Thinkorswim
Thinkorswim is Charles Schwab's trading platform, known for options analysis, charting, paperMoney and thinkScript. Learn its features and who it suits.
Thinkorswim is a professional grade trading platform offered by Charles Schwab. It began at an independent firm called thinkorswim, which TD Ameritrade acquired in 2009. After Charles Schwab acquired TD Ameritrade in 2020, Schwab completed moving TD Ameritrade clients to its own accounts in 2024 and kept thinkorswim as its flagship active trading platform. It is especially well known among US options traders for its analysis tools, and it also handles stocks, ETFs, futures and forex.
Key features#
| Feature | Description |
|---|---|
| Option chains | Detailed chains with Greeks, probabilities and volatility data. See The Option Greeks Explained |
| Analyze tab | Model profit and loss of positions across prices, dates and volatility. See Option Payoff Diagrams |
| Charting | Hundreds of studies and drawing tools |
| thinkScript | A scripting language for custom studies, scans and alerts |
| Scanners | Filter stocks and options by technical and fundamental criteria |
| paperMoney | A simulated trading environment. See Paper Trading |
| OnDemand | Replay past market sessions to practise |
| Multiple order types | Conditional, bracket and complex options orders. See Order Types Explained |
Strengths for options traders#
- Risk graphs showing how a multi leg position behaves at different prices and dates.
- Probability analysis based on implied volatility. See Implied Volatility (IV).
- Volatility tools, including implied volatility history and term structure. See Volatility Term Structure.
- Easy entry of spreads, such as verticals, iron condors and calendars. See Iron Condor and Calendar Spreads.
thinkScript#
thinkScript lets users create custom indicators, scan conditions, watchlist columns and alerts. It is simpler than general programming languages and designed around price series, similar in spirit to Pine Script. It cannot run fully automated trading strategies in the way some other platforms allow, though conditional orders can automate some actions. See Pine Script Basics.
Costs and access#
The platform is free for Schwab account holders. US online stock and ETF trades are commission free; options carry a per contract fee, and futures carry per contract commissions plus exchange fees. Availability for non US residents is limited. Check Schwab's current pricing and eligibility.
Strengths and weaknesses#
| Strengths | Weaknesses |
|---|---|
| Excellent options analysis | Can feel complex for beginners |
| Free with a Schwab account | Mainly available to US residents |
| Strong practice tools (paperMoney, OnDemand) | Limited fully automated strategy support |
| Broad product coverage | Resource heavy desktop application |
Who it suits#
- US options traders who want deep analysis tools.
- Active stock traders using scans and alerts.
- Learners who want realistic practice with paperMoney. See Options Learning Path.
Getting started#
New users often feel overwhelmed by the number of tabs and settings. A practical path is to start in paperMoney, set up one clean chart layout and one watchlist, then learn the option chain and the Analyze tab with simple trades such as a covered call or a single vertical spread. Add scans and custom studies only once the basics feel natural.
Frequently asked questions#
What is thinkorswim?#
A trading platform from Charles Schwab, originally developed by thinkorswim and later owned by TD Ameritrade, known for options analysis and charting.
Is thinkorswim free?#
The platform is free for Schwab account holders, though trades in options and futures carry fees.
Can I practise on thinkorswim?#
Yes. paperMoney provides simulated trading, and OnDemand lets you replay past market sessions.
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