Bid Ask Spread Lines and Watchlist Column for Thinkorswim

$39.99

Understanding the bid/ask spread is crucial for anyone trading stocks, as it provides insight into the market’s supply and demand dynamics. By knowing the difference between the highest price a buyer is willing to pay (the bid) and the lowest price a seller is willing to accept (the ask), traders can determine the liquidity and volatility of a particular stock, and make informed decisions about when to buy or sell. In this way, a clear understanding of the bid/ask spread can help traders minimize their transaction costs and maximize their profits, making it an essential component of successful stock trading.

In stock

3 people are viewing this product.
SKU: 170013 Category: Tags: , ,

Description

This package includes watchlist column code. To add the custom column:

  1. Click Gear -> Click Customize
  2. Search ‘custom’ and click the script icon for one of the options.
  3. Delete the default study/condition.
  4. Click ‘thinkScript Editor’ tab.
  5. Add a name of your choosing -> paste in the script -> click ‘Apply’ and ‘OK’

When the last price is greater than or equal to the bid, the label color is green. If less than the bid, it’s red. This logic applies to the column text color as well.

Customizable options for this indicator include:

  • num bars back: default 200
    • Determines how far back the lines should be drawn on your chart.
  • show labels: default yes
    • Enable or disable the optional bid, ask, and spread labels.
  • display as dollars
    • Display bid, ask, and spread as whole dollars in label, if show labels is set to yes. Set to no to disable rounding for trading currencies, penny stocks, etc.