An Overview of thinkScript | thinkScript Studies on thinkorswim | 12-22-23

Education

Introduction

Good day everyone! John McNichol here and welcome to thinkScript Studies on thinkorswim: Customizing Studies and Strategies.

Today, I'll be stepping in for Mr. Ken Rose and providing an introduction to thinkScript for those who are new to it. This overview will serve as a starting point for you to explore and utilize thinkScript on the thinkorswim platform. So, let's get started!

First, let's talk about what thinkScript is and how it can help you achieve your trading goals. thinkScript is a proprietary scripting language developed by thinkorswim that allows traders to create their own studies and strategies. Whether you're a beginner or an experienced trader, thinkScript offers a wide range of tools that can be customized to meet your specific needs.

To start creating your own studies, you can utilize the thinkScript tools available on the platform. The studies section on the thinkorswim platform provides a variety of pre-built indicators that you can modify to suit your preferences. You can access these studies by right-clicking on the chart, selecting "Edit Studies," and exploring the available options.

If you want to take it a step further and create your own strategies, the strategies section of the platform allows you to combine multiple indicators to generate buy and sell signals. By backtesting these strategies, you can evaluate their performance and adjust them as needed. To create your own strategy, simply click on the "Strategies" tab and explore the available options.

Another useful feature of thinkScript is the ability to create custom watchlist columns. These columns can display specific data based on your preferred indicators, allowing you to quickly analyze multiple stocks at once. To add custom watchlist columns, right-click on the watchlist, select "Customize," and add the desired indicators.

You can also utilize thinkScript to create alerts based on specific conditions. These alerts can be set to trigger when certain price levels or indicators are reached. To create an alert, click on the "Alerts" button on the market watch tab, enter the symbol, select the field or study you want to monitor, and set the conditions for the alert.

Now that we've covered the basics of thinkScript, I encourage you to explore the Learning Center on the thinkorswim platform for more in-depth information. The Learning Center offers a wealth of resources to help you learn and master thinkScript.

I hope this overview has provided you with a good starting point to begin utilizing thinkScript on the thinkorswim platform. Remember to customize and experiment with the tools to find what works best for you. Happy trading!

Keywords:

  • thinkScript
  • Customizing Studies
  • Strategies
  • thinkorswim platform
  • Pre-built Indicators
  • Creating Custom Watchlist Columns
  • Setting Alerts

Introduction

Q: Can I create my own studies and indicators using thinkScript? A: Yes, thinkScript allows you to create your own studies and indicators by utilizing the thinkScript tools on the thinkorswim platform. You can modify existing indicators or create entirely new ones based on your preferences.

Q: How can I backtest my strategies created with thinkScript? A: To backtest your strategies, you can utilize the strategies section of the thinkorswim platform. This allows you to combine multiple indicators and generate buy and sell signals. By backtesting these strategies, you can evaluate their performance and make adjustments as needed.

Q: Can I create custom watchlist columns to display specific data based on my preferred indicators? A: Yes, you can create custom watchlist columns on the thinkorswim platform. These columns allow you to display specific data based on your preferred indicators, allowing you to quickly analyze multiple stocks at once. To add custom watchlist columns, right-click on the watchlist, select "Customize," and add the desired indicators.

Q: Can I set up alerts based on specific conditions using thinkScript? A: Yes, thinkScript allows you to create alerts based on specific conditions. You can set up alerts to trigger when certain price levels or indicators are reached. To create an alert, click on the "Alerts" button on the market watch tab, enter the symbol, select the field or study you want to monitor, and set the conditions for the alert.