How To Trade Futures On Thinkorswim Mobile - All About Forex

How To Trade Futures On Thinkorswim Mobile

How To Trade Futures On Thinkorswim Mobile – Hey, businessman! Do you know all the trading tools on TDAmeritrade’s thinkorswim® platform? Some of our business professionals share their favorite features and how to use them.

OK, trading veterans: Think you know everything about TDAmeritrade’s thinkorswim® platform? Is it second nature to log in and do technical analysis or complex chart options moves? Even if you consider yourself a cognitive swimming black belt, there is always more to learn. People often feel comfortable doing what they know and may forget to explore the platform further. In addition, new features are constantly being added that can improve your trading and research capabilities. We asked a group of thinkorswim professionals from TDAmeritrade about their favorite trading features. Some of the tools they tout are tried and true workhorses that we use every day. Some are deep under the hood, and others are relative newcomers to the platform. Chart Describer (Chesley Spencer, Director, Business Product Development) Chart Describer is a new feature in Charts. Look for it just to the right of the Sharesubtab search box with the “i” appearing. Chart Descriptor works like a scanner in reverse. Instead of saying, “I want to look at a particular stock symbol with the following technical factors,” it allows you to say, “I don’t know anything about the technical indicators for this stock, but show to me what they are.” The platform knows all technical indicators and when they provide potentially significant results. Cycle through them for your symbol and time frame and add them to your chart. Basically, the Chart Describer can show you which technical indicators are in play. For example, it can raise the stock’s nine-day moving average, its standard deviation channel, or its ParabolicSAR. The Chart Describer takes all the technical indicators that its analysis shows as the key to the current action. Select the bold language in the indicator descriptions and a box will appear with a simple explanation. Then slide your cursor back to the far right and select Add chart studies to see the indicators mapped. Active Trading Ladders (Stephanie Lewicky, Senior Manager, Futures & Forex) Part of the power of thinkorswim is that it’s completely customizable—you can set it up exactly how you want. Active traders often want a chart, easy access to trade buttons, and a bird’s eye view of the action. That’s all ladders give you. As the market moves up and down, so does the ladder. It’s like a living metaphor that allows marketers to “feel” the action. You can also see the volume traded at each price so you know where the action is (or has been). Do you want to beat the offer or cancel the offer? The big green and red buttons are right there (see figure 1). Do you want to place a border order? Hover over any point on the ladder and your default size will appear.

How To Trade Futures On Thinkorswim Mobile

How To Trade Futures On Thinkorswim Mobile

FIGURE 1: EXAMPLE OF ACTIVE DEALER SET WITH LADDER. As the market goes up and down, so does the ladder. Chart source: TDAmeritrade’s thinkorswim platform. For illustrative purposes only.

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Conditional Orders (Scott Thompson, Education Trainer) When you trade stocks, exchange-traded funds (ETFs) or futures, the main tools include market orders, stop orders and limit orders. If you trade options, you can certainly use these basic order types if your goals include prices. But what if you want to make trade options that depend on the price action of the underlying security? Conditional orders allow you to do that. Suppose you want to buy a call option when a stock breaks above a certain resistance area. You can set a trigger using the thinkorswim conditional command “tool” on the far right of the command line. The goal is to capture the stock’s explosive momentum without having to sit at a computer all day watching when or if it actually happens. You can set up conditional market, stop or limit orders depending on your goals. You can also set an order based on the “mark” price of whatever you are trying to trade. But remember: With limit orders, there is no guarantee that the order will be filled. Once triggered, market orders compete with other orders and are subject to current market conditions. Create, Track and Adjust Orders from Charts (Scott Connor, Director, Trader Education) It is possible to place trades directly from price charts, which saves quite a bit of time for those who like to keep their eyes glued on a chart. Suppose a stock looks like it will bounce off a support level and you want to place a buy order. Right-click on a price anywhere on the chart and select buy, sell, buy custom, or sell custom. thinkorswim instantly creates an order based on price and order type. Of course, you want to make sure the order is accurate, so before placing the trade, you may need to go in and edit the order in the Order Confirmation Dialog. Once the order is placed, the chart will help you track your orders by showing the number of shares, order type and price at which the order was placed (see figure 2).

FIGURE 2: SET UP LEARNING TRADES. Orders placed directly from a chart are displayed on the chart. That will help you monitor your trades and adjust them if things don’t go as you envisioned. Chart source: TDAmeritrade’s thinkorswim platform. For illustrative purposes only.

Seeing the order displayed directly on the chart helps you track open positions. If you buy a stock at a support level, your exit point may be the next resistance level. So you can order to sell at that level. Suppose the price is quickly moving past that resistance level and you want to raise your exit price point. If an order has not been filled, simply click and drag the trade to another price level. It cancels and replaces the operation. Today’s Options Statistics (Kevin Hincks, Manager, Trader Contributor) Options traders tend to like where the action is—for example, certain strike prices and expiration dates— and implied volatility changes depending on market conditions. But you don’t have to be an active options trader to gain insight from options data. Fortunately, it’s all in one place on thinkorswim under Today’s Options Statistics. Find it under the Business tab, just below the Options bar (see figure 3).

FIGURE 3: CUT AND CLOSE STATISTICS OPTIONS. Here is a sample of available election statistics. Image source: TDAmeritrade’s thinkorswim platform. For illustrative purposes only.

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And remember: Options statistics are available for almost all stocks, ETFs and even futures contracts. Implied and historical volatility. How much expected volatility are traders valuing options today, and how do these current readings stack up against historical levels from last year? Check the left side of the statistics page. Business analysis. The middle section reflects the dynamics of day options trading – the breakdown of put and call options, in addition to what percentage of each traded at the bid or lower, the bid or higher, or between the prices of bid and ask. It can offer a look at how aggressive buyers and sellers have been, which can offer a clue about the direction of sentiment. Sizzle Index. The right side of the statistics page is dedicated to Sizzle Index data. The Sizzle Index shows unusual option activity using the ratio of a stock’s current volume and its average daily volume over the last five trading sessions. A Sizzle Index reading greater than 1.0 indicates that the current volume is greater than the previous five days. Less than 1.0 indicates the opposite, and the further a scale is from 1.0, the more days it deviates from its daily average. put/call ratio. In the lower right is another important measure of short-term investment sentiment – the put/call ratio (P/C ratio). Remember the breakdown of calls in the business analysis section? The P/C ratio simply expresses volume sums as a measure. A ratio of 0.5 indicates that volume is equal between puts and calls. A reading below 0.5 means that the volume is shaded on calls. Above 0.5 is, well, you get the picture. As any of our pros—and any veteran “swimmer”—will tell you, we’re just scratching the surface here. The thinkorswim platform has hundreds of features: fundamental research, mapping tools, order entry and trade management tools, and other hidden gems. Do you want to learn more? Visit our Education page to discover all the opportunities to add to your knowledge. Take a course, tune in to one of the many daily webcasts, or open the Trader TV widget and watch the TDAmeritrade Network. There’s always room for another thinkorswim pro.

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Content intended for educational/informational purposes

How To Trade Futures On Thinkorswim Mobile

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