Tradingview Vs. Thinkorswim: a Detailed Comparison

If you are looking for a trading platform that can help you perform technical analysis and execute trades, you may have come across TradingView and thinkorswim. These are two of the top trading platforms for technical analysis, but they have different features, costs, and suitability for different types of traders.

In this article, we will compare TradingView and thinkorswim in detail and help you decide which one is better for you. We will cover the following aspects of each platform:

• Compatible brokers and assets
• Technical analysis
• User interface and design
• Pricing and plans

By the end of this article, you will have a clear idea of which platform meets your trading needs and preferences.

I personally prefer to use a combination of TradingView for charting and tastytrade to place my trades.

tastytrade is essentially the newer version of thinkorswim, plus you can usually get up to a few thousand dollars when you fund a new tastytrade account and use my referral code.

How TradingView and thinkorswim Differ in Terms of Brokers and Assets

One of the first things to consider when choosing a trading platform is which brokers and assets it supports.

TradingView is a freemium service that provides you with charting, news, stock screeners, advanced indicators, and many more features. It also integrates with various brokers and offers trading for most asset classes, including cryptocurrencies. Many people use TradingView for charting, and place their trades on a separate brokerage account. TradingView is not a brokerage, but a software traders use for charting and other tools.

thinkorswim is also a charting platform, but it is owned by the brokerage Schwab, meaning you must have an funded Schwab or TD Ameritrade account to use the platform. thinkorswim is a free platform that only works with Schwab and TD Ameritrade and offers trading for stocks, options, bonds, futures, currencies, and Bitcoin futures.

Here are some of the advantages and disadvantages of each platform in terms of brokers and assets:

TradingView

Pros

• Supports trading for stocks, bonds, commodity futures, currencies, and cryptocurrencies
• Integrates with a variety of brokers, such as Interactive Brokers, Tradovate, AMP Global, OANDA, Forex.com, and Gemini
• Allows you to trade directly from the charts or use paper trading to practice without risking real money

Cons

• The level of integration may vary depending on the broker and the asset class
• Does not support options trading or provide options analysis tools
• Requires a paid subscription to access advanced features and services

thinkorswim

Pros

• Supports trading for stocks, options, bonds, commodity futures, currencies, and Bitcoin futures
• Fully integrated with TD Ameritrade’s brokerage services and account management
• Supports options trading and includes options chain data and risk diagrams for multi-leg options strategies

Cons

• Only works with Schwab (formerly TD Ameritrade) and requires a TD Ameritrade or Schwab account to use the platform
• Does not support cryptocurrency trading or provide cryptocurrency price data
• May have higher commissions and fees than some other brokers

Based on this comparison, TradingView may be the better choice for traders who want to trade a wider range of asset classes, especially cryptocurrencies, and have more flexibility in choosing their broker. Thinkorswim may be the better choice for traders who are already TD Ameritrade or Schwab customers or who want to trade options.

How TradingView and thinkorswim Compare in Terms of Technical Analysis

Technical analysis is the process of using charts, indicators, and patterns to analyze the price movements of an asset and predict its future direction. Both TradingView and thinkorswim offer comprehensive and customizable charting tools and indicators, but they have some differences in their technical analysis features.

TradingView excels in technical analysis and offers a wide range of charting tools and indicators. It is also more beginner-friendly and has a built-in trader community. Thinkorswim also provides robust charting capabilities and is known for its high-quality charts. It also supports options trading and includes options analysis tools.

Here are some of the similarities and differences between the two platforms in terms of technical analysis:

TradingView

Pros

• Offers over 100 chart types, including candlestick, line, bar, renko, heikin ashi, kagi, point & figure, and more
• New users can usually get a 30-day free trial when you use my link
• Provides over 50 drawing tools, such as trend lines, channels, Fibonacci retracements, pitchforks, Gann tools, and more
• Includes over 100 pre-built indicators, such as moving averages, oscillators, volume indicators, volatility indicators, and more
• Allows you to create your own custom indicators using Pine Script or import indicators from other users
• Has a built-in trader community where you can share your ideas, follow other traders, and get feedback

Cons

• Requires a paid subscription to access more advanced features, such as the volume profile indicator, multiple charts per layout, intraday data, extended trading hours, and more
• Does not support options trading or provide options analysis tools

thinkorswim

Pros

• Offers over 20 chart types, including candlestick, line, bar, monkey bars, and more
• Provides over 30 drawing tools, such as trend lines, channels, Fibonacci retracements, pitchforks, Gann tools, and more
• Includes over 300 pre-built indicators, such as moving averages, oscillators, volume indicators, volatility indicators, and more
• Allows you to create your own custom indicators using thinkScript or import indicators from other users

Cons

• Has a steeper learning curve and may be overwhelming for beginners
• Does not have a built-in trader community or a social media integration
• May have some compatibility issues when using the desktop or mobile platform

Based on this comparison, TradingView may be the better option for traders who want to use a wider range of charting tools and indicators, or who want to interact with other traders and learn from their ideas. Thinkorswim may be the better option for traders who want to use options analysis tools.