Read on to find out about Thinkorswim charting software and learn how to use it.
Understanding Thinkorswim Extended Charting Features
Before learning how to read Thinkorswim charts, you need to know its most important features:
- Thinkorswim extended chart types include candlestick, bar, area, and more.
- There are over 400 customizable technical indicators.
- A wide range of timeframes, from one minute to monthly.
- Alerts can be set up based on preferences.
- xBrat Trading Software has some innovative trading Indicators for ThinkorSwim HERE
Thinkorswim Charting: A Basic Guide
To ensure that you get the type of outputs that can actually help you make trading decisions, here’s a quick Thinkorswim charts tutorial:
- Open a Thinkorswim account via TD Ameritrade.
- Select a trading symbol to chart.
- Adjust the timeframe.
- Customize the chart by clicking on the Style and Settings buttons.
- Analyze the chart to identify trends, support and resistance levels, and more.
- Place a trade directly from the chart by clicking on the Buy/Sell buttons.
How to Customize Thinkorswim Charts to Your Trading Strategy
Whether you have a Thinkorswim extended chart to right or are simply hoping to see what else is possible, it’s good to know how to customize yours. There’s a wide range of customizable options. We’ve mentioned these earlier, already.
But as a quick reminder, you can add indicators, use drawing tools, and add studies to the chart. These options can be accessed by clicking on the Style and Settings buttons at the top of the chart.
Tips and Tricks for Reading Thinkorswim Charts with Confidence
As a starting point, understand what you’re looking for when reading the charts. This can be a specific timeframe or a type of indicator to help predict future price movements. Keep an eye on trading volume, too, so that you know how liquid the stock is.
Remember to take advantage of the news feed of Thinkorswim for the latest news on stock markets. Also, consider using Thinkorswim charts download options on your device. This way, you can access the charts will offline, or even print them out.