Quick Facts
Here is a list of 10 quick facts about Thinkorswim vs TradingView for order flow:
- Order Flow Data Source: Thinkorswim gets its order flow data from its parent company, TD Ameritrade, while TradingView sources its data from various exchanges and data providers.
- Data Depth: Thinkorswim provides level II quotes with up to 50 levels of market depth, while TradingView offers up to 10 levels of market depth.
- Order Flow Indicators: Thinkorswim offers 12 pre-built order flow indicators, including Order Imbalance and Time of Sale indicators, while TradingView offers a range of community-created indicators.
- Customization: TradingView allows users to create custom order flow indicators using its PineScript programming language, while Thinkorswim’s indicators are pre-built and non-customizable.
- Real-time Data: Both Thinkorswim and TradingView offer real-time order flow data, with Thinkorswim’s data updating dynamically and TradingView’s data updating with a slight delay.
- Charting: TradingView is known for its advanced charting capabilities, offering over 100 indicators and drawing tools, while Thinkorswim’s charting is more basic.
- Cost: Thinkorswim is free to use for TD Ameritrade account holders, while TradingView offers a free version with limited features and paid upgrades starting at $14.95/month.
- Community: TradingView has a large community of users who create and share custom indicators and strategies, while Thinkorswim’s community is smaller and more focused on TD Ameritrade’s products.
- Scalability: TradingView is optimized for scalability and can handle high volumes of data and users, while Thinkorswim’s platform can be slower and more prone to lag during peak market hours.
- Integration: Thinkorswim is fully integrated with TD Ameritrade’s brokerage services, allowing for seamless trading and account management, while TradingView integrates with various brokers and platforms through APIs and webhooks.
The Ultimate Showdown: Thinkorswim vs TradingView for Order Flow
As a trader, I’ve spent countless hours scouring the internet for the perfect platform to fuel my order flow analysis. In this article, I’ll share my personal experience using Thinkorswim and TradingView, two of the most popular platforms for order flow trading. Buckle up, because we’re about to dive into the good, the bad, and the ugly of each platform.
Thinkorswim: The OG of Order Flow Analysis
I’ve been using Thinkorswim for years, and I have to say, it’s been a game-changer for my trading journey. With its robust features and user-friendly interface, Thinkorswim has become my go-to platform for order flow analysis.
Pros:
- Comprehensive Order Flow Data: Thinkorswim offers an unparalleled level of order flow data, including tick-by-tick volume, order imbalance, and more.
- Customizable Dashboards: Create a dashboard that suits your trading style with Thinkorswim’s extensive range of customizable widgets and indicators.
- Real-Time Market Data: Stay ahead of the curve with Thinkorswim’s real-time market data, ensuring you’re always on top of market movements.
Cons:
- Steep Learning Curve: Thinkorswim’s vast array of features can be overwhelming for new users, making it difficult to get started.
- Limited Charting Capabilities: While Thinkorswim’s charts are good, they lack some of the advanced features offered by TradingView.
TradingView: The New Kid on the Block
After being impressed by TradingView’s social features and charting capabilities, I decided to give it a spin for order flow analysis. Here’s what I discovered:
Pros:
- Advanced Charting: TradingView’s charts are unparalleled, offering a wide range of indicators, overlays, and customization options.
- Social Features: Connect with other traders, share ideas, and learn from the community with TradingView’s social features.
- Free Version: TradingView offers a free version with limited features, making it an excellent entry-point for new traders.
Cons:
- Limited Order Flow Data: TradingView’s order flow data is limited compared to Thinkorswim, making it less suitable for advanced order flow analysis.
- User Interface: While TradingView’s interface is visually appealing, it can be cluttered and overwhelming at times.
Head-to-Head Comparison
| Feature | Thinkorswim | TradingView |
|---|---|---|
| Order Flow Data | ||
| Customizable Dashboards | ||
| Real-Time Market Data | ||
| Advanced Charting | ||
| Social Features |
My Personal Experience
After using both platforms for order flow analysis, I’ve come to realize that each has its strengths and weaknesses. Thinkorswim is ideal for advanced traders who require comprehensive order flow data and customizable dashboards. On the other hand, TradingView is perfect for new traders or those who value advanced charting capabilities and social features.
Tips and Tricks
- Leverage Thinkorswim’s Order Flow Data: Use Thinkorswim’s order flow data to identify market imbalances and make informed trading decisions.
- Take Advantage of TradingView’s Social Features: Join TradingView’s community and share your insights with other traders to learn and grow together.
- Customize Your Dashboard: Tailor your dashboard to your trading style with Thinkorswim’s extensive range of customizable widgets and indicators.
The Verdict
Ultimately, the choice between Thinkorswim and TradingView for order flow analysis depends on your individual needs and trading style. As a trader, I’ve found that using both platforms in tandem has been the key to my success.
Frequently Asked Questions:
Are you a trader looking to dive deeper into order flow analysis? You’re probably wondering which platform is better suited for your needs – Thinkorswim or TradingView. Here’s a comprehensive FAQ to help you make an informed decision:
