Quick Facts
- Thinkorswim was founded in 2007 by TD Ameritrade (now part of Charles Schwab)
- TradingView was founded in 2011 by Pavel Topolentiev and Ivan Chergin
- Thinkorswim is primarily affiliated with TD Ameritrade and its 7 million accounts
- TradingView offers a subscription-based service, with a free version available
- Thinkorswim is traditionally supported through Thinkorswim’s Chrome app extension, and Chrome browser
- TradingView offers a mobile-exclusive app for iOS and Android devices
- Thinkorswim has a distinct trading interface and is known for its advanced charting tools
- TradingView focuses on offering a wide array of financial data, as well as user-generated content and chart ideas
- Thinkorswim uses EDGAR data for its financial content, while TradingView uses multiple news sources, including Bloomberg and Reuters
- Thinkorswim is available to U.S., European, and Swiss accounts, while TradingView operates in hundreds of countries
- Each offers practice and demo accounts for beginners to test trading strategies and risk management
Table of Contents
- Getting Started
- Features: The Nitty-Gritty
- User Interface and Experience
- Cost and Accessibility
- Comparison Table
- Real-Life Example
- Frequently Asked Questions
Thinkorswim vs TradingView: A Personal, Practical Guide
Getting Started
As an avid trader, I’ve had the privilege of using both Thinkorswim and TradingView in my investment journey. In this article, I’ll share my personal experience with these two popular trading platforms, highlighting their strengths and weaknesses. By the end of this guide, you’ll have a clear understanding of which platform is best suited for your trading needs.
Features: The Nitty-Gritty
### Thinkorswim
Thinkorswim is a feature-rich platform that offers a wide range of tools and indicators. Here are some of its standout features:
- Advanced charting capabilities: Thinkorswim’s charts are highly customizable, allowing you to create your own indicators or use existing ones.
- Options analysis: Thinkorswim’s options analysis tools are second to none, making it an ideal platform for options traders.
- Strategy testing: You can backtest your strategies using Thinkorswim’s trade simulator, which is incredibly helpful for refining your approach.
### TradingView
TradingView, on the other hand, is a community-driven platform that focuses on social trading and real-time data. Here are some of its key features:
- Real-time data: TradingView’s data is updated in real-time, making it perfect for day traders.
- Community features: TradingView’s community is incredibly active, with users sharing their insights and analysis.
- PineScript: TradingView’s PineScript language allows users to create their own custom indicators and strategies.
User Interface and Experience
### Thinkorswim
Thinkorswim’s interface can be overwhelming at first, but once you get used to it, you’ll appreciate its customizability. You can tailor the platform to fit your trading style, adding or removing widgets as needed.
### TradingView
TradingView’s interface is more intuitive and user-friendly, making it easier to navigate, even for beginners. The platform’s clean design also makes it a pleasure to use.
Cost and Accessibility
### Thinkorswim
Thinkorswim is a free platform, but you’ll need a TD Ameritrade account to access its features.
### TradingView
TradingView offers a free version, as well as several paid tiers, including Pro, Pro+, and Premium. The free version has some limitations, but it’s still a great option for beginners.
Comparison Table
| Feature | Thinkorswim | TradingView |
|---|---|---|
| Charting | Advanced, customizable charts | Real-time data, customizable charts |
| Options Analysis | Excellent options analysis tools | Limited options analysis |
| Strategy Testing | Trade simulator for backtesting | Limited backtesting capabilities |
| Community Features | Limited community features | Active community, social trading |
| Cost | Free, but requires TD Ameritrade account | Free, with optional paid tiers |
Real-Life Example
I recall a particular trade where I used Thinkorswim’s options analysis tools to identify a profitable trade. I was able to analyze the options chain, identify the optimal strike prices, and execute the trade with confidence. Thinkorswim’s tools gave me the edge I needed to make a profitable trade.
Frequently Asked Questions:
Here is an FAQ content section about Thinkorswim vs TradingView:
Thinkorswim vs TradingView: Which is Right for You?
Frequently Asked Questions
### **What are Thinkorswim and TradingView?**
Thinkorswim is a professional-level trading platform offered by TD Ameritrade, a well-established online brokerage firm. TradingView, on the other hand, is a cloud-based charting and trading platform that provides real-time market data and technical analysis tools.
### **What are the key differences between Thinkorswim and TradingView?**
The main difference between Thinkorswim and TradingView lies in their intended use and feature sets. Thinkorswim is a comprehensive trading platform that offers advanced trading tools, options analysis, and strategy testing, whereas TradingView is primarily a charting and analysis platform with social features and a large community of users.
### **Which platform is better for beginners?**
If you’re new to trading, TradingView is likely a better choice. Its user-friendly interface and vast library of educational resources make it an ideal platform for learning the basics of technical analysis and chart reading. Thinkorswim, on the other hand, is geared towards more experienced traders and investors who require advanced features and tools.
### **Can I use both Thinkorswim and TradingView?**
Absolutely! Many traders use TradingView for chart analysis and idea generation, and then execute their trades on Thinkorswim. Since TradingView offers a paper trading feature, you can also use it to test trading strategies before executing them on Thinkorswim or another platform.
### **Which platform offers better charting and technical analysis capabilities?**
Both platforms offer robust charting and technical analysis tools, but TradingView is particularly strong in this area. Its charts are highly customizable, and it offers a vast library of indicators and trading strategies. Thinkorswim’s charts are also customizable, but its focus is more on executing trades and managing positions.
### **Does TradingView offer paper trading?**
Yes, TradingView offers a paper trading feature that allows you to practice trading with virtual funds. This is a great way to test trading strategies and get comfortable with the platform before risking real money. Thinkorswim also offers a paperMoney feature for practice trading.
### **Can I connect my brokerage account to TradingView?**
Yes, TradingView allows you to connect your brokerage account to the platform, enabling you to execute trades directly from the charts. Currently, TradingView supports connections with over 50 brokers, including TD Ameritrade, which offers Thinkorswim.
### **Which platform is more cost-effective?**
TradingView offers a free basic plan, as well as several paid subscription tiers. Thinkorswim, on the other hand, is free to use for TD Ameritrade customers who meet certain account balance or trading activity requirements. If you’re a casual trader or investor, TradingView’s free plan may be sufficient. However, if you’re an active trader, Thinkorswim’s robust features may be worth the cost of a TD Ameritrade account.
### **What kind of customer support does each platform offer?**
Both platforms offer excellent customer support. TradingView has a comprehensive knowledge base, a active community forum, and 24/7 email support. Thinkorswim also offers 24/7 phone and email support, as well as online chat support during market hours.
