thinkorswim Web: Streamlined Stock, Futures, Forex, and Options Trading

thinkorswim Web: Streamlined Stock, Futures, Forex, and Options Trading

Key Takeaways

    thinkorswim Web is the latest trading platform from TD Ameritrade

    Learn the key features of this web-based trading platform 

    Understand how to analyze and trade with thinkorswim Web

As a trader, you have many things to think about—go long or short an equity, different strategies to apply, different option chains to analyze, and more. Whatever you’re trading, to keep track of everything, you may need to become familiar with a trading platform to access trading features such as charts and chart studies and to keep an eye on important variables like volatility, probability, the different greeks, the impact of time, and so on.

The good news: you have different platforms to choose from. The thinkorswim® desktop trading platform from TD Ameritrade has all the bells and whistles necessary for trading stocks, options, futures, and forex. And if you need to be away from your desk, there’s thinkorswim Mobile, which allows you to analyze trades, place trades, track positions, and access charts from your mobile device. Now there’s a new kid on the block: thinkorswim Web, which TD Ameritrade launched on May 27, 2020.

From its name, you may have guessed that it’s a web-based platform, which means there’s no need to download anything. You can log in and trade from any device with a supported web browser. We’re talking anything from e-readers and screen readers to netbooks, mobile devices, and laptops. Since the application is powered by thinkorswim, you get the full power of an advanced trading platform and its many features plus a streamlined workflow. The bottom line: You get a trading process that’s simplified and fast.

Accessing thinkorswim Web

Use a supported browser and type in to quickly access thinkorswim Web using your same TD Ameritrade log-in credentials. For a trader, fast is key and thinkorswim Web makes this a reality for traders who’re looking for a web-based solution. 

You’ll get a taste of this from the default screen, which is divided into three main sections: Account Summary, Watchlist, and All Account Positions. An additional trade page will display when you select a ticker.

The account summary is where you can see your account information. If privacy is a concern, the eye icon allows you to hide your account-specific information on the screen. This section also allows you to switch to paperMoney®, thinkorswim’s virtual stock market simulator. 

Time to Play

A good starting point is to bring up one of your watchlists and select any stock symbol. An additional window will display the details of the security you selected plus a price chart. Thinking of trading the stock? You could place the trade directly from here. And if you want to analyze the stock before hitting the buy or sell button, you could add chart studies such as moving averages and RSI to the price chart.

If you’re considering trading options on the stock, expand the Option Chain to see the different expirations (see figure 1).

thinkorswim Web: Streamlined Stock, Futures, Forex, and Options Trading

FIGURE 1: DEFAULT SCREEN. After you log in using your account credentials, you can access your account info, watchlists, quote details, options data, and the status of your positions. Image source: the thinkorswim Web platform from TD Ameritrade. For illustrative purposes only.

Then expand any expirations listed on the Option Chain to analyze the various strike prices. Below the Option Chain is the trade ticket window. 

There are a couple of different ways to place a trade:

    Select the strikes from the Option ChainSelect one of the default choices—option trade, covered stock, vertical, iron condor, or use the menu under StrategyManually build the legs of an options trade by starting with +Option Trade

The software has integrated trading and analysis. Once you select a strategy, you’ll see the risk profile displayed next to the price chart (see figure 2). 

thinkorswim Web: Streamlined Stock, Futures, Forex, and Options Trading

FIGURE 2: TRADING ON THINKORSWIM WEB. When you build an options strategy on the trade ticket window, you’ll see the related price chart and risk profile. Examining the two charts side by side can help you visualize your max loss, break-even point, and max profit. Image source: the thinkorswim Web platform from TD Ameritrade. For illustrative purposes only.

thinkorswim Web utilizes dynamic spread recognition so whether you build a strategy or select a default, thinkorswim Web will recognize and display the risk profile next to the price chart. Here’s what’s interesting. When you place your cursor on any price bar on the chart, you can see the estimated profit & loss on the risk profile. It works the other way too. If you place the cursor on an area in the risk profile that’s profitable, you can see where the price of the underlying needs to move toward. And if you roll positions, you can see your profit & loss profile after you roll the position.

If you’re comfortable placing the trade, select the Review button, which will show you the cost of the trade, your resulting buying power for stocks and options, and the buying power effect. Order confirmation is dynamic so as you change the number of contracts you want to trade, you’ll see how much your buying power and cost will change. When you’re ready to place the trade, hit Send and wait for the trade to get filled. If the trade is executed, it’ll be added to the account position window. You can keep track of open positions on any device, because they all sync up. 

And thinkorswim Web is not limited to trading stocks and options. You can also trade futures and forex (with appropriate account approvals).

Stay Tuned …

thinkorswim Web is still in its early stages and under active development. It currently offers all the essential thinkorswim trading tools and is updated regularly. With thinkorswim Web you can enjoy having your thinkorswim wherever you are, whenever you need it. 

Options involve risks and are not suitable for all investors. Trading privileges subject to TD Ameritrade review and approval. Not all clients will qualify. Multiple-leg strategies carry additional risks and transaction costs. 

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