Thinkorswim Thinkscript: A Comprehensive Guide to Creating Your Own Trading Tools

Thinkorswim Thinkscript is a powerful tool that allows you to create custom trading tools and strategies.

With thinkscript, you can automate repetitive tasks, such as chart analysis and data collection, freeing up time for more important things.

Thinkscript is a proprietary language developed by TD Ameritrade, the company behind thinkorswim.

It's used to create custom indicators, charts, and alerts that can be applied to your trades.

TD Ameritrade offers a vast library of thinkscript tools and indicators, but creating your own can be incredibly beneficial.

To get started with thinkorswim thinkScript, you'll need to create a thinkorswim account. This will give you access to the thinkScript editor, where you can write and test your own scripts.

The thinkScript editor is a powerful tool that allows you to create custom indicators and strategies. You can access it by logging into your thinkorswim account and clicking on the "thinkScript" tab.

Thinkorswim offers a vast library of pre-built thinkScripts that you can use as a starting point. These scripts can be found in the "thinkScript" library and can be easily imported into your account.

To write your own thinkScript, you'll need to understand the basics of the programming language. This includes variables, functions, and conditional statements.

The thinkScript syntax is designed to be easy to read and write, making it a great language for beginners to learn. You can find more information on the thinkScript syntax in the thinkorswim help section.

As you start writing your own thinkScripts, you'll want to test them on historical data to ensure they're working correctly. This can be done using the thinkorswim charting platform.

Thinkorswim also offers a community of traders who share their thinkScripts and strategies. You can find these scripts in the "thinkScript" library and use them as inspiration for your own creations.

To start scripting in thinkorswim, you need to select the Create option in the lower left corner of the Charts tab. This opens the thinkScript Editor with a default code that you can delete and replace with your own code.

ThinkScript commands and functions are listed on the right side of the editor window. Selecting one brings up a definition, and moving it to the script box is as simple as a click.

ThinkScript fundamentals relate to the open, high, low, close, and volume values, which you use as the foundational blocks upon which you build your custom scripts.

To start building with these fundamentals, you can change the green "close" into an "open" in the opened script screen to see the change in your graph. This is a simple way to experiment and understand how ThinkScript works.

You need to press "OK" in the down right corner of your script interface to create the script, then click apply and you will see a blue line that appeared on your chart.

There is a course on thinkScript. You can find it by asking a question about it, like you did, and getting a response with a link to a relevant resource.

ThinkScript is a powerful programming language used by traders to create custom indicators and strategies. It's a great tool to have in your trading arsenal.

If you're interested in learning more about thinkScript, you can ask for a course on it and get a list of options to choose from. One option is to search online for thinkScript tutorials or courses.

Learning thinkScript takes time and practice, but it's worth it in the long run. With persistence and dedication, you can become proficient in thinkScript and take your trading to the next level.

Thinkscript fundamentals are the building blocks of custom scripts, and they're essential to get right. You use these values as the foundational blocks upon which you build your custom scripts.

The open, high, low, close, and volume values are the fundamental blocks of Thinkscript. These values are used to create custom scripts that can analyze market data.

Thinkscript fundamentals can be thought of as your basic building blocks. For example, in the opened script screen, you can change the green “close” into an “open” to see the change in your graph.

To use Thinkscript fundamentals, you need to press “OK” in the down right corner of your script interface to create the script. Then click apply and you will see a blue line that appeared on your chart.

Thinkscript fundamentals relate to the open, high, low, close, and volume values. You use these values as the foundational blocks upon which you build your custom scripts.

Here are some examples of Thinkscript fundamentals:

Thinkscript fundamentals are used to create custom scripts that can analyze market data. By using these fundamental blocks, you can build complex scripts that provide valuable insights into market trends and patterns.

Thinkscript fundamentals are the foundation of custom scripts, and they're essential to get right. By understanding how to use these fundamental blocks, you can create custom scripts that provide valuable insights into market trends and patterns.

Constants are values that don't change throughout a script, which makes them super useful. They can be used with Thinkscript functions, such as the AggregationPeriod constant.

Thinkscript constants are often used to declare values that remain constant. You can declare them in your script, and then use them as needed.

Some examples of Thinkscript constants include AggregationPeriod, Alert, AverageType, ChartType, Color, CrossingDirection, Curve, Double, EarningTime, and Events.

These constants can be used in a variety of ways, such as setting the aggregation period for a chart or defining the type of alert to trigger.

In thinkScript, a simple moving average crossover is defined using the "def" command. This command creates a new item, in this case, "tenday" and "thirtyday", which reference the study "simplemovingavg" with different lengths.

The "reference" command is used to pull in studies from thinkorswim Charts, such as the "simplemovingavg" study. This study is then customized with a specific length, like "length = 10" for "tenday" and "length = 30" for "thirtyday".

To display the moving averages, the "plot" command is used. This command creates a line on the chart, which is named with a unique identifier, such as "data1" and "data2".

ThinkScript requires a semicolon at the end of each line to indicate the end of the command sentence. This is important to avoid errors when inputting the code.

The code is written in a way that allows traders to customize the colors and styles of the crossover study to suit their needs.

Patterns are a fundamental concept in scripting that help you identify trends in your data. They can be a powerful tool for making informed decisions.

Thinkscript patterns are a specific type of pattern used in Thinkscript, a programming language used for charting and technical analysis. There are three main types of Thinkscript patterns: Candlestick patterns, Fibonacci patterns, and Classical patterns.

Each type of pattern has its own unique characteristics and uses. Candlestick patterns, for example, are used to identify trends based on the shape and color of a candlestick. Fibonacci patterns, on the other hand, use mathematical ratios to identify potential price levels.

Here are the three main types of Thinkscript patterns:

Understanding these patterns can help you make more accurate predictions and informed decisions in your scripting.

To start scripting in thinkorswim, you'll need to know about the different elements involved. The thinkScript Editor is where you'll write your code, and it's located in the lower left corner of the Charts tab.

You can access the thinkScript Editor by selecting Create, which will open the editor with a default code that you can delete and replace with your own. A menu of thinkScript commands and functions is listed on the right side of the editor window.

To get started, simply type in your own code into the script box, and you'll be able to customize your script. The definitions of the commands and functions appear when you select one, so you can learn as you go.

ThinkScript is a powerful tool for traders and investors, offering a range of scripting applications that cater to their needs. With ThinkScript, users can create custom analysis tools, strategies, and alerts to enhance their trading capabilities.

ThinkScript's integration with the thinkorswim trading platform allows users to develop custom technical indicators, study filters, and automated trading strategies directly within the platform. This seamless integration makes it easy to implement ThinkScript in financial applications.

ThinkScript offers extensive customization options, enabling users to create unique and personalized tools. Traders can adjust parameters, plot styles, colors, and other visual elements to suit their specific trading preferences and objectives.

Here are some key scripting applications of ThinkScript:

ThinkScript's accessibility makes it a valuable tool for traders of all levels, with a syntax that is relatively easy to learn and understand. This enables traders to quickly translate their trading ideas into functional scripts without extensive programming experience.

Setting Alerts is an essential part of scripting applications, and thinkorswim's platform offers a robust alert system.

To access the alert functionality, navigate to the MarketWatch tab and select the Alerts subtab. From there, you can enter a symbol and select the Study Alert button to open the Study Alerts box.

The default script starts with "SimpleMovingAvg( )", but you can customize different alerts by adding code to the Condition Wizard tab. This is where you can get creative and set up alerts that suit your trading strategy.

There are additional controls in the Edit Condition box to customize the code, allowing you to add complex conditions and logic to your alerts.

To get alert notifications, select Setup in the upper right and then select Application Settings… from the drop-down list. From there, navigate to the Notifications subtab and check the Alert is triggered box.

You can choose a preferred notification method under Alert settings, which appears when a Notify about item is selected.

Thinkscript Alerts can be used to notify you if a certain requirement is met, and you can make your own custom alerts that will scout opportunities for you.

There are different alert types that you can set, including Alert.BAR, Alert.ONCE, and Alert.TICK.

Here's a breakdown of the different alert types:

To create an alert that will notify you when the asset reaches the closing price of $300, you'll need to use the Alert() command and specify the condition, text, alert type, and sound. You can choose from a variety of sounds, including chimes, bells, dings, rings, or soundless.

Backtesting with thinkScript is a powerful feature that allows traders to see the potential profit and loss (P&L) for hypothetical trades generated on technical signals. This feature is available on the thinkorswim charts.

To access the strategy creation menu, follow these steps: select Studies > Edit studies… from the drop-down list, then select the Strategies tab to the left, and finally select Create in the lower left corner.

The "addOrder" command in thinkScript is used to specify buy and sell signals, creating hypothetical buys and sells on the chart. This command is essential for backtesting custom strategies.

ThinkScript also has commands for opening and closing buy and sell orders, allowing traders to create specific testing scenarios. To see P&L for the backtest, carefully right-click one of the chart's trade signals and select Show Report from the drop-down list.

To create a custom backtesting strategy, you need to assign a clear name to your script, like MovingAvgCross, and select OK in the lower right to close the thinkScript Editor, then select Apply. This will enable you to visualize buy and sell signals on the chart.

Here are some key characteristics of thinkScript that make it suitable for financial applications:

These characteristics make thinkScript a valuable tool for traders and investors looking to enhance their analytical capabilities and optimize their trading strategies.

ThinkScript's advanced topics can seem daunting at first, but breaking them down makes them more manageable.

One of the most powerful features of ThinkScript is its ability to use arrays, which allow users to store and manipulate multiple values in a single variable.

ThinkScript's built-in functions, such as Plot and Label, can be used to create custom charts and add visual elements like lines, arrows, and text.

Plotting multiple plots on the same chart can be achieved by using the Plot function with different colors and line styles.

ThinkScript's array functions, like ArrayMin and ArrayMax, can be used to find the minimum and maximum values in an array.

Labeling specific points on a chart can be done using the Label function, which allows users to add text annotations.

ThinkScript's ability to use conditional statements, such as If and Else, enables users to create complex logic and decision-making processes in their scripts.

thinkorswim's thinkScript language offers a range of tools and features to help you create custom charts and indicators.

The thinkScript editor provides a syntax highlighting feature that makes it easier to write and debug your scripts. The editor also has a built-in help system that provides documentation and examples to help you get started.

One of the most powerful features of thinkScript is its ability to create custom indicators, which can be used to identify trends and patterns in the market. You can use these indicators to create custom charts that show you the information you need to make informed trading decisions.

Our tool allows you to add custom links to your projects, making it easy to collaborate with team members who may not have access to certain tools or features.

We recommend using the "Share" feature to share links with team members, as it provides a secure and controlled way to grant access.

The "Link" feature can be found in the "Settings" section of your project, where you can customize the link name and description.

You can also use the "Link" feature to share your project with clients or stakeholders who need to review or approve the work.

The "Share" feature provides a secure link that can be accessed by anyone with the link, making it easy to share your project without having to worry about security.

Our tool also allows you to set permissions for who can access the link, giving you control over who sees your project.

You can set permissions to allow team members to edit or view the project, or to restrict access to specific sections or pages.

The "Link" feature also allows you to track who has accessed the link, making it easy to see who has viewed your project.

This feature is especially useful for large projects or those with multiple stakeholders, where it's essential to keep track of who has seen the work.

Our tool's "Link" feature is designed to be flexible and adaptable to your needs, making it easy to use and manage links for your projects.

The thinkorswim community is at the forefront of shaping the future of ThinkScript. Their collaboration and knowledge sharing have led to the creation of new scripts, tools, and best practices.

One of the key outcomes of this community-driven development is the creation of new scripts. These scripts can be used for various purposes such as technical analysis and trading.

The community's efforts have also led to the development of new tools. These tools can help traders and analysts maximize the potential of ThinkScript.

The thinkorswim community plays a vital role in shaping the future of ThinkScript. Continued collaboration and knowledge sharing among traders, developers, and enthusiasts may lead to the creation of new scripts, tools, and best practices.

If you're looking for a ThinkScript coder, you've come to the right place. My team can program and code indicators and strategies for ThinkScript, including scripts for charts, custom column scans, alerts, and more.

Each task is individually reviewed and a custom quote is given. This means you'll get a tailored solution for your specific needs, rather than a one-size-fits-all approach.

Don't forget to send all the details related to your task in a text document, so we can get a clear understanding of what you need.