TD Ameritrade (AMTD) is the home of the popular thinkorswim platform, and that platform has gotten a bit of a new look in recent days. StockBrokers.com wanted to take a look at what’s new with the thinkorswim platform and how it might change the way you trade. There are several enhancements that allow the platform to be more user-friendly and even more powerful. Let’s take a closer look at what you need to know about thinkorswim version 1860, which was released on April 26, 2014.
My Tools Added
The new thinkorswim platform has added a “My Tools” feature. This is designed to allow the user to add charting features without needing to go through submenus. Customization is quicker and less complicated with this feature. In addition, the setting or feature from My Tools can now be applied to a specific cell in a chart grid, the entire grid, or all detached grids simultaneously. To turn on My Tools, bring up Chart Settings and look under the General Tab. Here’s a quick look at the My Tools feature:
Alerts on Drawings
Alerts can now be added directly on drawings. Investors can be alerted on technical analysis price points by setting alerts on any of the Drawing Tools that can be drawn as a ray (Fibonacci’s, TrendLines, etc). Simply create an alert by right-clicking on the line which you want the alert associated and select “Create Alert with Drawing”). The alert dialog box allows you to define your settings. Below is an example of what this feature looks like:
User Defined Percentage Charts
These new charts will allow investors to have a percentage basis comparison when charting more than one security on a single chart. Percentage charts can be activated from Chart Settings under the Price Axis tab.
Three new TASC studies and one new strategy have been added in Studies and Strategies suite.
thinkorswim now supports the RealTimeData (RTD) function from Excel. This allows investors to do custom bookkeeping in real time.
-To use RTD bring up a watchlist on the Quotes sub-tab under the MarketWatch tab. Then click the printer icon and choose “Export to Excel”
-thinkorswim has updated the default charting type from bars to candles (note that it is possible to customize this setting)
-Trade Flash is a new gadget that displays trade-related events right as they happen, and it will be available on the left-hand side panel in the coming days.
For more information on thinkorswim version 1860 click here for the full release notes.