Grids & Flexible Grids | Exploring thinkorswim | Ben Watson | 7-16-24

Introduction

Good afternoon and welcome to another great webcast from Schwab coaching. My name is Ben Watson, an education coach and Senior Manager at Charles Schwab. I am joined today in the chat by my good friend Barb Armstrong, a phenomenal educator with over 20 years of experience in the financial markets.

For those joining us live or watching the recorded version later, thank you for being here. Today, we will delve into the use of grids and flexible grids in charts and customization in the thinkorswim platform, feeling a bit like Indiana Jones as we uncover these tools.

Housekeeping Items

• Remember, everything discussed is for illustrative and educational purposes only and is not an endorsement of any particular security, chart pattern, layout, or investment strategy.
• Options carry a high level of risk and are not suitable for all investors. Ensure you understand the characteristics and risks of standardized options before considering any option strategy.
• We will discuss technical analysis tools, but Schwab does not recommend technical analysis as the sole means of investment research. Always consider diverse methods including fundamental and probability analysis.
• I will be using the desktop version of the paper money platform today. Note that this is not a guarantee of future success and there may be differences when transitioning from paper to live trading.
• Investing involves risk, including the loss of principal. Be aware of the inherent risk when discussing stop orders and stop limit orders, which do not guarantee an execution price.
• Remember, past performance of any security or strategy does not guarantee future results.

Exploring Grids in thinkorswim

Charts are a cornerstone of the thinkorswim platform. You can start with a simple, default chart or customize it with different styles and studies. The platform offers over 400 studies and many customizable strategies.

Chart Grids

By selecting the grid icon on the top right, you can set up multiple charts in a grid format. These grids are symmetrical, meaning you can organize your charts evenly (e.g., 3x3, 2x2). Each chart can have different or identical studies and time frames. You can also link these charts, so changing the symbol on one updates all linked charts.

Practical Uses of Grids

For example, you can create a dashboard view with different time frames on each chart. A 2x2 grid might have charts for three-year weekly, one-year daily, five-day 15-minute, and one-day one-minute time frames.

You can also load multiple symbols from a watchlist into these grids, prepopulating them for easy analysis. Ultimately, using grids can enhance your technical analysis by providing multiple perspectives at once.

Flexible Grids

For more customization, we turn to flexible grids. Here, grids can be asymmetrical, meaning you can adjust the size of each grid independently. This allows you to prioritize certain charts over others.

Building a Flexible Grid

1. Open a new flexible grid and customize it by adding boxes either below or beside existing ones.
2. Adjust the size of each box by dragging the horizontal or vertical lines.
3. Add different gadgets (e.g., charts, news, option chains) to each box, and customize the content for each box.

For example, you could have one large chart, a live news feed, an option chain, and an SPX chart all displayed simultaneously.

Practical Application

Flexible grids can be extremely useful for building a comprehensive trading dashboard. You can save these custom grids and share them with others, and even use thinkorswim's Setup Wizard to quickly build a grid based on your trading needs (e.g., options layout).

Additional Resources

To further enhance your knowledge, visit schwab.com/coaching for live webcasts, on-demand webcasts, and information on in-person events. Also, check out youtube.com/TraderTalksWebcasts for more specific tutorials and tips.

In conclusion, thinkorswim’s grid and flexible grid features offer powerful tools for customizing your trading interface, making it more functional and personalized to your specific needs.

Keywords

• thinkorswim
• grids
• flexible grids
• customization
• charts
• technical analysis
• trading dashboard

FAQ

What is the difference between regular grids and flexible grids in thinkorswim?

Regular grids are symmetrical, meaning each box in the grid must be of equal size. Flexible grids allow you to adjust the size and layout of each box independently, offering more customization.

Can I link charts in different grids together in thinkorswim?

Yes, you can link charts across different grids by using the link symbols, ensuring that changing the symbol in one chart updates all linked charts.

How can I customize the gadgets within a flexible grid?

You can customize gadgets by selecting the gadget you want to add (e.g., chart, news, option chain) and then removing any unnecessary components (like the dashboard) to display only the information you need.

Can I save and share my custom grids in thinkorswim?

Yes, you can save custom grids for future use and share them with others by creating a shared link.

How do I ensure my workspace in thinkorswim is organized the way I want?

Utilize the Setup Wizard to choose a trading layout that fits your needs (e.g., options trading) and save your workspace for quick reloading.