Introduction:
Thinkorswim is a trading platform for stocks, options, futures, and forex. It is a subsidiary of TD Ameritrade, which is now part of Charles Schwab. However, in recent years, Thinkorswim has added a new feature: crypto trading. In this article, we will explore the crypto charts in Thinkorswim and how they can help you make better trading decisions.
What Are Thinkorswim Crypto Charts?
Thinkorswim crypto charts are charts that display the price and volume of cryptocurrencies traded on various exchanges. The charts are customizable and can be used to analyze the price movements of various cryptocurrencies over time. Thinkorswim offers over a dozen different cryptocurrencies to trade, including Bitcoin, Ethereum, Litecoin, and more.
Why Use Thinkorswim Crypto Charts?
Thinkorswim crypto charts offer several advantages over other charting platforms. First, they are integrated into the Thinkorswim platform, which means that you can use all of the platform’s tools and features to analyze the charts. Second, the charts are customizable, which means that you can adjust the chart settings to fit your trading style. Finally, the charts are live, which means that they are updated in real-time, so you always have the latest price and volume data.
How to Use Thinkorswim Crypto Charts
To use Thinkorswim crypto charts, you first need to open a TD Ameritrade account and download the Thinkorswim platform. Once you have done that, you can access the crypto charts by clicking on the “Trade” tab and selecting “Crypto.” From there, you can select the cryptocurrency you want to trade and open a chart.
Customizing Your Crypto Charts
Once you have opened a chart, you can customize it by adjusting the chart settings. You can change the time frame, add technical indicators, and draw trend lines and support and resistance levels. You can also add other cryptocurrencies to the chart to compare their price movements.
Using Crypto Charts to Make Trading Decisions
Thinkorswim crypto charts can be used to make better trading decisions by analyzing the price movements of various cryptocurrencies. You can use technical analysis to identify trends and patterns and make trades based on those patterns. You can also use fundamental analysis to analyze the news and events that affect the price of cryptocurrencies.
Technical Analysis
Technical analysis is the study of past price and volume data to identify trends and patterns. You can use technical indicators like moving averages, MACD, and RSI to identify trends and make trades based on those trends. You can also draw trend lines and support and resistance levels to identify key price levels.
Fundamental Analysis
Fundamental analysis is the study of the news and events that affect the price of cryptocurrencies. You can use news sources like CoinDesk and Cointelegraph to stay up-to-date on the latest news and events. You can also use social media platforms like Twitter to follow influential people in the crypto industry.
Conclusion
Thinkorswim crypto charts are a powerful tool for analyzing the price movements of cryptocurrencies. They are customizable, live, and integrated into the Thinkorswim platform. By using technical and fundamental analysis, you can make better trading decisions and improve your overall trading performance. If you are interested in trading cryptocurrencies, Thinkorswim crypto charts are a must-have tool.
