Traders today are spoiled for choice when it comes to trading platforms. Two of the most popular are TradingView and Thinkorswim. But which one is better for traders? This comprehensive TradingView vs Thinkorswim comparison will help you decide.
We'll look at key factors like features, tools, costs, ease of use, community support and more. By the end, you'll know which platform is best suited for your needs.
TradingView Overview
TradingView is a charting platform and social network for traders. It was founded in 2011 and has quickly grown to become one of the most popular trading platforms.
Some key features of TradingView:
TradingView is used by over 15 million monthly active users. It offers a freemium model - free accounts with paid upgrades for more features.
Thinkorswim Overview
Thinkorswim, also known as TOS, is TD Ameritrade's advanced trading platform. It was launched in 1999 and acquired by TD Ameritrade in 2009.
Some key features of Thinkorswim:
Thinkorswim excels when it comes to options trading and is tightly integrated for TD Ameritrade clients. It also offers robust charting, scanning and analysis tools.
TradingView vs Thinkorswim Features Compared
Let's dive into a detailed comparison of the features and tools offered by TradingView and Thinkorswim:
Charting
Both platforms offer powerful charting capabilities and a wide range of indicators. TradingView has over 100 indicators while Thinkorswim boasts over 400.
Some key differences:
Overall, TradingView takes the lead when it comes to advanced charting tools, flexibility and ease of use.
Technical Analysis
For analyzing charts and finding trading opportunities, both platforms are excellent. TradingView makes technical analysis easy through its Chart Pine Editor feature, which lets you code strategies visually.
Thinkorswim requires using ThinkScript code to automate analysis. The coding language has a steep learning curve but unlocks powerful capabilities.
In terms of pre-built indicators, Thinkorswim comes with 400+ out of the box. TradingView has 100+ but makes up for it through thousands of user-contributed scripts. For most traders, TradingView should have all the technical analysis tools needed.
Scanning & Screening
To search for trading opportunities, Thinkorswim has a robust scanning tool built-in. You can scan across instruments based on technical criteria and volatility.
TradingView recently launched its own screener tool which lets you scan across forex, crypto, stocks, futures and CFDs. For now, Thinkorswim still has the edge when it comes to scanning power and flexibility.
Strategy Backtesting
Backtesting trading strategies against historical data is crucial. TradingView lets you backtest strategies written in Pine Script across any time period or resolution.
Thinkorswim also enables strategy backtesting through its OnDemand feature. You can replay market conditions to simulate how your strategies would perform.
For backtesting accuracy and convenience, TradingView is the better choice.
Automated Trading
With TradingView, you can code trading bots and strategies in Pine Script. But they can't automatically execute trades. For that, you need to connect your bot to a supported broker through Trade View's API.
Because it's tightly integrated with TD Ameritrade, Thinkorswim allows full automated trading. You can code a strategy in ThinkScript and connect it to your brokerage account to auto-execute orders. This gives Thinkorswim the advantage for automation.
Options Trading
For options traders, Thinkorswim is the clear winner. It has tools specifically for analyzing options strategies across risk, reward, probability of profit and more. Complex options spread orders can also be placed with one click.
TradingView also supports options trading, but the tools are not as robust. However, TradingView covers a wider range of assets beyond just stocks and ETFs.
Costs and Fees
TradingView offers free accounts with limited features, while Thinkorswim is free for TD Ameritrade clients. Here's a breakdown of the plans:
TradingView Pricing:
Thinkorswim Pricing:
For most traders, TradingView provides the best value and lowest cost solution even on paid plans. Thinkorswim is only free if you have an account with TD Ameritrade.
Ease of Use
TradingView has a simpler interface that is beginner-friendly. Charts, watchlists, analysis tools and scripts are easily accessible. Customizing your workspace is drag-and-drop easy.
Thinkorswim uses a modular-based workspace that takes some getting used to. The learning curve is steeper and it can be confusing initially to find what you need. TradingView's intuitive interface gives it the edge.
Community & Support
With over 15 million monthly users, TradingView has built an enormous community. You can easily find free scripts, get feedback on your analysis, and learn from other experienced traders.
Thinkorswim also has an active user community, but smaller than TradingView's. Joining relevant groups on LinkedIn is one way to connect and learn from other TOS users.
For community size and engagement, TradingView is the clear winner here.
Mobile Trading
The TradingView mobile app enables charting, watchlists, alerts and analysis on the go. Everything is synced seamlessly across desktop and mobile.
Thinkorswim also offers robust mobile apps for iOS, Android and tablets. The apps include full charting capabilities, account management tools, and push notifications.
Both mobile trading solutions are excellent. TradingView has a slight edge on interface and ease of use. Thinkorswim offers more actual trading capabilities through its mobile app.
Security
As leading trading platforms, both TradingView and Thinkorswim employ bank-level security measures. User data is protected through encryption and other security protocols.
Since TradingView doesn't directly execute trades, it carries less risk than Thinkorswim which is linked to your brokerage account. But both platforms are trusted and widely used by millions of traders.
TradingView vs Thinkorswim: Verdict
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So which platform comes out on top in this in-depth TradingView vs Thinkorswim comparison? Here's a quick rundown of the key differences:
Overall, TradingView emerges as the winner for most traders. The combination of an intuitive interface, powerful analysis tools, low costs and huge community gives TradingView the edge.
Thinkorswim is a great choice for active options traders, especially those with an existing TD Ameritrade account. But for stock, forex and crypto traders, TradingView provides the better platform and value.
The choice ultimately depends on your specific trading needs. Hopefully this detailed TradingView vs Thinkorswim comparison has helped breakdown the key differences between the two leading platforms.
Here are 10 additional FAQs comparing TradingView vs Thinkorswim:
TradingView is better for beginners. Its simple, intuitive interface makes it easy to find everything you need. Thinkorswim has a steeper learning curve and can be overwhelming initially with its modular workspace.
Yes, you can connect TradingView to TD Ameritrade to trade from TradingView charts. This requires using the TV Broker connector and linking your TD Ameritrade account, which enables one-click trading.
The TradingView Pro+ plan includes level 2 data for stocks and ETFs. This shows full order book data, providing more insight into market depth beyond the bid and ask. Thinkorswim also offers level 2 data.
Some free alternatives to TradingView include TrendSpider, ChartMill, and Webull charts. But TradingView provides excellent value even at paid plans, with prices starting at $9.95/month.
You can code automated trading strategies on TradingView using Pine Script, but they won't automatically execute trades. To enable auto-trading, you need to connect to supported brokers via API. Thinkorswim allows full trade automation natively.
TradingView is better for crypto trading. It has specific tools for crypto like Renko charts, crypto screener, and charting for thousands of crypto pairs. Thinkorswim mainly focuses on stocks, options and futures.
TradingView offers real-time data on all paid plans. The free plan has a 15-20 minute delay. Thinkorswim provides real-time streaming data for free to TD Ameritrade clients.
Yes, TradingView has an options screener to scan for profitable options trades based on volatility, liquidity, ratios and other filters. But Thinkorswim's options analytics and scans are still more powerful.
Yes, one of TradingView's best features is the ability to import custom indicators, scripts, and strategies. You can write your own or use ones shared by the TradingView community.
TradingView employs bank-level security measures to keep user data safe. It uses SSL encryption, 2-factor authentication, and rigid data access policies. Thinkorswim also has top-tier security. Both platforms are trusted by millions of traders.
