Learn how to use some of the essential tools on the thinkorswim platform and understand how to add technical indicators to charts, maintain watchlists, place trades, and monitor positions.
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Keeping an Eye on the Markets
How can I set up and save watchlists?
Traders need to keep an eye on the markets for potential opportunities. That means setting up a watchlist (one of the gadgets on the left side of the platform). There are different ways to use watchlists. If you’re looking to generate trade ideas or seeking stocks with a certain type of activity, Caitlin Stone suggested using public watchlists or scans. For example, you might look for stocks gapping up or down, upcoming earnings or dividends, and percentage changes (gainers or losers). Get started by perusing the menu located along the top of the watchlist gadget. Of course, you can also create custom watchlists to track your unique interests.
Watchlists can be linked to a chart. “Watchlists can communicate with charts, and you can scroll through each of the symbols on a watchlist. This is a great way to quickly see the chart of each symbol on your watchlist,” said Michael Fairbourn. So if you have multiple moving averages displayed on your chart and you’re looking for, say, a moving average crossover, you can quickly scroll through the charts of all the symbols on your watchlist to spot any crossovers.
To create or open a watchlist, select the Add Gadget (plus sign) button along the bottom of the left sidebar, then selectWatchlist. To select a specific list, use the menu along the top.
Order Entry Choices
How do I place trades?
There are different ways to place orders and different order types. The best method is really the one that aligns with your preferences. For those who aren’t concerned about speed, Stone suggested that the order ticket is an easy way to set up trades. Just choose a price and select buy or sell. But if you’re looking to move quickly (and are not trading options), the Active Trader ladder features a fast way to execute trades on stocks, exchange-traded funds, futures, and forex.
“And you can create and save custom order templates for automated trading,” Dashiell chimed in.
From the Trade tab, select Active Trader (see figure 2). You’ll see a chart on the left side and the active ladder on the right. Considering placing a trade? You can either select the price from the ladder or use the Buy MKT and Sell MKT buttons. The trade will display on the chart. If isn’t exactly where you want it, just move it up or down on the chart to set your desired price.
To customize an order template, select the settings icon. From the Customize window, select to display Order Template Editor and Order Template Selector. Then you just have to select the order template from the list before you place a trade. You’ll find different types of orders, such as OCO, bracket orders, stop limit orders, and more.
How do I place options trades?Andrew Barco shared his thoughts about how to set up thinkorswim for efficient options trading.
First, set up the Option Chain (see figure 3). Select the Trade tab, then All Products. When you enter a ticker symbol in the symbol box, you’ll see a detailed quote for the underlying symbol. Below that, you’ll see the options expirations, including the expiration date, days to expiration in parentheses, multiplier, and expiration type (weekly, quarterly, or standard).
Next, set up the columns. Open one of the expirations. Select the Layout menu and choose from predefined column setups or customize your own.
For example, you might choose to add Mark, Probability OTM, and Delta for your column layout. This lets you see the true price of each option with the mark price or “midpoint” of the bid/ask, probability of an option expiring out of the money (helpful if you’re a premium seller), and delta, which can be helpful for option buyers.
Next, from the Strikes list, choose how many strikes you want to see.
There are more than a dozen different types of orders, and your choice depends on the frequency and complexity of your trades. A good starting point is to select the bid price to load a sell order and the ask price to load a buy order. This loads a limit order to the Order Entry window, which has default increments of 100 shares for stock trades and 10 contracts for options trades. But these defaults can be customized to load trades with quantities you typically trade. And when you’re ready to take your order entries to the next level, you can experiment with some of the other order types.
After placing trades, how do I keep track of my positions?
If you have several positions open, it can be difficult to keep track of them all. Armstrong suggested customizing the information in the Account Statement found on the Monitor tab. You can sort your portfolio by groups, such as dividend-paying stocks, growth stocks, or covered calls. You can also customize the columns so you only see the information that’s relevant to you. For example, you might choose trade price, net liquidating value, profit and loss percentage, and days to expiration (if you have options positions).
From the Monitor tab, select Account Statement. Under Profits and Losses, select by Symbol, by Positions Group, or Overall. To customize columns, select the settings icon at the far right and choose the items you want to display.
Learning how to navigate charts, create watchlists, place orders, and monitor positions should give you the confidence you need behind the steering wheel of the thinkorswim trading platform. Once you’ve figured out how to use these basic tools, you’ll be ready to explore more features. There are plenty of educational tools ready and waiting to help drive your knowledge of the platform. From the Education tab or the couchsurfingcook.com Education page, you can access webcasts, courses, videos, articles, and much more. You’ll find all the manuals and education you need to guide your trading to the next horizon.
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Jayanthi Gopalakrishnan is not a representative of couchsurfingcook.com, Inc. The material, views, and opinions expressed in this article are solely those of the author and may not be reflective of those held by couchsurfingcook.com, Inc.