The advancing technology has brought about new and more effective ways for investors to trade. For instance, many traders are now using Thinkorswim (TOS)–a popular trading platform owned by Ameritrade–to sell and buy stocks, mutual funds, bonds, futures, foreign exchange, etc. One of the benefits of using TOS is its simple and practical indicators designed to help you identify market trends and make well-informed investment decisions.
These indicators come in the form of Thinkorswim strategies and studies. With these two options, you can build your favorite indicators to help you know when it’s the right time to sell or buy. You can even customize your Thinkorswim studies to come up with indicators that match your trading needs.
But you have to decide whether to rely on Thinkorswim studies or Thinkorswim custom studies for your market indicators–this is where the services of a Thinkorswim programming freelancer come in handy. Because the programmer will understand the workings of this trading platform, they’re better placed to advise you on the best option for your investment.
Fortunately, you can find a qualified and experienced TOS developer for your project on Guru–but even as you look for a developer to help you figure out what’s best for your investment, you need to have an idea of what TOS studies and TOS custom studies offer.
Thinkorswim Studies
As a trading platform, TOS offers you hundreds of technical indicators as well as an integrated studies editor to enable you to develop your favorite indicators. As noted above, these TOS indicators are divided into two main categories: Studies and Strategies. Studies are market indicators that compute specific values in every bar on the chart.
Strategies are indicators that give you past trade signals, including the time and price parameters on the graph where a specific price-based situation was fulfilled. You can also back-test your favorite TOS strategies. For instance, the platform allows you to view reports that compute the theoretical Profit/Loss (P/L) value that simulates the actual value when the provided signals are real sell and purchase orders.
Thinkorswim studies are easy to operate because you simply click the ‘Studies’ button in your chart header and click Add Study. Since TOS studies are categorized into various groups in alphabetical order, you need to know the exact group that your preferred study belongs to for ease of selection. Therefore, you should take some time to review all the study groups on the platform to know where each study sits.
You can also add your preferred studies by clicking the ‘Edit Studies’ button in the menu. This option also offers you several advanced options for your indicators. With this option, you’ll open the ‘Edit Studies and Strategies’ dialog, which comes with three tabs: Strategies, Sets, and Studies. Choose the study you prefer by double-clicking on its name.
When you double-click on the study, it’ll be automatically shown in the Added Studies and Strategies section. You can even add several studies by selecting the ones you need and then clicking the ‘Add Selected’ button.
Thinkorswim Custom Studies
If the available TOS studies don’t provide you with the necessary support, you’re allowed to customize them to meet your needs. These ones are commonly referred to as “custom studies.” Fortunately, TOS offers advanced tools that you can use to customize your studies, but if you’re new to Thinkorswim, you should allocate the work of customizing your TOS studies to a qualified Thinkorswim developer.
With reputable freelance job sites like Guru, you won’t experience difficulties finding the right programmer to customize your TOS studies. Make sure that the developer you hire for this project understands how the ThinkScript Editor works–they should even have extensive experience in customizing different TOS studies using the study editor.
For instance, the developer should be able to compose and edit your codes, highlight the syntax, format your codes, deploy the built-in ThinkScript library, save the scripts, and deploy the account control system. The main benefit of customizing your TOS studies is that you’ll have studies that are tailored to your trading and investment needs. Therefore, you can apply them to your trading activities in a way that guarantees you the most practical results.
You can even use TOS studies and custom studies together to identify and analyze market trends more engagingly. Whichever option you choose, you’ll need the assistance of an experienced TOS developer to create your favorite indicators–so, make sure you use Guru to find the perfect person for the job.
