, volume dots, volume bars, and indicators.

Bookmap is a powerful tool that enables you to execute trades from your TD Ameritrade account using the thinkorswim platform. This can save you time and effort, and help you stay focused on your trading strategy.

Customizing your display parameters and visibility of components on Bookmap can be tailored to your preferences and trading style.