Think-or-swim Chart Measurement Tool - Measuring Risk to Reward - ThinkOrSwim Tutorial

Download the Position Sizer here:
- https://easycators.com/thinkscript/thinkorswim-position-sizer/

Hey guys, Josiah here from Easycators.com ... Today I wanted to do a quick tutorial video. And to start out you may think the title to today's video is a little misleading, since in fact Thinkorswim does not actually have a chart measurement tool.

But it's not really, because the nice guys over at Thinkorswim actually did leave us a little easter egg to find that pretty much accomplishes the same thing as a measurement tool. And because of that, I wanted to go ahead and do a video to show that to any of you guys and gals who didn't know this functionality existed.

So first, in Think Or Swim you can actually substitute the Trend Line drawing tool for a measurement tool. As you're drawing a line it tells you the number of days, hours, minutes, and bars, as well as percent change, price change, and angle of the line. You can use this to measure the time or price difference between any two points on a chart.

So that's a good way to gauge risk to reward in a potential trade. But there's actually an even more powerful way of gauging risk to reward and quickly finding good prices for entries, stops, and targets. And that is the Thinkorswim Fibonacci retracement tool.

You see, most people use the retracement tool to find levels that a stock may pull back to before continuing. But did you know you can actually use it to plot any multiple of any range on a chart? So if you always want a 1/2 risk reward, you can set the retracement tool to show you where 200% of your risk would have you take a target at, and tell you what that price would be.

Now if you want a more full featured way to size positions, plot entries, stops, and targets, and to manage risk in a more consistent way, I would recommend you check out my custom Thinkorswim Position Sizer at the link below.
- https://easycators.com/thinkscript/thinkorswim-position-sizer/

It lets you choose a max risk to take per trade and then calculates exactly how many shares or contracts you'll need to buy in order to stay within that limit. Then it finds your risk/reward and tells you your entry, stop, and target prices. So you might check that out if you're interested in having a consistent way to manage risk.

But for quick one-off calculations, the TOS line drawing tool can be a good way to get a quick measurement to gauge the potential risk to reward. And the TOS Fibonacci Retracement drawing tool can help give you your entries, stops, and targets.

Hopefully those tips and tutorials help you get the most out of Thinkorswim. If these videos have been valuable to you, please consider hitting LIKE and SUBSCRIBE, and also feel free to check out our other social media channels below!

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Видео Think-or-swim Chart Measurement Tool - Measuring Risk to Reward - ThinkOrSwim Tutorial канала Easycators