Thinkorswim

Active traders and investors look to various platforms to help them conduct their work efficiently. A popular platform is Thinkorswim. Originally developed by Tom Sosnoff, it is now owned by TD Ameritrade, a brokerage firm.

The wide range of tools and resources makes Thinkorswim the number one choice for many traders. It provides a robust analysis of financial markets to help traders discover trends. Also, the platform was developed to help with trade executions and investment portfolio management.

Key features of Thinkorswim

But, what really makes Thinkorswim so unique? Well, the platform’s software gives you access to various charting and pattern creation to help you analyze available data. Also, customization and risk management ensure that your trades are in line with your goals.

Here are the key features to keep in mind when choosing a Thinkorswim product.

Advanced Charting

Thinkorswim offers highly customizable and feature-rich charting capabilities. Traders can analyze price movements, apply technical indicators, draw trendlines, and use advanced chart studies.

The EMA Cloud trading chart add-on for Thinkorswim is your best chance at achieving what you need from a chart. It covers instruments such as futures, stocks, commodities, and even cryptocurrencies.

With this Cloud, traders can adjust the EMA timeline as they please. So, both day traders and longer-term traders will find it helpful. Furthermore, you can customize the EMA time frames in different colors, and so, load multiple ones at the same time.

It’s simple to use and allows for quick trades when you see an entry or exit point.

Technical Analysis Tools

When you get a Thinkorswim package you get access to a variety of technical analysis tools. Also available are resources you can study to help you identify potential trading opportunities and market patterns.

To start, the Thinkorswim Auto Harmonic Pattern Recognition trading software gets you access to patterns such as BAT, Gartley, CRAB, Butterfly, and more. With this auto software, you don’t have to do too much of the heavy lifting to successfully complete Harmonic trading strategies.

Instead, Thinkorswim’s software recognizes Harmonic patterns for you and presents them to you for consideration.

Another analysis tool worth mentioning is the Volume Behavior Indicator. It uses different color candles and bars to indicate trading volumes. Both Accumulation and Distribution candle types are available.

Trade Execution

Then, of course, Thinkorswim allows you to actually make trades. By making use of the indicators and patterns from the platform, you’re well-prepared to execute orders. These include limit orders, market orders, stop orders, and so on.

The Thinkorswim platform also supports complex order types such as One-Cancels-the-Other (OCO) and bracket orders.

Thinkorswim Bundles

A great way to get the most out of the Thinkorswin platform is to order the bundles. Various types are available, so it’s up to you to decide which one would best suit you.

Day Trading Basic Bundle

For day traders, especially if you’re just starting off, the Thinkorswim essential day trading bundle is for you. It includes 5 indicators: the Xbrat Algo, Auto Harmonic Pattern Recognition Software, and the xBrat Bias Depth Heatmap.

These indicators help traders decide when to make a trade based on identified particular decision points. Then, the “Manager” software is also available in this bundle to help you manage your trading. You can adjust the settings to suit your day trading style — from conservative to aggressive day trading.

Also in this basic bundle are several advanced tools such as average volume indicators and an adjustable BIAS cloud.

Premium Bundle

The Thinkorswim premium bundle has everything in the basic bundle and more. There are 6 indicators to help you with your day trading executions. These include the Manager, the xBrat Rollercoaster, the EMA Cloud Chart trading, and more.

Each of these tools is designed to empower you as you make your trading decisions throughout the day. The real-time BIAS tool, for example, helps you identify the highest quality trades possible at that time. Ultimately, this bundle helps you to block out the noise and only focus on potentially valuable trades.

Ultimate Trading Bundle

xBrat trading indicators dominate this ultimate bundle for day traders. You get access to the xBrat Elliotwave, the xBrat Range Breakout, the xBrat Bias Depth Heatmap, and more. In addition, you get indicators such as the B.I.T.S and the VWAP Predator.

This Thinkorswim Ultimate Trading Bundle is a real game changer. You get to enjoy customizable data points with pre-defined openings for the NYSE, London Stock Exchange, Europe Gold Pit, and the New York Gold Piy.

Also, available are the red, green, and yellow BIAS colors and adjustable time-frames based on what you’re trading.