How To Setup ThinkorSwim (Tutorial)

Introduction

Welcome back to another video! In today's tutorial, I'm going to show you how to set up your entire ThinkorSwim platform. I'll guide you through the process of creating multiple screens and customizing charts and indicators to suit your trading needs. Let's get started!

Step 1: Customize the Main Chart

When you open ThinkorSwim, you'll see the default setup with news, trader TV, a quick chart, and the main chart. To begin, click on the settings icon and select "Time Axis." Set the expansion area to 10 to add some space between the candlestick and the chart's edge. Remove the grid by unchecking the "Grid" option. Customize your candlestick colors to your preference. I suggest a bright green for bullish candles and a darker red for bearish candles. Save these settings and apply them to the chart.

Step 2: Add Moving Averages and Indicators

For the main chart, I recommend using exponential moving averages (EMA) and simple moving averages (SMA) to analyze price movement. Add the following EMAs: 5 (green), 8 (pink), 21 (white), 55 (teal), and 89 (purple). Add the following SMAs: 50 (yellow), 100 (dark blue), and 200 (red). Apply these settings to the chart. Additionally, include the Stochastic Slow, On Balance Volume, and TTM Squeeze indicators. Save the chart style as "dt setup" for easy access in later steps.

Step 3: Set Up Flexible Grid

Now it's time to create a flexible grid to view different charts simultaneously. Click on the "+" button and select "Flexible Grid" to add six grids. Set them to a red color and link them together. Remove the charts, adjust the expansion area to 10, and disable the grid. Customize the candlestick and background colors to your preference. Add the EMAs and SMAs from the main chart setup, TTM Squeeze, Stochastic Slow, and On Balance Volume. Save the chart style as "day trade setup."

Step 4: Customize Watchlists

Create watchlists to track your preferred stocks. Click on the "+" button, select "Watchlist," and create your own watchlists or use pre-set ones. Customize them according to your needs.

Step 5: Day Trading Setup

In the flexible grid, set one chart to a 1-hour timeframe, another to a 4-hour timeframe, a third one to a daily timeframe, and the remaining charts to 5-minute and 10-minute timeframes. Use these charts for day trading activities like analyzing moving averages, squeezes, and tape reading. Detach this screen for easier monitoring during the day.

Step 6: Swing Trading Setups

Set up two screens for swing trading. In one screen, add the TTM Squeeze and Keltner Channels with factor values of 1, 2, and 3. Use this screen to identify squeezes and potential swing trade opportunities. In the other screen, include EMAs, Stochastic Slow, and On Balance Volume. Detach these screens for continuous monitoring throughout your swing trades.

Step 7: Activate Active Trader

Activate the Active Trader feature to execute trades quickly. Add four Active Trader modules and configure them to buy/sell options or stocks. Customize the buttons for quick execution by setting "Buy by Ask" and "Sell by Bid." Enable "Auto-Send" to automatically execute trades without the need for confirmation. Set the quantity as per your preference. Place this screen on a separate monitor for easy access.

Step 8: Person's Pivots

Create another flexible grid and add Person's Pivots indicators. Set them to show only for the current day. Use different timeframes to spot support and resistance levels for day trading and swing trading purposes.

That's it! You now have your ThinkorSwim platform set up with multiple screens tailored to your trading needs. This organized setup will help you analyze stocks efficiently and execute trades more effectively.

Keywords

ThinkorSwim setup, charts customization, moving averages, indicators, day trading setup, swing trading setup, flexible grids, Active Trader, Person's Pivots, trade execution.

FAQ

Q1. Can I use a different color scheme for candles and backgrounds?
Yes, you can customize the colors of candles and backgrounds according to your preference. Simply go to the settings and choose your desired colors for bullish and bearish candles as well as the background.

Q2. How do I detach screens for better monitoring?
To detach a screen, click on the detach button located near the minimize button of the ThinkorSwim window. This will open a separate window that you can place on a different monitor for easy access.

Q3. Can I modify the quantity for the Active Trader module?
Yes, you can adjust the quantity of contracts or shares to match your trading preferences. Simply go to the Active Trader settings and input the desired quantity.

Q4. How can I track support and resistance levels for day and swing trading?
You can use Person's Pivots indicators on a dedicated screen to track support and resistance levels. Configure them to show only today's levels and choose different timeframes to suit your trading strategy.

Q5. Can I save my chart settings for easy access?
Yes, you can save your chart settings by clicking on the style button and selecting "Save Style." Give it a name and choose to include patterns and study sets. You can then load your saved style on other charts easily.

If you have any more questions or need further assistance, don't hesitate to reach out to ThinkorSwim's support team or refer to the ThinkorSwim platform's official documentation. Happy trading!