Thinkorswim Trading Platform Overview and Guide

Thinkorswim is a powerful trading platform that offers a wide range of tools and features for traders of all levels. It's a great option for those who want to trade stocks, options, futures, and forex.

Thinkorswim was acquired by TD Ameritrade in 2009. This acquisition has allowed Thinkorswim to expand its services and offer more features to its users.

One of the key benefits of Thinkorswim is its advanced charting capabilities, which include over 400 technical indicators and 50 drawing tools. This allows traders to analyze market data and make more informed decisions.

The platform is available on desktop, web, and mobile devices, making it easy to trade on the go. Thinkorswim also offers a paperMoney platform, which allows users to practice trading with fake money.

Thinkorswim is a powerful trading platform developed by TD Ameritrade. It's designed for both beginners and experienced traders, offering a wide range of tools and features to help you make informed trading decisions.

The platform offers advanced charting capabilities, including over 400 technical indicators and 50 drawing tools. This allows you to analyze market trends and patterns in great detail.

Thinkorswim also provides a comprehensive education center, which offers a vast library of tutorials, webinars, and articles to help you learn new trading skills. This is especially useful for beginners who want to get started with trading.

One of the standout features of Thinkorswim is its paperMoney feature, which allows you to trade with virtual money in a simulated environment. This is a great way to practice trading without risking any real money.

Thinkorswim offers a wide range of trading tools, including options, futures, and forex trading. This makes it a versatile platform that can be used for a variety of trading strategies.

The platform is available on both desktop and mobile devices, allowing you to trade on the go. This is convenient for traders who want to stay connected to the markets at all times.

Thinkorswim also offers a range of advanced trading tools, including thinkBack, which allows you to replay and analyze past trades. This can be a valuable tool for identifying areas for improvement in your trading strategy.

Thinkorswim offers a range of innovative features designed to help traders study, strategize, and strike with speed and precision. These features are continually updated based on real feedback from traders.

Deep customization is a key aspect of thinkorswim, allowing users to tailor the platform to their trading style with an array of options. This includes customization of interfaces, charts, and orders.

With thinkScript, users can build their own order execution and strategic testing algorithms, and see how their scenarios could play out. The condition wizard jumpstart tool helps make this process easier, even for those with little object-based coding knowledge.

Thinkorswim's scanning tool allows users to filter and search for stocks based on specific criteria or studies, saving time and effort. Users can also write their own code for creating scans using thinkScript, which is particularly helpful for algorithmic trading strategies.

The platform is highly customizable, with features such as customizable layouts, charts, and technical analyses. Users can also save their layouts and share them with others, making it easy to collaborate and learn from one another.

Thinkorswim's scanning tool allows users to filter and search for stocks based on specific criteria or studies. You can look for stocks that sell for less than $20 per share or have more than a million shares of trading volume on average in the last week.

Thinkorswim even allows you to write your own code for creating scans using their programming language, thinkScript. This is helpful if you have an algorithmic trading strategy and you want a scan that has specific but custom rules.

After running a scan, you can call the scan results into a watch list, which can auto-populate into one of the watch lists you create. This saves you the time of needing to manually flip through charts to find stocks that meet the criteria you're looking for.

Multiple scans can also be intersected to scan in incremental steps with additional parameters, making the scanner extremely versatile.

Thinkorswim's customization options are vast and flexible, allowing you to tailor the platform to your trading style.

The platform offers an array of customization options, from interfaces to charts and orders, so you can create a layout that suits your preferences.

You can use the condition wizard jumpstart tool or a little object-based coding knowledge to build your own order execution and strategic testing algorithms with thinkScript.

Thinkorswim's customizable layouts make it easier to navigate the platform and use all its features.

You can create custom layouts to see stock charts, indicators, positions, order windows, news, and watch lists all from the same screen.

The platform's charts are fully customizable in terms of time frames, technical analyses displayed, color coding, and even bar styles.

You can save your layouts and share them with others, or use them on different computers and devices, which is convenient.

Thinkorswim's scanning tool allows users to filter and search for stocks based on specific criteria or studies, saving you time and effort.

You can even write your own code for creating scans using thinkScript, which is helpful if you have an algorithmic trading strategy.

After running a scan, you can call the scan results into a watch list, auto-populating it with the tickers you're interested in.

Thinkorswim's OCO orders are a game-changer for active traders, allowing them to set both profit targets and stop loss orders simultaneously.

This feature automates the process of managing positions, saving traders a lot of time and effort.

Many trading platforms don't offer OCO orders, forcing users to manually keep track of and manage their positions, which can be a hassle.

Thinkorswim's OCO orders have been a huge time-saver for some users, who appreciate the convenience and efficiency it provides.

Thinkorswim's trading and monitoring features are designed to help you stay on top of the market. You can trade a wide range of products, including stocks, ETFs, options, futures, and forex.

The platform offers 24/5 trading, allowing you to trade on your schedule and take advantage of more potential market opportunities. However, keep in mind that 24/5 trading has unique risks and is not suitable for everyone.

One of the unique benefits of Thinkorswim is that you can trade stocks, options, and futures in the same account. This can be a big advantage for investors who want the flexibility to trade various types of securities without needing multiple accounts.

The platform also has an alerts feature that allows you to set alerts based on prices or specific technical indicators. These alerts can come in the form of a sound, pop-up, or text message to your mobile phone, making it easier to focus on the trades currently happening.

You can trade a wide range of products, including stocks, ETFs, options, futures, and forex, on thinkorswim.

Thinkorswim offers 24/5 trading, allowing you to trade select securities that span global markets 24 hours a day, five days a week. Just keep in mind that 24/5 trading has unique risks and is not suitable for everyone.

You can get up-to-the-minute market news and insights with live video streaming from CNBC. This can help you stay on top of market trends and make informed decisions.

The thinkorswim platform allows you to set alerts based on prices or specific technical indicators for individual securities. These alerts can come in the form of a sound, pop-up, or text message to a connected mobile phone.

Thinkorswim's alerts can make a big difference in being able to focus on the trades currently happening rather than worrying about keeping an eye on securities that have not triggered an entry or exit position yet.

The thinkorswim desktop offers features designed to help you study, strategize, and strike with speed and precision. This includes the Active Trader window, which allows you to place and edit orders very quickly.

With the Active Trader window, you can place orders in seconds by simply pointing and clicking the price where you want your order placed.

Thinkorswim's watch lists are a powerful tool for traders. They can be set up to alert you to potential trades and used in tandem with the scanner to find opportunities.

With thinkorswim, you can easily set up watch lists, which can be used in tandem with the scanner to find potential trades. The platform has a large variety of pre-defined watch lists that you can use.

You can also define multiple watch lists, which can be saved for future sessions. Watch list settings are highly customizable and update in real-time with the rest of the data on the platform.

Pre-programmed watch lists on thinkorswim include gappers/dumpers, new highs/lows, and stocks trading at specified volume and price change levels.

Thinkorswim offers a simulated trading environment, also known as paper trading, allowing users to practice trading without risking real money.

This feature is beneficial for gaining experience and confidence in making trades or investments.

Paper trading is available with Thinkorswim, which is a plus since not all brokerages offer this feature.

You can practice trading on thinkorswim with paperMoney, a virtual trading environment that allows you to test and refine strategies in a live market simulation.

PaperMoney is built in to all thinkorswim platforms, giving you access to many thinkorswim tools and features.

Thinkorswim is a powerhouse for options traders, with a wide range of analyzers and calculators at their disposal. The options window allows for screening based on parameters like strike price, expiration type, and puts versus calls.

The platform's options strategy analyzer is a game-changer, enabling traders to explore different strategies and see profit and loss scenarios. This feature is particularly useful for traders who want to execute multiple legs options strategies.

Thinkorswim's technical indicators are equally impressive, with hundreds of studies to choose from, including momentum studies, moving average studies, and trend studies. The platform also features customized studies from gurus like John Carter and John Person.

Options are contracts that give you the right, but not the obligation, to buy or sell an underlying instrument at a predetermined price.

Thinkorswim is a popular trading platform that offers a wide range of options trading tools and features.

To buy options on thinkorswim, navigate to the top "Trade" tab and search for the underlying instrument you want to buy options on.

You can then access the Option Chain in the "All Products" sub-tab, where you can select calls or puts and choose your strike price and expiration date.

Calls are listed on the left and puts on the right, and you can select your desired strike price and expiration date by clicking on the bid or ask.

Once you've selected your options, an order details window will pop up, allowing you to review and modify your order before submitting it.

Thinkorswim offers real-time order status updates, making it easy to monitor your positions and account activity.

The options window on thinkorswim also allows you to screen options based on various parameters, such as strike price, expiration type, and puts versus calls.

Thinkorswim's technical analysis capabilities are incredibly powerful. It allows you to apply a wide variety of technical studies on top of its already versatile charts.

The platform has a vast array of technical indicators, drawings, and analyses available. You can customize these studies using pop-up windows that let you adjust all the parameters involved in a calculation.

Thinkorswim also lets you define custom studies by modifying existing ones or writing parameters from scratch using its custom programming language. This means you can create and save your own studies to display on charts or use in the stock scanner.

The platform has hundreds of technical studies to choose from, including momentum studies, moving average studies, and trend studies. You can even find customized studies from well-known traders like John Carter and John Person.

One of the unique features of Thinkorswim is its ability to identify specific candlestick patterns, such as the Bearish-only and Bullish-only candlestick pattern studies. These studies can help you identify when a particular pattern forms.

Thinkorswim's extensive collection of studies is one of its standout features. It offers a wide range of studies that may not be as well known in other trading platforms.

Thinkorswim's advanced security measures ensure the safety and privacy of users' sensitive data and transactions.

TD Ameritrade, the parent company of thinkorswim, is a reputable and well-established brokerage firm founded in 1975.

The platform incorporates multiple layers of protection to safeguard users' information, giving you peace of mind while trading.

TD Ameritrade offers additional account protection through SIPC (Securities Investor Protection Corporation) coverage of up to $500,000 in the event of a firm failure.

TD Ameritrade has also purchased additional insurance that protects up to a combined return of $152 million per customer.

Setting up thinkorswim is a straightforward process. Once you have an account with TD Ameritrade, download the platform from their website and follow the installation instructions. The platform will guide you through the setup process, including customizing your layout and configuring preferences.

To get familiar with the trading platform, use the demo account that comes with every thinkorswim installation, which is essentially a "paper money" account. This will allow you to practice executing trades without risking your capital.

If you need help with installation or have questions, call the support desk for assistance. Pro tip: ask the support desk to enable real-time data for your demo account, as it will have a 20-minute delay otherwise.

To use thinkorswim, you'll need a funded TD Ameritrade account, and there's no minimum funding required to open one. However, some special promotional offers may have requirements.

Here are the fees associated with using thinkorswim:

Thinkorswim is available for free for T.D. Ameritrade clients, and you can get access to real-time data as long as you have a funded TD Ameritrade account.

To set up thinkorswim, you'll need to download the platform from the TD Ameritrade website after opening an account.

Once you've downloaded the platform, follow the installation instructions and log in using your TD Ameritrade account credentials. The platform will guide you through the setup process, including customizing your layout, configuring preferences, and enabling real-time market data subscriptions.

If you encounter any issues or questions during the installation and configuration process, don't hesitate to call the support desk.

Before trading with real money, take advantage of the "paper money" demo account that comes with every thinkorswim installation. This will help you get familiar with the mechanics of the platform and how to execute trades without risking your capital.

To get the most out of your demo account, ask the support desk to enable real-time data, which will give you up-to-date information without a 20-minute delay.

Setting up a trading account with thinkorswim is relatively straightforward, and you can open an account with no minimum funding required. However, you should be aware that special promotional offers may have specific requirements.

One thing to note is that electronic funding has a minimum requirement of $50. If you're planning to trade with margin or options, you'll need to meet the minimum balance requirement of $2,000.

To give you a quick rundown of the minimum deposit requirements, here's a summary:

Thinkorswim is available for free to all TD Ameritrade brokerage account customers, regardless of how many trades are placed or the account balance.

You can access the platform's premium tools without paying a dime, which is a huge plus for traders. The platform allows users to place trades through TD Ameritrade, but you'll need to pay $6.95 per trade commission.

Trading stocks and ETFs is free, which is a great perk for those who focus on these markets. Options trading, on the other hand, incurs a fee of $0.65 per contract.

If you want real-time data, you'll need to have a funded TD Ameritrade account. This is a requirement for accessing the platform's free data streams.

Thinkorswim's desktop platform is designed with traders in mind, offering features that help you study, strategize, and trade with speed and precision.

The platform is continually updated based on real feedback from traders, ensuring you have access to the latest cutting-edge technology.

Thinkorswim is a feature-rich, all-in-one desktop platform that's relatively easy to use once you get the hang of it, even for beginners.

The platform offers a suite of powerful trading tools for both beginner and advanced traders, making it a great option for anyone looking to take their trading to the next level.

We really like Thinkorswim and think it's suitable for active traders. Thinkorswim is a robust trading software with a wide range of features.

The platform has more features than Robinhood, a mobile trading app, making it a more comprehensive option. Thinkorswim is offered by TD Ameritrade, a broker that provides more services than Robinhood.

TD Ameritrade's zero-commission trading is now on par with Robinhood's, making the choice between the two less clear. Unless you prefer the simplicity of Robinhood, there's no compelling reason to choose it over Thinkorswim.

Thinkorswim is used by a massive community of traders, with over 11 million users. This includes individual investors, active traders, and even institutional traders.

The platform caters to various trading styles, making it a great fit for day traders, swing traders, options traders, and futures traders. It's a versatile tool that can accommodate different levels of experience and expertise.

Whether you're a beginner just starting to learn about markets or a seasoned trader looking for advanced analysis tools, thinkorswim can meet your needs.

Thinkorswim is a platform that's suitable for active traders, offering a range of features that make it a great choice for those who trade frequently.

The platform is free for TD Ameritrade customers, making it an attractive option for those who already have an account with the company.

Thinkorswim offers a wide range of features, including charts, level 2, scanners, watch lists, and more.

These features make it easy for traders to stay on top of their trades and make informed decisions.

The platform also offers the option to choose between live trading or paper trading, giving traders the flexibility to practice their skills without risking real money.

TD Ameritrade's Thinkorswim platform is definitely worth considering for active traders who want a robust and feature-rich trading experience.

Thinkorswim is a trading platform that offers a wide range of features, including charts, level 2, scanners, watch lists, and more. It's free for Ameritrade customers and offers the option to choose between live trading or paper trading.

Over 11 million traders use thinkorswim, including individual investors, active traders, and institutional traders. It caters to various trading styles, such as day trading, swing trading, options trading, and futures trading.

Here are some of the key features that make thinkorswim stand out:

Thinkorswim also offers free software and data feeds, with no monthly maintenance or inactivity fees. It's easy to learn and has a massive amount of tools, studies, and educational content. The platform is always improving with upgrades and is great for skilled options traders, investors, intra-day, and portfolio traders.

We've found that Thinkorswim has some features that can be tricky to navigate.

One of the main issues is that some features aren't user-friendly.

Thinkorswim's website mentions that they didn't like or had trouble adapting to certain features.

We've noticed that the platform can be overwhelming for beginners.

The Thinkorswim review mentions that they didn't find some features to be user-friendly.

It's worth noting that even experienced traders may struggle with Thinkorswim's interface.

ThinkorSwim is a robust trading software with many more features than Robinhood, a mobile trading app. Robinhood's main attraction was initially its zero-commission trading, but TD Ameritrade now offers the same.

ThinkorSwim has WAY more features in the platform than Robinhood. This makes it a better choice for traders who need a wide range of tools and services.

TD Ameritrade offers way more services as a broker than Robinhood. This means ThinkorSwim users have access to a broader range of resources and support.

There's really no reason to use Robinhood instead of ThinkorSwim, unless you prefer the simplicity of the Robinhood app.