Think or Swim Charts
In this excerpt from our options mentoring course, Duane gives us some tips on the Think or Swim and Prophet charts.
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I refer to them ever so often so some people have asked me what I do, what I use; that type of thing. It’s a good starting point. There’s of course way, way, way too many studies that you can apply out of the list but we’ll at least go through the mechanics and how you pull them up and all that type of thing. This is really was requested by one of our members last week who I had a chance to get together with. He was up here in the … region doing some work and we just coordinated time where we can get together and talk which I always like doing, by the way. I see over his name on my screen here and it’s always like you’ll make this mental image of who these people really are but you really had the chance to meet us, it’s also nice. If you’re ever coming up this way let me know, pretty flexible with my time and schedule so we can certainly get together.
Anyway, through the discussions that we had, the topic came out around this Think or Swim charts. I said, “Sure, I’ll go ahead and put together a session on that so that he could see how to do this.” Then, I thought, in general, it’s a worthwhile exercise for everyone. So, Think or Swim charts, first off, what we’ll contrast to the profit chart. In the profit chart, we look at probably more than not because we’re really looking at old trans-patterns at different kinds of indicators within that.
The Think or Swim charts, again, just a slightly different way at looking at what could be the same type of information. We find that over here, just next to the profit chart button. In the attempt to keep things as simple as possible, I personally have gravitated into a couple studies that I like to use and not to say that they are the best ones or the ones everyone should use by any stretch but I do say you need to find something that you’re happy with and comfortable using and that you have confidence in as you go ahead and try to make your trading decisions. Sometimes, I’ll use what I see in one set of charts to validate what I see in the other, vice versa. And as I mentioned in the last class, all these things just continue to be ongoing approximations to try to keep us where we want to be. Anything we can find in the area, trending and directional insight is of course very beneficial to our trades.