TradingView and Thinkorswim are two of the most popular charting platforms for traders. Both platforms offer a wide range of features, but they have different strengths and weaknesses.
TradingView is a cloud-based charting platform that offers a freemium pricing model. The free version of TradingView offers a limited number of features, but the paid plans offer more features and data.
TradingView is known for its powerful charting tools and its large community of traders. The platform offers a wide range of technical indicators and drawing tools, and it allows traders to share their charts and ideas with others.
Thinkorswim is a desktop-based charting platform that is offered by TD Ameritrade. Thinkorswim is free to use with a TD Ameritrade account, but there is also a premium version of the platform that offers more features.
Thinkorswim is known for its advanced trading tools and its deep market data. The platform offers a wide range of order types and trading strategies, and it allows traders to access real-time market data.
Here is a table that compares the two platforms:
The following are the Features of TradingView on the said platforms, have a look as under:
Pricing Freemium: Free with TD Ameritrade account, premium version available
Charts Powerful charting tools, large community of traders Advanced trading tools, deep market data
Data- Free data, paid plans offer more data and Real-time market data respectively.
Order types- Wide range of order types and Wide range of order types respectively.
Trading strategies – Wide range of trading strategies and Wide range of trading strategies respectively.
Community- Large community of traders and Active community of traders respectively.
TradingView and Thinkorswim are both powerful charting platforms with different strengths and weaknesses. TradingView is a good choice for traders who want a powerful charting tool with a large community of traders. Thinkorswim is a good choice for traders who want a platform with advanced trading tools and deep market data.
Which platform is right for you?
The best platform for you will depend on your individual needs and preferences. If you are a beginner trader, TradingView may be a good choice because it offers a free version and a large community of traders. If you are an experienced trader who wants advanced trading tools and deep market data, Thinkorswim may be a better choice.
Here are some additional factors to consider when choosing between TradingView and Thinkorswim:
Your trading style: If you are a swing trader or a day trader, you may need different features than a position trader.
Your investment goals: If you are a long-term investor, you may not need the same features as a short-term trader.
Your budget: TradingView and Thinkorswim offer different pricing plans. You should choose a plan that fits your budget and your needs.
Thus in conclusion, we can say that the two with scalping strategies on TradingView can be a profitable approach for traders looking to seize quick profits from small price movements. Selecting liquid assets, using short timeframes, employing technical indicators, and focusing on support and resistance levels are some effective techniques for scalping.