THE BEST THINKORSWIM SETUP: Must have charts, Indicators, settings and more!

what's up guys my name is erina welcome back to my channel where we talked about building wealth and building you through investing the last video we actually went through how you can start investing in the stock market as a beginner I went through some of the key differences between active and passive investing what you need to know to invest successfully in both categories in this video we're going over my thicker swim platform well I like it so much why I think it's the best platform out there even over Bloomberg my personal settings and how you can set up your platform like mine to get the most out of it to take your trading to the next level so the first reason why I think it's the best platform out there is because the ease-of-use anyone can get on it use it for about a week's time start to get a little bit familiar with it and very quickly you'll become accustomed to it and know how to use this platform for your trading because of this small learning curve it makes it perfect for beginners while giving you a huge amount of information and data and tools that you can use in your trading will also be extremely easy to use and learn on a second reason why thinkorswim is my favorite platform out there is because of the amazing charting and the tools that it provides I've used many different platforms out there including Bloomberg terminals but you have to pay huge amounts of money for and I still like the thinkorswim platform better it's so easy to create a watchlist run through those stickers link it with a chart and quickly develop trade ideas you can take actionable steps now I've been using the thicker swim platform for many many years it's a platform that I started on when I started trading back in high school so choosing the right platform is actually extremely important there's probably something that you're gonna stick with for a long time going forward in your investing career so the second reason why I love the thinkorswim platform is because of the amazing charting and how easy it is to make a watchlist run through that watchlist and then develop trade ideas off that you can create custom scans and then have those scans feed into a watchlist then link that watchlist to a chart and then run through that watchlist with that chart right there switching as you run through the watchlist which makes it really really easy to run through a scan and find new trade ideas in a blink of an eye now the third reason why I absolutely love the thinkorswim platform is because it's such an established platform people outside of TD Ameritrade or the developers of thinkorswim have developed their own scripts you can add on to the figures one platform to add new features to your platform to make it exactly how you I've added several really key features that I love and that I'm gonna share with you today it'll make your trading even better and pack all the data you need into one platform all right guys so I could go on and on and on about why I love the thinkorswim platform so much let's jump into my computer I'll show you exactly how I set up my sink or swim platform why I like it this way so you can implement these same features and same way out on your platform so you can take your trading to the next level all right guys let's dive into how I set up my fingers sharing platform and how you can use this setup on your own thinkorswim software to get the most out of this platform so the very first thing that I want you to do is navigate all the way to the top right and click on setup and then application settings then you're gonna want to navigate to system see where says close feed right here you're gonna want to have this on either fast or real-time no delay I think default it comes with a three-second delay which means that your pricing is going to be delayed by three seconds so I like to keep it at one second because it's a little easier on the computer so if you have a new computer that's very powerful it can definitely handle fast max delay one second or real-time no delay but if you notice your computer lagging a lot then you can slow down to refresh rate on the quotes all right now let's start on futures trader so the first thing that you're gonna want to do is navigate over here to this little box and click this this is where you're gonna select how many individual charts on your futures trader tab are displayed so right now I have six total charts just select how many you want by highlighting the boxes in this tab so the next thing that I like to do to kind of clean up the setup is to deselect all these other things on the side here that are gonna kind of clutter up your futures charting the only thing that I like to have is the chart because I'm not using this for actively trading I'm using this to track different products so the only thing that I need is the chart just this tab right here see if you do this it opens up the active trader and I don't need that because I'm not actively trading futures I'm just watching them for price so how I like to have it set up is I have the e minis right here I have the Nasdaq I have the Dow futures I have Russell futures I have the VIX and then in this sixth box I'll switch between crude oil go old maybe bonds so now you'll also see on my charts I have this V watt one and this is a great line for intraday price how it works is it's a volume weighted price average to set this up on your own charts all you have to do navigate to this box right here and then go into studies and then edit studies see I have view op right here to find it you can just type in you up and double click and it'll pop over one thing to note when this pops over is it's going to apply to basically Bollinger Bands to standard deviations away from the V wahb's see how it added these two lines one above and one below and this is the view up in the middle I'm not interested in these Bollinger Band lines I just want to feel op right here what I like to do go into settings and then right here upper band lower band you just want to click on upper band and then just unselect these three boxes go to lower band unselect these three boxes like okay click apply now you can see that those Bollinger Band lines are gone and we're just left with a clean view outline the next item that I have on my futures charts is just the RSI right here this is just an overbought oversold indicator that I like to use just as a broad barometer to see how far price action I've moved in either direction to add this all you're gonna do is type in RSI double click this and it'll pop over and you don't need to adjust anything within the RSI once you change something you're gonna want to save it in a setup basically save your setup as my setup or something just navigate to the top right where it says setup and then scroll down a bit and see where says save workspace as click that and then give your workspace a name save it that way if you ever go to another computer or open up this platform somewhere else and you log into your account you can just click your workspace and it'll load all your predetermined settings that you have so you don't have to completely recreate your setup so save your workspace as something that you can go back on any other computer load it up and you're good to go so now that you have your futures page all set up let's look at how you can make some watchlist let's just go into market watch now this is my broad market watchlist this is where I keep all the tickers that I want to watch and want to be aware of this is what I scroll through to basically read the tape quote unquote of the market and then from this list I can filter it down even further to create buy lists or sell lists so what you're going to do to create a watch list is just navigate up here to the top right click this and then click create watch list then you're gonna type in watch list name right here go right here type in any symbol like add symbol that's basically all you do that's just doing for a test then Apple right here click Add symbol and that's it now once it's created you can easily add tickers by just typing them in clicking enter and there you go another great top tip that I think everyone should do for their main watch list is to add a column that shows the sub-sector so how you're gonna do this you navigate right here to this little settings wheel like that and click customize and this box pops up this is where you can select what columns you want to be in your watchlist so you can see right now I don't have the sector so what I'm gonna do is type in sub right here sub industry click add items you can see that moved over right here right there ok then click OK so now what you can do is sort by sub industry what this will do is group all the stocks that are in the same industry together the reason that this is so powerful is because on your main watchlist when you sort by sub industry you'll be able to easily look through your watchlist and see as a group which industry is moving so this is the main charting platform to get your chart looking like this that's what we're gonna cover right now first thing that you're gonna want to do for your charts is to set the actual chart type that you're gonna want to watch I like to use candle charts so to set that all you have to do is go right here style click that go down to chart type go over a click candle you can see that I have this space right here this basically allows me to extend trend lines into the future and it D clutters the chart so do that go into the settings wheel then you're going to go into time see where it says expansion area you're just gonna add a certain amount of bars to the right I like to keep it at 30 basically looking one month out into the future the other thing to do to clean up your chart did you want to make it as easy to read as possible and uncheck show volume subgraph is we're gonna add our own volume right here later also another really pro tip that i just found out that you should be aware of is show extended hours trading session this is extremely useful if you want to be able to see how the overnight action moves or if you don't and you just want to clean or graph let's change this just an apple and then what i'm going to do is change this chart to a five day five minute chart you can see all these lightly gray areas these are all after-hours trading all this price action here and here is after-hours trading so to remove that you go back here you go back into equities you click this and you click apply all that after our action is gone and now it's a much cleaner graph now let's look at the moving averages that I like and the indicators that I like to have on my charts you can see these four lines right here this is the 8 day 21 day 50-day and 200-day moving average to set these what you need to do go here and this opens these studies tab you can see I have four moving averages here the eighth a 21-day 50-day and 200-day to add these all you do is type in simple moving average right here double click that and this pops in see where it says 9 right here this means it's a nine day moving average to get these four moving averages you're gonna need to edit the time frames just click the wheel then where it says lengths just adjust this to whatever timeframe you want so say 150 day moving average and then you can adjust the color right here so for demonstration purposes just set it to white click OK click apply you can see it added the 150 day moving average like I'm just gonna remove that quickly because I don't want that put the X like apply it's gone the next thing that you're gonna want to add is the volume average to get this again volume average right here double click that it'll pop over here and the reason this is so much better than your standard volume indicator is it shows you the average volume that's traded over set amount of days and it also colors the volume based on how the stock traded that day whether it's green or red so again to modify this go into settings and you can see I have 30 days because I like it averaged over a month and you can adjust this as you wish the average is this line right here this yellow line and it also shows right here this is the day this is the average the other indicator that I like is the MACD again I'm gonna do type in MACD double click it it'll pop over here and then there's no changes that I make to that and then the RSI again no changes that I make that and then you'll just click apply to apply all those changes now another thing to note is you can save all these settings you go to sets then right here you can save these settings so when you go to a new platform just go over here to sets double click this all these indicators will pop in you click apply and you're done you don't have to do anything huge timesaver now that you guys have your charts all set up I want to show you how you can combine your watch list with your charts combined this really powerful setup and this is why you need to have watch list set up with good charts so navigate right here to this arrow click that and out pops your watch list so to add a watch list what you need to do is go down to the plus click that and this pops your gadgets so to add a gadget you just click watch list right here and then a new watch list will pop up then click this right here go to personal go over and let's go to that test watch list that we created earlier now you can see those stocks that we added in our tests watch lists are right here so now what I want you to do is click this little link right here this pops 9 different numbers that you can set up to link with your charts so right now you can see I have two right here the linked number to my chart so I'm gonna select two right here you can see that this watchlist is gonna be linked to this so now when I click Apple the chart changes what this allows me to do is then run through very quickly all the stocks on my watch list and I'm just using the keys right now just punching through these really quickly so let me show you an example with my main list so you remember the sub graph right here the sub graph column now all the stocks that I have on my main list are sorted by sub industry and then this will enable me to easily easily see what's moving up and what's moving down by just the color and then also what industry groups are outperforming and what's not back to having these two linked so now let's just go to the top and I can just go through my whole watchlist really quickly at the end of the day and see how each individual stock has performed the other thing to note is you can create watchlist just from right here you don't have to go into market watch set up your watchlist and then have these already and linked with your charts so you can easily select a watch those link it and then run through those stocks in a blink of an eye so now let's go into flexible grid yes I use more for my intraday trading to set this up it's a little bit more complicated but what you're gonna do is you're gonna want to start up here and click customize your grid when you click customize grid you're gonna see this box pops up you can see how it says plus above plus to a side and then exit so each one of these pertains to a singular box and also this sidebar check right here adds and removes this sidebar the other thing to know is to make sure you save whatever indicators you'd like to put on your charts the reason for that is so when you go into here into flexible grid and you're setting up these charts you don't have to individually add all the moving averages again you don't have to add the view up again or any of that you can just go right here two sets click daily charts I use this for my daily chart you have all the indicators that I like right there click apply and you're done you don't have to go back and individually add each little indicator every time you how I have this set up right now is I have the daily chart up here this chart in this chart are both intraday charts then over here I have level 2 quotes then I have news and how you access these is click this sort of gadget and then select level 2 or whatever gadget you want then here here and here these are both three charts what these are are market internal indicators so right here we have the advanced the Cline line the total amount of stocks advancing - total amount of stocks declining so right here you can see that we have about 1400 net advancers on the day this gives you a measure of market breadth then right here we have total advancing or declining volume on the day how many shares are advancing - how many shares are declining and right here we have the 10 this basically shows you at any one time how many stocks are trading at an uptick or down - so like I mentioned earlier the other great thing about thinkorswim is the ability to add scripts that other people have wrote to your platform to get even more out of your platform so - scripts that I've added are actually this clothesline right here you see this white line this automatically marks the previous day's close so you can easily see where the previous day's close is because that often acts as a line of resistance so to add this what you're going to need to do is go online and I'll link the website down below and download what's called a think script then once you get that think script you want to go in here to your edit studies box click create and then you're gonna want to paste that right in here once you do that you'll click OK and then click apply and it's completely free so I'll leave the link in the description down below go click that you can download the script and then add that to your charts the second script that I like to have is the up/down volume on the day this is really important to show if there's been a basically a washout of volume so washout of sellers because that can usually mark a short term bottom again I'll the link down below where you can find that and it's the same method and it'll show up right here alright guys so that's pretty much my main setup I've played around with this platform for many many years like I've said and this is by far the best setup that I've ever made one last thing before I go is you're gonna want to link like I mentioned earlier your watch list to your individual charts so this is where it's even more useful when you have tons of gadgets so now go down the list again you can see that 1 2 3 4 5 different gadgets change automatically as I run through the tickers that makes the workflow super super super easy so set this platform up for yourself give it a try and tweak it to your liking and I'm sure I'll learn some more things in the future that I like make some tweaks and I'll share them with you guys alright guys welcome back now you know exactly how I set up my training platform and how you can set up your trading platform exactly like mine to get the most out of thicker swim and as always start investing today there's no reason to wait for tomorrow I'm Erin remember to like subscribe and I'll see you the next one peace

Channel: Aaron Petrovsky

Views: 128,495

Keywords: stock market, stock market for beginners, think or swim, think or swim set up, stocks, stocks for beginners

Id: n6lvG054DwA

Length: 17min 53sec (1073 seconds)

Published: Fri Jun 05 2020