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Thinkorswim

thinkorswim is a designed for self-directed investors and active traders, offering advanced tools for trading , exchange-traded funds (ETFs), options, futures, and forex. Originally developed as a specialized options trading software, it provides , customizable charting with over 400 technical studies, strategy , and simulated trading via its paperMoney feature, enabling users to practice without . The platform is available in three formats—desktop, web, and mobile—each delivering core functionalities like live streaming news, educational resources, and commission-free trading for equities and a flat $0.65 per contract for options, catering to both novice and professional users. Founded in 1999 by and Scott Sheridan in as thinkorswim Group Inc., the company focused on innovative options trading technology for retail investors, growing to become a publicly traded entity (NASDAQ: SWIM) before its acquisition. In January 2009, TD Ameritrade acquired thinkorswim for $606 million in a cash-and-stock deal, integrating its advanced platform to enhance offerings in options and futures trading. Following the 2020 merger of TD Ameritrade with , thinkorswim became part of Schwab's ecosystem, ensuring its continued development and availability to approximately 28 million brokerage accounts at the time of merger completion (now over 38 million active brokerage accounts as of September 2025) while maintaining its reputation for robust analytics and user-driven innovations.

Overview

Description

Thinkorswim is a designed for active traders, providing access to equities, options, futures, forex, and exchange-traded funds (ETFs) through and execution capabilities. The platform's core purpose is to facilitate sophisticated , of trading strategies, and order execution, empowering both retail and professional traders with tools for informed in dynamic financial environments. It primarily targets experienced individual investors and day traders who require customizable interfaces and advanced functionalities that surpass the limitations of basic brokerage platforms. A key differentiator of Thinkorswim from standard trading platforms lies in its emphasis on advanced , including customizable charting and simulation features like paperMoney for risk-free strategy testing.

Ownership and Availability

Thinkorswim operated as an independent trading software company, thinkorswim Group Inc., until its acquisition by in 2009. The deal, announced on January 8, 2009, valued the company at $606 million, consisting of $225 million in cash and approximately 28 million shares of common stock. The acquisition was completed on June 11, 2009, integrating thinkorswim's advanced options and futures trading platform into 's offerings to enhance its active trader services. Following 's ownership, announced its intent to acquire TD Ameritrade on November 25, 2019, in an all-stock transaction valued at approximately $26 billion. The acquisition was completed on October 6, 2020, after receiving regulatory approvals, creating one of the largest firms with over $6 trillion in client assets. The full integration of operations, including thinkorswim, extended over several years, with the platform's merger into 's ecosystem culminating in the launch of "Schwab Trading Powered by Ameritrade" on October 16, 2023. This unified the thinkorswim suite with Schwab's web and mobile platforms, marking the end of standalone TD Ameritrade access. As of 2025, thinkorswim is fully owned and operated by and is available exclusively to Schwab clients through the thinkorswim suite, branded under "Trading at Schwab is powered by Ameritrade." There is no separate standalone version outside of Schwab's ecosystem. Access to the is free for all Charles Schwab brokerage account holders, requiring only a standard login via Schwab.com or the mobile app to download and use the , , or versions. Live trading necessitates a funded brokerage account to execute real transactions, while the paperMoney simulator allows risk-free practice trading with virtual funds accessible immediately upon login, without any funding requirement.

History

Founding and Early Development

Thinkorswim was founded in 1999 by and Scott Sheridan in Chicago, , as a software-focused brokerage firm specializing in options trading. Sosnoff and Sheridan, both veteran traders at the (CBOE) since 1988, invested their personal savings to create the company, drawing on their extensive floor trading experience to address limitations in existing retail trading tools. The early development of Thinkorswim centered on building innovative software for options pricing, risk analysis, and strategy construction, aiming to empower individual traders with professional-grade capabilities previously reserved for institutional users. Inspired by the shift toward in the late , the founders prioritized processing and intuitive interfaces to simplify complex options trades, setting the platform apart in a market dominated by basic brokerage services. The initial desktop platform launched in 1999, featuring customizable dashboards and advanced analytical tools that quickly attracted tech-savvy options traders seeking efficiency and depth. During its growth phase through the mid-2000s, Thinkorswim cultivated a dedicated niche among active options traders, with monthly new account additions reaching 6,000 by 2007 and revenues doubling quarterly to $32 million. The company gradually expanded beyond options to include , futures, futures options, and forex, broadening its appeal while maintaining its core emphasis on sophisticated, user-driven trading environments.

Acquisition by TD Ameritrade

On January 8, 2009, Holding Corp. announced its agreement to acquire thinkorswim Group Inc. for approximately $606 million, consisting of $225 million in cash and approximately 28 million shares of common stock. The deal valued thinkorswim shares at about $8.71 each, representing a 54% premium over the prior closing price, and was expected to close within six months, subject to regulatory approvals and shareholder consent. The acquisition was completed on June 11, 2009, after thinkorswim stockholders approved the merger on June 9. The primary motivations for the acquisition stemmed from TD Ameritrade's strategy to strengthen its offerings for active traders by incorporating thinkorswim's advanced technology platform, which specialized in options, futures, and forex trading. Thinkorswim's customizable tools and educational resources complemented TD Ameritrade's existing brokerage services, enabling the combined entity to capture a larger share of the growing active trader segment and challenge competitors like in options trading. At the time, thinkorswim contributed around 87,000 funded accounts, $3 billion in client assets, and a robust program with over 375,000 graduates, aligning with TD Ameritrade's goal of enhancing client engagement and trading volume. Following the acquisition, thinkorswim was integrated into TD Ameritrade's brokerage ecosystem, with the platform rebranded as thinkorswim by TD Ameritrade to reflect its expanded availability to TD clients. This allowed TD Ameritrade's existing customers immediate access to thinkorswim's advanced features without disrupting thinkorswim's original user base, which continued operations seamlessly in the short term. The integration focused on leveraging thinkorswim's technology to boost TD Ameritrade's daily options trades to about 73,000 on a pro-forma basis, while the deal was projected to generate $55 million in annual revenue and cost savings, primarily through retiring thinkorswim's clearing contract. Strategically, it solidified TD Ameritrade's market position in options trading, with no major layoffs or immediate platform overhauls reported, though minor technical hiccups affected some users shortly after closure. The acquisition had minimal impact on TD Ameritrade's fiscal 2009 earnings and began contributing to profit growth in 2010.

Integration with Charles Schwab

In November 2019, The Charles Schwab Corporation announced its $26 billion all-stock acquisition of TD Ameritrade Holding Corporation, a deal that closed on October 6, 2020, after receiving all necessary regulatory approvals from bodies including the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority. The merger was driven by anticipated synergies between the firms' complementary client bases—Schwab's focus on long-term investors and TD Ameritrade's emphasis on active traders—and their respective technologies, aiming to create a unified brokerage with approximately $6 trillion in client assets and 28 million accounts. The integration process unfolded over several years, with account migrations occurring in phases to minimize disruptions; by late 2023, most regulatory and operational hurdles had been cleared, and the final wave of approximately 1.8 million TD Ameritrade accounts—part of the original 11 million brokerage accounts—was transferred to Schwab's systems during the weekend of May 3-5, 2024, marking the completion of the merger. This timeline allowed Schwab to progressively consolidate operations, with TD Ameritrade's broker-dealer entities ceasing independent functionality by May 2024. For Thinkorswim, the advanced trading platform originally acquired by in 2009, the merger resulted in its rebranding and deeper incorporation into 's ecosystem as "Schwab Trading Powered by Ameritrade," launched in October 2023 to blend Thinkorswim's capabilities with Schwab's and mobile interfaces. Full access to Thinkorswim was extended to all clients starting October 16, 2023, enabling seamless use across Schwab's 35 million active brokerage accounts without requiring separate logins. Core Thinkorswim features, such as advanced charting and options analysis, were preserved, while integration added Schwab's proprietary research tools, including market commentary and feeds, enhancing the platform's utility for retail traders. The migration process presented challenges, including intermittent outages on Thinkorswim and TD Ameritrade's platforms in April 2023, as well as client-reported issues with apps, delayed quotes, and extended wait times at during peak transition periods in 2023 and 2024. Despite these temporary disruptions, the integration succeeded in creating a unified platform offering that scaled Thinkorswim's reach to Schwab's broader client base, maintaining its core functionality while leveraging combined resources for improved reliability and features. In 2025, further enhanced thinkorswim by expanding 24-hour trading (24/5) to all retail clients, allowing trading of over 1,100 securities including , , and Dow 30 stocks, plus more than 600 ETFs, following a pilot program in late 2024.

Platforms

Desktop Platform

The thinkorswim desktop platform, launched as the flagship offering in the early 2000s following the company's founding in 1999 by and Scott Sheridan, serves as a Windows-based downloadable application designed for advanced traders. It supports multi-monitor configurations through its detached windows manager, enabling users to extend interfaces across multiple displays for enhanced visibility during complex trading setups. This platform emphasizes robust performance for power users, distinguishing it from lighter web and mobile versions by providing deeper customization and processing capabilities. The interface features highly customizable workspaces, with six pre-configured options such as , Futures, and Options, each tailored to specific trading focuses and accessible via the Setup menu. Core components include dedicated tabs for (encompassing All Products, Active Trader, and others), Analyze, , and , allowing seamless navigation between trading execution, market scanning, position tracking, and performance analysis. Drag-and-drop functionality facilitates rearranging charts, watchlists, and order entry tools, promoting an intuitive layout that adapts to individual workflows. Primary use cases center on high-volume trading sessions, where the platform delivers real-time streaming quotes across , options, futures, and forex, alongside advanced routing options like market-on-close () executions tied to official exchange closes. It supports historical data playback through the feature, enabling users to replay past market sessions for strategy testing and review, simulating live conditions with tick-by-tick accuracy up to several years back. These capabilities make it ideal for active traders managing multiple assets in fast-paced environments. System requirements include or later, with macOS support via macOS 14 or later; a minimum of 8 GB RAM is recommended for smooth operation, particularly with multiple charts and data streams. The application is obtained through a direct from the official site, requiring no additional software installations beyond the built-in Java runtime.

Web and Mobile Platforms

The thinkorswim web platform, launched in June 2020 by , offers browser-based access to essential trading and charting tools without requiring any software downloads. Users can access it through the dedicated interface at trade.thinkorswim.com, enabling core functionalities such as placement, monitoring, customizable charts, and basic directly from compatible web browsers on desktops or laptops. This no-install approach enhances accessibility for users seeking quick entry into trading without the setup demands of heavier applications. Complementing the web version, thinkorswim mobile apps for and provide portable trading experiences tailored for smartphones and tablets. The app was first released on March 25, 2009, while the Android version debuted around 2011, both featuring touch-optimized interfaces for streamlined order entry, customizable alerts for price movements or news events, and access to streaming market news including video integration. These apps support trading in , options, futures, and forex, with synced watchlists and positions across devices for seamless on-the-move management. In comparison to the desktop platform's advanced capabilities, the web and mobile versions feature reduced customization depth—such as limited custom study additions and fewer workspace layouts—and may exhibit slower performance for resource-intensive tasks like complex or multi-chart analysis. However, their streamlined designs prioritize accessibility advantages, making them ideal for monitoring positions, receiving real-time notifications, and executing basic trades during travel or brief sessions. Following the completion of Charles Schwab's acquisition of TD Ameritrade in October 2020, thinkorswim platforms were retained and further integrated into 's ecosystem. In October 2023, introduced "Schwab Trading Powered by Ameritrade," providing clients with access to thinkorswim web and mobile platforms, including unified login capabilities for seamless and synchronization with brokerage accounts. Full trading and data streaming require an active connection, with offline access restricted to viewing cached elements like saved watchlists.

Features

Trading Tools

Thinkorswim supports a range of standard order types for efficient trade execution, including market orders that seek fulfillment at the next available price, limit orders that execute at a specified price or better, and stop orders that trigger a market order upon reaching a designated activation price. Additional variants such as stop-limit orders, which activate a limit order after the stop price is hit, and trailing stop orders, which dynamically adjust the stop price based on favorable market movements, provide further control over entry and exit points. For options trading, the enables multi-leg strategies like spreads, , condors, and iron butterflies through dedicated order builders that allow users to construct and submit these as single transactions. Execution capabilities in Thinkorswim emphasize speed and , with options for direct to specific exchanges or market makers, bypassing automatic smart when desired for targeted fills. Level II quotes display real-time bid and ask prices from multiple exchanges, aiding in assessment of and before order submission. Time-in-force settings include day orders valid only for the current session, good-til-canceled (GTC) for extended duration, and extended hours options like EXTO for overnight trading from Sunday 8 p.m. to Friday 8 p.m. . The paperMoney simulator replicates live market conditions with virtual funds, allowing users to practice order placement and execution across all without . Risk management is integrated directly into the trading , with tools like position sizing aids in the order entry interface that calculate share quantities based on account equity and parameters. Probability of (POP) metrics, derived from option models, estimate the likelihood of a being profitable at expiration and appear in the analyzer for pre-trade evaluation. Margin estimators within order tickets forecast required buying power and potential margin calls for leveraged positions, helping traders avoid overexposure. The platform covers major , including equities and ETFs for trading, options for strategies, futures for commodities and indices, and forex for pairs, all accessible via the All Products interface. The multi-leg order builder facilitates constructing and visualizing complex trades, displaying key such as , , and alongside projected profit/loss scenarios to inform execution decisions.

Analysis and Charting

Thinkorswim provides extensive charting capabilities designed for detailed market visualization and technical analysis. The platform supports over 400 technical studies, ranging from basic indicators like moving averages and support/resistance levels to advanced ones such as candlestick patterns and profile charts. Users can apply these studies to charts across various time frames, including 1-minute intervals up to monthly aggregations, allowing for analysis from intraday scalping to long-term trend evaluation. Drawing tools enhance interactivity, with features like trendlines for identifying support and resistance and eight specialized Fibonacci tools—including retracements, extensions, and time ratios—for projecting potential price reversals and continuations based on Elliott Wave principles. Key analysis tools enable users to simulate and review historical market conditions. The feature allows for replaying historical trading sessions going back several years, facilitating manual of strategies by advancing through time at variable speeds while observing price action and indicators in . For strategy evaluation, the Strategy Report tool backtests predefined or custom strategies on historical data, generating reports on hypothetical profit and loss (P&L), win rates, and drawdowns directly overlaid on charts. Options traders benefit from thinkBack, which archives nearly a decade of historical options chain data for reviewing past prices, volumes, and at specific dates, enabling precise simulation of trade outcomes without live . Data visualization tools offer multifaceted views of market dynamics. Heat maps in the tab display sector and performance through color-coded grids, highlighting relative strength or weakness across watchlists for quick opportunity spotting. Profile studies plot trading activity as horizontal histograms on charts, identifying key levels like the Point of Control (POC)—the price with the highest —and Value Area, which encompasses approximately 70% of activity, to gauge support zones and liquidity. studies, including pairwise and multi-symbol coefficients, help assess relationships between assets, such as beta to an , aiding in diversification analysis. Complementing these, real-time feeds integrate content from multiple sources like , , and directly into the platform, filtering by symbol for contextual market insights. Options-specific analysis tools focus on and volatility dynamics. Risk Profile charts under the Analyze tab project P&L curves for single or multi-leg strategies, factoring in underlying price movements, time decay, and to visualize points and maximum risk/reward scenarios. Volatility skew charts illustrate disparities in across strike prices, often revealing put-call asymmetries that inform directional biases. The platform also computes rank and percentile relative to the past year's range, helping traders gauge whether current levels are elevated or subdued for premium selling or buying decisions.

Customization and Scripting

thinkScript is a proprietary built-in programming language within the thinkorswim platform, designed to enable users to develop custom analysis tools such as indicators, studies, alerts, and automated strategies. It allows traders to process market and fiscal data, combining technical indicators like moving averages into personalized scripts without requiring external coding environments. The language supports key elements including variables, functions, operators, and reserved words, facilitating the creation of plots for data visualization on charts. Customization options in thinkorswim extend through thinkScript to user-defined layouts, conditional orders, and watchlist columns, where traders can apply custom formulas directly. For instance, conditional orders can incorporate script-based rules for automated execution, while watchlist columns enable real-time calculations of user-defined metrics. Users can access a library of shared scripts through the platform's built-in sharing features, allowing import and export of studies, strategies, and workspaces among traders. Advanced applications of thinkScript include developing scans for identifying specific market patterns via the Stock Hacker tool and backtesting custom strategies using the AddOrder function to simulate trades on historical data. These capabilities support strategy optimization in a simulated environment like paperMoney, helping users refine approaches before live implementation. While thinkScript integrates seamlessly with standard charting tools for enhanced analysis, its focus remains on user-generated automation. Learning resources for thinkScript are embedded in the platform, featuring a dedicated thinkScript Editor for script creation and testing, complete with tutorials and example code to guide users from basic declarations to complex strategies. No external programming knowledge is necessary for basic modifications, as the editor provides , error checking, and pre-loaded samples directly within thinkorswim.

Reception and Impact

User Base and Adoption

Prior to its acquisition by TD Ameritrade in 2009, thinkorswim had approximately 87,000 funded retail brokerage accounts, with a strong focus on options trading enthusiasts who valued its advanced tools for complex strategies. Following the acquisition, thinkorswim's integration into TD Ameritrade's broader brokerage services significantly expanded its reach, transforming it from a niche platform into a core offering for the firm's active trader segment and contributing to overall client retention among high-volume users. This growth aligned with TD Ameritrade's strategy to enhance trading functionality, leading to increased adoption among retail traders executing frequent options, futures, and forex trades. After Charles Schwab's acquisition of TD Ameritrade in 2020, thinkorswim saw further expansion as part of the platform's integration, with all approximately 12 million client accounts successfully migrated to by May 2024. The platform's user base is predominantly composed of U.S.-based retail traders, with significant adoption among those aged 30-55 engaged in day trading and active strategies. This demographic reflects the platform's appeal to experienced individuals seeking robust analytical features over basic investing tools.

Awards and Recognition

Thinkorswim has received consistent recognition for its advanced trading capabilities, particularly in options and desktop platforms. In the 2025 StockBrokers.com Annual Awards, Charles Schwab was named the best desktop trading platform, while tastytrade earned the No. 1 ranking for options trading platform; Schwab was also named the best full-service broker overall. Historically, thinkorswim has been lauded for options trading. Barron's rankings have also praised thinkorswim for active traders. In its 2021 review of online brokers, TD Ameritrade's thinkorswim platform received 4.5 out of 5 stars, noted for its intricate and powerful features tailored to sophisticated users. Following the merger, placed third overall in 2023 rankings as a top contender for diverse investor needs, including active trading. Additionally, recognized as the Best Investing Platform Overall in its 2024 Money Awards. Expert reviews emphasize thinkorswim's depth for professional traders while noting its challenges for novices. NerdWallet's 2025 analysis describes the platform as a "highest-tier" tool with over 400 technical studies, customizable screeners, and advanced features like "what-if" scenario analysis, making it ideal for pros but requiring significant time to master due to its complexity. Similarly, Investopedia's evaluation of highlights thinkorswim's superior charting and options tools compared to competitors, though it underscores a steep for beginners transitioning from simpler interfaces. These accolades underscore thinkorswim's role in elevating industry standards for customizable trading environments. As of 2025, reports over 37 million active brokerage accounts, with thinkorswim continuing to serve as a key platform for active and advanced traders.

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