Stock Information Label for Thinkorswim Guide

The stock information label on Thinkorswim is a crucial tool for traders. It provides a quick glance at the essential details of a stock.

To access the stock information label, simply select a stock on the platform and click on the "Details" tab. This will open a window displaying the stock's information.

The label includes the stock's symbol, name, and type, which is essential for identifying the stock. The symbol is a unique code assigned to the stock.

Thinkorswim's stock information label also displays the stock's current price, which is updated in real-time. This allows traders to stay up-to-date with market movements.

The label also shows the stock's price change, percentage, and volume, giving traders a clear picture of the stock's activity. This information is vital for making informed trading decisions.

Discover more: Information Form

Think or Swim Labels are a powerful feature that can enhance your trading experience. They allow you to add dynamic labels to your charts that can display various types of information.

You can use the AddLabel function to create static or dynamic labels. The function takes three parameters: a boolean variable, the text to be displayed, and the background color.

The boolean variable determines when the label plots, the text can be static or dynamic, and the background color can be set to a specific color or even changed dynamically.

One way to make your labels dynamic is to use if/else statements. For example, you can create a label that displays "Green Bar" if the current candle is green and "Red Bar" if it's not.

To create a dynamic label that displays the current stock price, you can use the AddLabel function with a dynamic condition.

ThinkOrSwim Labels can also be used to create a counter variable that keeps track of how many times bullish and bearish have occurred on the chart.

Here's a summary of the AddLabel function parameters:

By using ThinkOrSwim Labels, you can create dynamic and informative charts that can help you make better trading decisions.

Dynamic labels in ThinkScript are a powerful tool that allow you to create labels that move and adjust on their own based on a defined condition.

You can apply the "if this then that" logic in the AddLabel() function to create dynamic labels. For example, you can create a label that displays the status of the current candle, such as "Green Bar" or "Red Bar", depending on whether the candle is green or red.

To take it a step further, you can create a label that shows the current stock price. This can be especially useful for traders who want to keep an eye on the current price without having to constantly check the chart.

The AddLabel() function takes three parameters: a boolean variable that determines when to plot the label, the text to display inside the label, and the background color of the label.

Here's a breakdown of the parameters:

One key thing to note is that all three parameters can be either a static value or a dynamic condition, allowing you to incorporate logic into your labels.

To create a dynamic label, you can use the TotalSum() function to create a counter variable that keeps track of how many times bullish and bearish have occurred on the chart. This can be a useful tool for traders who want to keep an eye on market trends.

You can also connect user input to label output by using the EMA length as an example. This allows you to easily connect the user input variable to the label and cycle through charts, watchlists, etc. with easy statistics.

Plotting Indicators is a crucial aspect of creating a stock information label for ThinkOrSwim. ThinkOrSwim gives an error if you don't specify at least one plot variable. An AddLabel is considered a plot variable and can eliminate this error.

To plot an indicator, you can define it first. For instance, defining the 8-EMA is a typical method of creating an ema. The first error you'll encounter is that at least one plot should be specified. This can be resolved by using an AddLabel, which is also a plot variable.

Adding an indicator to your label can be done by bringing together your EMA variable inside the AddLabel code. This will create a label that outputs the value of the 8-period exponential moving average. If you compare the label's output with the normal EMA line, you'll see that the two line up, as expected.

User input can be connected to label output, making it easy to display relevant statistics on charts, watchlists, and during back-testing.

This can be achieved by pasting the user input variable into the second parameter of the AddLabel function, as shown with the Fast SMA length example.

User input is excellent for testing out ideas and finding out how they perform during back-testing, as demonstrated by the Slingshot Squeeze Back Tester and the Squeeze Signals Back Tester.

You can use this feature to display statistics such as the number of days until earnings, backtester stats, etc.

By connecting user input to label output, you can easily cycle through charts and watchlists to analyze different scenarios.