Are you looking for the best platform to trade stocks? Two of the best options for advanced market analysis are TradingView and Thinkorswim. Both platforms offer complete and highly customizable technical graphics and include built-in script editors so you can build your own studios. However, the two platforms differ in their ease of use, interaction with other operators and cost.
In this guide, we will compare TradingView with Thinkorswim directly so we can decide which platform is best for you.
About TradingView and Thinkorswim
TradingView is an online market analysis and charts platform founded in 2011. The original intention of the software was to take the same analysis tools that used to require a trading terminal and make them available through the cloud. Today, TradingView has over 30 million monthly users.
Thinkorswim was established in 1999, originally as a brokerage platform specializing in options trading. In 2009, the company was acquired by TD Ameritrade. Thinkorswim’s brokerage services stopped working, but the trading platform remained available to TD Ameritrade’s brokerage clients. TD has 11 million customer accounts and manages more than $ 1 trillion in assets.
TradingView Vs. Thinkorswim: compatible brokers and assets
There are big differences between TradingView and Thinkorswim when it comes to who you can trade with and with whom you can trade. TradingView is a payment service that integrates with a variety of different brokers, including Tradovate, AMP Global, OANDA, Forex.com and Gemini. Thinkorswim, on the other hand, is only available to TD Ameritrade customers and can only be used to trade within a TD Ameritrade account.
Because TradingView works with a wide variety of brokers, the software provides coverage and trading for most asset classes. This includes stocks, bonds, futures on commodities, currencies and cryptocurrencies. You can find options trading ideas on the platform, but TradingView does not support options trading and does not provide options analysis tools.
Thinkorswim only offers asset class transactions available through TD Ameritrade, but includes stocks, bonds, futures on commodities and currencies. You can also trade Bitcoin futures, although you cannot trade cryptocurrencies directly or view price data. In particular, Thinkorswim supports options trading and includes data from option chains and P&L charts for multi-power option strategies.
TradingView Vs. Thinkorswim: technical analysis
While technical analysis is at the heart of what TradingView and Thinkorswim do, we won’t dwell too much on this comparison. This is because while there are some differences between the chart offerings of the two platforms, the differences are relatively smaller compared to what TradingView and Thinkorswim have in common.
Both platforms offer an exceptional range of tools, including hundreds of integrated technical studies, strategy background testing, customizable alerts, and various types of graphics. If you don’t find what you need, each platform has its own script editor that you can use to create custom metrics or develop a custom data feed. Each software also includes an extremely comprehensive value selection system that you can further customize with script editors.
TradingView Vs. Thinkorswim: ease of use
In terms of ease of use, TradingView has the clear advantage over Thinkorswim. The TradingView web interface is well organized and relatively easy to dive into, even if you are completely new to stock trading. Drawing tools and technical studies are easy to find in the graphics window and you can save any set of analyzes as a design for reuse in the future.
Thinkorswim, on the other hand, is confusing even for many experienced marketers. The platform design has a reason behind it, but it takes a significant amount of time to explore all the windows and toolbars. To make matters worse, desktop, web and mobile platforms have different designs and feature sets. The good news is that Thinkorswim has lots of tutorials and videos to help newcomers through the platform and a forum where more experienced users can get help.
One of the key aspects of TradingView is its trading community. At TradingView, any user can share ideas or trading strategies to help other traders. Ideas may include specific business ideas, complemented by an annotated chart and a written thesis, but are not limited to just that. On the “Ideas” page of the platform, you’ll find trend analysis, tips on how to customize charts, and even macroeconomic discussions.
Typically, trading strategies are offered in the form of TradingView scripts that load user-created indicators. These scripts can be copied directly to the TradingView graphical interface.
Thinkorswim does not include the same integrated community, but the popularity of the platform means you can find groups of other Thinkorswim users. For example, Futures.io and Reddit have Thinkorswim-related forums where you can find custom scripts and tips on how to use the platform. However, since these groups are organic, it is not as easy to search for specific ideas or sequences as it is in TradingView.
TradingView Vs. Thinkorswim: prices
A huge advantage for Thinkorswim is that it is completely free for TD Ameritrade customers. Even better, TD Ameritrade does not require any minimum deposit to open a new account or charge monthly fees. So there is basically no cost to use Thinkorswim.
TradingView, on the other hand, works with a software model as a service. You can view basic charts, access community business ideas, and use the stock picker for free. Still, a Pro plan costs $ 14.95 a month and allows you to add five indicators per chart and view two charts per window. The Pro + and Premium plans are available for $ 29.95 and $ 59.95 per month, respectively, and provide you with more metrics, more charts per window, and features such as second-based chart ranges.
TradingView Vs. Thinkorswim: which service is better?
TradingView and Thinkorswim contribute a lot to the table when it comes to technical analysis. TradingView is the best choice if you are new to trading or further expand your knowledge of technical trading. The platform is much easier to use than Thinkorswim. Also, having access to trading partner ideas and indicators is a big plus when you start.
That said, the fact that Thinkorswim is free is a big draw. Thinkorswim is a good choice if you want to trade with TD Ameritrade and don’t mind the steep learning curve. If you want to change options, Thinkorswim is far superior to TradingView.
Alternatives to TradingView and Thinkorswim
An additional service worth comparing to TradingView and Thinkorswim is StockCharts. StockCharts offers technical charts with hundreds of built-in indicators, as well as a stock and alert selector.
The platform has a lot in common with TradingView, but we believe that TradingView is the best platform. StockCharts does not have an integrated trading community or script editor, and you cannot integrate a brokerage account with the platform.
Conclusion: TradingView Vs. Thinkorswim
TradingView and Thinkorswim are two of the leading trading platforms for technical analysis. The ease of use of TradingView, the integrated trading community and the support for cryptocurrencies give it a slight advantage over Thinkorswim. Still, Thinkorswim remains a great platform for traders who don’t want to pay for technical analysis and for options traders. Still want to learn a little more about each option? Check out our full review of TradingView here and our full review of Thinkorswim here. Now start trading!
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