thinkorswim profile Explained and Used Correctly

A thinkorswim profile is a personalized dashboard that helps you stay organized and focused on your trading goals. It's essentially a central hub where you can access and manage all your trading activities.

The thinkorswim profile allows you to create multiple watchlists, which are customizable lists of stocks, options, or other securities that you're interested in tracking. You can name each watchlist and add or remove securities as needed.

To use your thinkorswim profile effectively, it's essential to understand how to navigate and customize it. This includes setting up your watchlists, adding custom columns, and using the various tools and features available.

thinkorswim is a trading platform offered by TD Ameritrade, a well-established online brokerage firm.

It was launched in 2009 and has since become a popular choice among traders and investors.

The platform offers a wide range of tools and features, including real-time market data, customizable charts, and advanced trading algorithms.

thinkorswim is designed to cater to both beginners and experienced traders, with a user-friendly interface and a vast array of educational resources.

The thinkorswim profile is packed with features and tools that make trading and investing a breeze.

You can access a wide range of advanced charting tools, including 100+ technical indicators and 30+ drawing tools.

With thinkorswim, you can also customize your workspace to suit your needs, including the ability to create multiple layouts and save them for later use.

This feature is especially useful for traders who need to quickly switch between different types of analysis.

In addition, thinkorswim offers a robust suite of research and analysis tools, including earnings estimates, news, and economic calendars.

To add simulated trades, you'll want to navigate to the Add Simulated Trades subtab. This interface is similar to the Trade/All products subtab, but with simulated data.

The first step is to specify the symbol you'd like to simulate a trade for. You can do this by selecting the relevant option in the Symbol field.

In the Option Chain pane, select the option or options you'd like to simulate the trade for. To do this, click in the Ask X column to simulate buying or in the Bid X column to simulate selling. This will add the corresponding option to the Positions and Simulated Trades and Price Slices panes.

You can view calculated option metrics, including historical and projected (volatility based), in the Positions and Simulated Trades pane. To view the metrics for a certain date, use the date picker on top of the pane.

The Prices Slices pane allows you to view the projected Profit/Loss values for the trade you simulate. You can set different stock price targets (so-called price slices) as offset from the current stock price in percent, dollars, sigma, or estimated price range.

To calculate the probability of profit on this simulated trade, switch to the Risk Profile subtab. To calculate the projected price range for the underlying, switch to the Probability Analysis subtab.

Here's a quick rundown of the steps:

To apply the volume profile to Thinkorswim charts, select it from the list of studies in the search box to the left.

Type "volume profile" in the search box and find it in the resulting list.

Double click on "volume profile" to apply it to the current chart.

Click "ok" to exit the settings and the volume profile will now be painted on the current chart.

Take some time to view different time frames and become acclimated with the information the volume profile provides.

In addition to the volume profile, there's another tool that's gaining popularity among day traders. Alternative Volume Profile Use can help identify where price may find support or resistance.

The volume profile is not just a static chart, but a dynamic tool that can be used to predict price movements. For example, Target (TGT) found support at a low volume node before eventually falling.

This low volume node can become a point of resistance as price moves back up to that level. As a day trader, it's essential to watch the stock closely for indications that the move lower will result.

Identifying support or resistance with the volume profile can be the missing piece to a successful trading session. By using this tool in conjunction with other indications, you can gain a better understanding of the market.

In this section, we'll break down the key features and tools available to you. The Thinkorswim Volume Profile is a powerful tool that helps determine if a bullish or bearish move may continue. It does this by analyzing volume and price action.

To get started with the Thinkorswim Volume Profile, you'll need to understand its basic components. The Volume Profile is typically regarded as an indicator for determining if a bullish or bearish move may continue.

Here are the key components of the Volume Profile:

Volume is an important factor in determining market trends. If the price of an asset moves higher by $1 and volume accelerates beyond the average volume, it may signal that investors are happy to pay the current price and higher prices could continue.

Thinkorswim is a powerful trading platform offered by TD Ameritrade, allowing users to trade stocks, options, futures, and forex.

With thinkorswim, you can access a wide range of tools and features, including advanced charting capabilities, real-time market data, and customizable watchlists.

Thinkorswim also offers a paperMoney feature, which allows you to practice trading with virtual money, helping you to refine your trading skills and strategies without risking real capital.

The volume profile indicator on thinkorswim is a powerful tool that can help you identify areas of interest on a chart. It's made up of two yellow lines, known as the value area, and a red line, or point of control, which is the single greatest point at which transactions occurred.

The value area is determined by one standard deviation for the current chart, and it represents the range of prices where most participants were previously willing to get involved. This range can be anywhere from the very bottom to the very top of the value area.

If the price is trading at the bottom of the value area, it may indicate that the stock is currently trading below the prices at which other investors believed was a fair price. However, it's essential to consider the bigger picture and not rush into buying the stock.

A weekly chart can provide more context and show whether the stock is still trading above or below the value area. For instance, Apple is still trading well above the value area on its weekly chart, making it unfavorable to buy at the current price.

Using thinkorswim, you can customize your trading experience by creating multiple workspaces, each with its own layout and tools. This allows you to focus on specific markets or strategies without clutter.

Thinkorswim's charting capabilities are a game-changer for technical traders, with over 400 built-in studies and indicators to analyze market trends. Many traders swear by the platform's ability to identify patterns and predict price movements.

The thinkorswim platform offers a wide range of trading tools, including options, futures, and forex trading, making it a one-stop-shop for active traders. This versatility is a major reason why many traders choose thinkorswim over other platforms.

Thinkorswim's paperMoney feature allows you to practice trading with fake money, reducing the risk of losing real money on a bad trade. This feature is a must-try for anyone new to trading or looking to refine their skills.

The thinkorswim community is active and engaged, with many users sharing their strategies and insights on the platform's discussion forums. This social aspect of the platform can be a valuable resource for traders looking to learn from others.

thinkorswim is a brokerage platform owned by TD Ameritrade.

TD Ameritrade is a well-established online brokerage firm with a long history of providing financial services to clients.

The thinkorswim platform is designed to cater to active traders and investors, offering a range of tools and resources to help them make informed trading decisions.

thinkorswim offers commission-free trading of stocks, ETFs, options, and other securities.

Clients can access a vast array of educational resources, including webinars, videos, and articles, to help them improve their trading skills.

The platform also provides real-time market data, charts, and analysis tools to facilitate informed trading decisions.

thinkorswim is available as a mobile app, allowing clients to trade and manage their accounts on-the-go.