TOS/ThinkScript Alternative Platforms?

[Pensar]

I have been searching for alternatives to the ThinkorSwim platform recently, especially since the takeover by Charles Schwab - mainly to have as a backup platform. I cannot seem to find a platform comparable to ThinkorSwim, especially in terms of custom scanning abilities. Given the diverse number of platforms mentioned here I thought I might ask as to what you consider is the most robust alternative.

So far, these are the platforms I've came across, some are paid versions and/or have data costs. Preferably the brokerage/platform has a long-term track record of stability with coding ability for scans, so some aren't listed ( like Robinhood ) -

• TradeStation
• Interactive Broker's TWS
• eSignal
• tc2000
• ETrade
• Ninjatrader (not certain about this one since its mainly for futures)

If anyone has used a different platform, I'd appreciate your thoughts on it as well.

 

[Trader Raider]

@Pensar, several of us who use TradeStation posted our pros and cons on this thread. I do my analysis on TOS but execute my trades with TS.

Another consideration was eTrade, but I discovered they didn't support the kind of bracket orders I wanted. Please make sure you check order types, not just charting/scanning capabilities of the platform.

Another option I explored was NinjaTrader. I opted not to go that route because I would have had to pay for data. With TS, my data plan is free as long as I make a certain number of trades per month.

Hope that helps and that others chime in with their experiences. Best wishes and happy trading!

PS- If Schwab alienates the huge TOS user base, I can envision TS and NT reducing or eliminating data fees to entice TOS users to make the switch to their platforms.

 

[gdlesley]

I have been searching for alternatives to the ThinkorSwim platform recently, especially since the takeover by Charles Schwab - mainly to have as a backup platform. I cannot seem to find a platform comparable to ThinkorSwim, especially in terms of custom scanning abilities. Given the diverse number of platforms mentioned here I thought I might ask as to what you consider is the most robust alternative.

So far, these are the platforms I've came across, some are paid versions and/or have data costs. Preferably the brokerage/platform has a long-term track record of stability with coding ability for scans, so some aren't listed ( like Robinhood ) -

• TradeStation
• Interactive Broker's TWS
• eSignal
• tc2000
• ETrade
• Ninjatrader (not certain about this one since its mainly for futures)

If anyone has used a different platform, I'd appreciate your thoughts on it as well.

I use AmpFutures for ES but I use charting from TOS.

 

[Pensar]

@Pensar, several of us who use TradeStation posted our pros and cons on this thread. I do my analysis on TOS but execute my trades with TS.

Another consideration was eTrade, but I discovered they didn't support the kind of bracket orders I wanted. Please make sure you check order types, not just charting/scanning capabilities of the platform.

Another option I explored was NinjaTrader. I opted not to go that route because I would have had to pay for data. With TS, my data plan is free as long as I make a certain number of trades per month.

Hope that helps and that others chime in with their experiences. Best wishes and happy trading!

PS- If Schwab alienates the huge TOS user base, I can envision TS and NT reducing or eliminating data fees to entice TOS users to make the switch to their platforms.

@Trader Raider Thanks for this - that's good information on that thread. So far I'm currently leaning towards TradeStation due to the possibility of EasyLanguage coding. @gdlesley Thanks to you as well, I hadn't heard of AmpFutures before. Definitely will check them out.

 

[jezzer46]

Question in regards to Tradestation: Is there a scan feature like TOS....something that can scan based of code as well as indicators and fundamentals? To me that is the biggest reason why TOS is hard to leave.

 

[MerryDay]

@jezzer46 Yes Tradestation has a scanner. Google shows 180,000 results which will provide you with more in-depth information plus there are 25,000 videos on how to get started w/ their scanner.

 

[jezzer46]

@jezzer46 Yes Tradestation has a scanner. Google shows 180,000 results which will provide you with more in-depth information plus there are 25,000 videos on how to get started w/ their scanner.

Trying not to sound rude, I was more looking for a first hand experience from someone who has used both, but thanks for answering.

 

[MerryDay]

@jezzer46 I have used both. They are scanners. They can scan whatever you can chart. You weren't asking the right question. So I didn't have an answer for you. As has been stated numerously throughout this thread. TOS superiority is in its robust charting ability. Robust charts and analysis equals robust scans / watch lists.

 

[Alex]

@Pensar Tradovate is a great platform for futures.

 

[IsItPossible]

My 2 cents:
1. Thinkorswim (also known as ToS) - By far the best platform especially if you are looking for custom scanning/scripting/indicators/etc along with backtesting using OnDemand/ Thinkback/ paper trading & don't forget strategy testing. However, just like any other platform has limitations and nuances. Real time data is available for free and overall provides very good order execution with many inbuilt order types.
2. NinjaTrader - Perfect for anyone looking for custom scanning/scripting/indicators/etc and does offer backtesting as well. However, to get real time data you need paid subscription.
3. TradeStation - Perfect for anyone looking for custom scanning/scripting/indicators/etc and does offer backtesting as well.

Doubt Schwab will want to alienate a solid ToS community in this business environment as their own platform is no where near the robustness, sophistication & customization ToS offers.

As per my knowledge, none of the platforms are good with coding options strategies.

Think outside the box:
Many new platforms are coming online using AI bots, where we can simply drag and drop and create bots or strategies which will allow back testing. Still new but good to check out.

 

[Thomas]

I have been searching for alternatives to the ThinkorSwim platform recently, especially since the takeover by Charles Schwab - mainly to have as a backup platform. I cannot seem to find a platform comparable to ThinkorSwim, especially in terms of custom scanning abilities. Given the diverse number of platforms mentioned here I thought I might ask as to what you consider is the most robust alternative.

So far, these are the platforms I've came across, some are paid versions and/or have data costs. Preferably the brokerage/platform has a long-term track record of stability with coding ability for scans, so some aren't listed ( like Robinhood ) -

• TradeStation
• Interactive Broker's TWS
• eSignal
• tc2000
• ETrade
• Ninjatrader (not certain about this one since its mainly for futures)

If anyone has used a different platform, I'd appreciate your thoughts on it as well.

tc2000 is incredible, efficient, fast,...highly codable. I think it's the best charting software, user 19 years.....

 

[Pensar]

tc2000 is incredible, efficient, fast,...highly codable. I think it's the best charting software, user 19 years.....

@Thomas 19 years of use is a wonderful testament towards TC2000's reliability! I've settled on either TradeStation or TC2000 as a backup platform, currently testing TradeStation and learning a bit of EasyLanguage. Many thanks to you and to everyone for the input and suggestions.

 

[IsItPossible]

tc2000 is incredible, efficient, fast,...highly codable. I think it's the best charting software, user 19 years.....

Indeed it is fantastic charting tool and great custom scanner, but platinum fees (real time data + additional features) are very high. This is probably the only tool which provides "scan analytics" if you have platinum package which is extremely powerful and I haven't come across any other software which provides such a feature. However, this tool also has limitations just as others.

 

[Thomas]

Indeed it is fantastic charting tool and great custom scanner, but platinum fees (real time data + additional features) are very high. This is probably the only tool which provides "scan analytics" if you have platinum package which is extremely powerful and I haven't come across any other software which provides such a feature. However, this tool also has limitations just as others.

I don't need the Platinum, it will not help me to find my set ups any better than Gold with Realtime. If you have set ups, know set ups,
a blank chart is sufficient. A chart like this producing Wychoff distribution would keep me from going long, doesn't matter if I think there's inflation or the beginning of deflation,..... just a few lines...

 

[shahgols]

Hi all, is there a service/software out there that I can write scripts and scan for various conditions and when the conditions are met I get immediate notification? With TOS, the watchlist is 3-5 minutes late, which doesn't work for me. Thanks in advance!

 

[netarchitech]

Try TradeStation (EasyLanguage) or NinjaTrader (NinjaScript)...

Hope that helps...

Good Luck and Good Trading

 

[shahgols]

Thank you very much. By any chance, do you know if they are as powerful as thinkscript?

 

[netarchitech]

@shahgols Thinkscript is a scripting language, whereas EasyLanguage and NinjaScript are closer to actual programming languages. As a result, depending on the issue at hand, EasyLanguage and Ninjascript are more powerful than Thinkscript. If you are just starting out, Thinkscript is easier to learn and useThinkscript is a great resource for learning Thinkscript.

If you are proficient in Thinkscript, try taking a look at EasyLanguage or Ninjascript to get an idea if one or the other might provide a more timely solution to the 3 - 5 minute watchlist delay in TOS...Also, in terms of the delay, you might want to see if your internet connection or computer component(s) are slowing you down...Speedtest.net is a good site to benchmark your internet connection...

Hope this helps...

Good Luck and Good Trading

 

[shahgols]

Thank you very much!

 

[Trader Raider]

@shagols, for what it's worth, I do all my trading on TradeStation and love it! I still use TOS for some analysis but struggle with ThinkScript. To my great surprise, EasyLanguage is truly easier for me to learn...albeit slowly! Here's an introduction to EasyLanguage, if you want to take a peek to see if it can do what you want.

At the time I compared them, NinjaTrader had more costs (data fees and platform licensing fees) than TradeStation. Don't know if that's changed or matters to you.

This month I started autotrading on TradeStation. What a game changer! And good motivation to keep learning EasyLanguage.

Good luck and Happy Trading!