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Think or Swim Platform Tips & Tricks
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Think or Swim Platform Tips & Tricks

Thinkorswim Tips and Tricks

In this video, the speaker shares 10 different tips and tricks for using thinkorswim to navigate through it quicker and become a better technical analyst.

Adding Technical Indicators

  • Instead of going to "Studies" and sorting through all the options, use the shortcut "Ctrl + E" to bring up the Edit Studies tab.
  • Search for the indicator you want to add, double click on it, and hit apply.
  • The V-WAP (Volume Weighted Average Price) is a useful indicator that can help identify trends. If a stock price is trading above the V-WAP, it tends to be in an uptrend; if it's trading below, it tends to be in a downtrend.
  • To customize the appearance of an indicator, go back to "Ctrl + E," click on the cog icon next to the indicator name, and adjust settings as desired.

Overlapping Volume

  • Overlapping volume on a chart makes it easier to read. To enable this feature, go to "Chart Settings" (the cog icon in the top right corner), select "Layout," and check "Overlap Volume."
  • The more volume associated with a candlestick, the more significant that candlestick may be.

Saving Study Sets

  • To save time when setting up charts with multiple indicators/studies, create a study set by going to "Studies," selecting "Save Study Set," and giving it a name.
  • Load your saved study set onto any chart by going to "Studies," selecting "Load Study Set," and choosing your saved set.

Multiple Time Frames

  • For day trading or scalping stocks, having multiple time frames available can be helpful. The speaker recommends having both 5-minute and 15-minute charts open simultaneously.
  • After-hours trading can also be enabled in settings by going to "Chart Settings," selecting "Equities," and checking "Show Extended Trading Hours."

Real-Time Data

  • To ensure real-time data is displayed, go to "Setup" in the top right corner, select "Application Settings," then choose "System" on the left-hand side and set the delay to "Real Time No Delay."
  • This is especially important for day trading or scalping, as even a small delay can be detrimental.

Trading Opportunities and Chart Navigation

In this section, the speaker discusses a trading opportunity on a chart and provides tips for navigating charts more efficiently.

Trading Opportunity

  • A rising wedge pattern on a chart can indicate a potential trade opportunity.
  • The speaker advises paying attention to support levels when considering trades.
  • If the pattern breaks at the top or bottom, it may be an indication to buy or sell.

Chart Navigation Tips

  • To navigate charts more quickly, use shortcut tools such as hitting the middle scroll wheel and clicking on "pan."
  • Double-clicking anywhere on the chart will zoom out to help locate oneself.
  • Use the style and settings options in the top right corner of the chart to quickly add indicators, drawing tools, and studies.

Keeping Charts Simple and Organized

In this section, the speaker provides tips for keeping charts simple and organized while still including necessary information.

Simplifying Charts

  • Avoid having too many indicators or drawings that make it difficult to read.
  • Keep charts fresh by removing unnecessary elements regularly.

Organizing Charts

  • When day trading with multiple charts open, save grid presets for quick access later.
  • Create alerts for price levels using door below option.
  • Set up text/email notifications if you are not able to check your computer frequently.

Customizing Chart Settings

In this section, the speaker explains how to customize chart settings in Thinkorswim.

Changing Alert Display Settings

  • To change alert display settings, go to chart settings and select alerts.
  • Choose between showing alerts or arrows only.

Setting Up Hotkeys

In this section, the speaker explains how to set up hotkeys in Thinkorswim.

Binding Hotkeys

  • Go to application settings and select hotkeys.
  • Bind your own hotkeys for quick access to different functions such as charts and time frames.
  • Example of a hotkey binding is using shift cue for charts.

Fixing Delayed Data Issue

In this section, the speaker explains how to fix delayed data issue in Thinkorswim.

Real-Time Data Subscription

  • If you have a real account, go to TD Ameritrade website and sign in.
  • Go to client services and then subscriptions.
  • Subscribe to real-time Nasdaq level 2 quotes for free.
  • This will enable real-time data so that you're not lagging behind others.

Conclusion

The speaker concludes the video by thanking viewers for watching and inviting them to join his Discord community.

Joining Discord Community

  • Find the link in the description below.
Video description

💎Free Stocks, My TradingView Profile, and Social Links: https://linktr.ee/inthemoneyadam Outro Song: https://www.youtube.com/watch?v=bFQCo1C3RH4 -------------------------------------------------- All promotions apply to the time the video is posted but may change and become irrelevant in the future. This description will not be updated to reflect this, check the newest video for the most up-to-date promotions. You should not treat any opinion expressed on this YouTube channel as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Opinions expressed are based upon information considered reliable, but this YouTube channel does not warrant its completeness or accuracy, and it should not be relied upon as such. This YouTube channel is not under any obligation to update or correct any information provided in these videos or their descriptions. Statements and opinions are subject to change without notice. Past performance is not indicative of future results. This YouTube channel does not guarantee any specific outcome or profit. You should be aware of the real risk of loss in following any strategy or investment discussed on this YouTube channel. Strategies or investments discussed may fluctuate in price or value. Investors may get back less than invested or lose more than their original investment. Investments or strategies mentioned on this YouTube channel may not be suitable for you. This material does not consider your particular investment objectives, financial situation or needs and is not intended as recommendations appropriate for you. You must make an independent decision regarding investments or strategies mentioned on this YouTube channel. Before acting on information on this YouTube channel, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment advisor. 0:00 Introduction 1:20 Overlapping Volume TIP #2 2:00 Saving/Loading Your Indicators TIP #3 3:27 Adjusting Quote Speed TIP #4 4:31 Navigating the Chart 5:13 Adding a Toolbar TIP #6 6:36 Saving Chart Layout 7:49 Enabling Notifications 9:07 Setting Hot keys TIP #9 9:43 Fixing Delayed Data