This is not investment advice. The information provided is for educational and informational purposes only and does not constitute a recommendation to buy or sell any financial product.
thinkorswim is one of the most respected trading platforms among retail traders. Originally built by TD Ameritrade, it now lives under Charles Schwab following the 2020 acquisition. It is free for all Schwab customers.
Key features
Charting. Over 400 technical studies, dozens of drawing tools, and the ability to overlay multiple timeframes and instruments on a single chart. You can save chart grids with up to 16 charts per workspace. Few retail platforms match thinkorswim's charting depth.
Options analysis. The options chain displays Greeks, implied volatility, probability of profit, and theoretical prices. The Risk Profile tool visualises the payoff of multi-leg strategies. thinkBack replays historical data to backtest options strategies.
Scanning. Stock and options scanners filter the market by technical patterns, fundamentals, options flow, and unusual activity. Build custom scan queries or use pre-built scans. The results feed into watchlists and charts.
Paper trading. A fully functional simulation account with $100,000 in virtual money and real-time market data. All features of the live platform are available in paper trading — charting, scanning, and order entry work exactly the same. Essential for learning the platform or testing strategies.
thinkScript. A proprietary scripting language for creating custom indicators, scans, and chart studies. More accessible than programming in Python but still has a learning curve.
Hotkeys and active trader ladder. Hotkey order entry for fast execution. The Active Trader ladder shows the order book and lets you place orders with a click.
Desktop vs mobile vs web
| Version | Strengths | Limitations |
|---|---|---|
| Desktop | Full features, 16-chart grids, hotkeys | Steep learning curve, Windows/Mac only |
| Mobile (iOS/Android) | Charting, options, watchlists, order entry | Fewer studies, no backtesting |
| Web | Quick access from any browser | Most limited feature set |
The desktop version is where thinkorswim shines. The mobile app is surprisingly capable. The web version is the weakest link — use the desktop or mobile app.
Learning curve
thinkorswim has a steep learning curve. New users see a screen full of windows and may not know where to start. Schwab offers a comprehensive education centre with video tutorials for every feature. Budget a week of daily use to become comfortable with the platform.
Paper trading is the best way to learn. Use the simulated account to place trades, set up charts, and build scans without risking real money.
Who should use thinkorswim
Best for: Active retail traders, options traders, swing traders, and anyone who wants advanced charting without paying for a Bloomberg terminal or professional platform subscription.
Not for: Buy-and-hold investors who place a few trades per year. The basic Schwab website is more appropriate for that use case.
Common questions
Is thinkorswim free? Yes, for all Charles Schwab brokerage customers. There is no fee for the platform, data, or paper trading.
Can I use thinkorswim without a Schwab account? No. You need a Schwab brokerage account to access thinkorswim. The paper trading account is available once you open a live account.
Is thinkorswim better than TWS? It depends on your needs. thinkorswim has better charting and is easier to learn. TWS (Interactive Brokers) has better order routing, lower margin rates, and API access. See the desktop platforms comparison.
Can I use TradingView with thinkorswim? TradingView does not integrate directly with thinkorswim for order execution. You would chart on TradingView and place orders on thinkorswim.
Where to start
Open a Charles Schwab account and download thinkorswim. Start with paper trading to learn the platform. Read the desktop trading platforms guide for comparisons with TWS and TradeStation.