The Tools tab encompasses several handy thinkorswim features: myTrade, Trade Feeds, thinkLog, and Shared Items. Find a brief overview of this tab below or refer to the corresponding pages to find out more.
The Use The News gadget is a popular thinkorswim tool designed especially for users who prefer trading on the news. It allows the traders not only stay informed on the most important news, but also to trade directly from it. Like all other gadgets, Use The News can be displayed as a section of the left sidebar or a separate window (see the Left Sidebar article for details).
Reading all the available news stories can be overwhelming sometimes, so we addressed this problem by offering you the Categories functionality. It allows you to filter the news feed so that you only see and use the news stories that fall into the selected categories. You can customize the list of categories by clicking on the 'tag' button in the gadget header.
In the dialog window, you will see a list of categories broken into five groups, each having a unique color:
- The News Movers group (brown) encompasses all symbols that seem to be making moves. Using categories from this group will display the news stories based on which moves exactly you would like to see in your feed. For example, the Most Active category will look for symbols with the highest volume in the pre-market, Pre-market will only keep symbols that had moves in the pre-market. You can also filter the symbols based on the instrument type they belong to, their price action, or time of day when they were active.
- The Event Activity group(purple) is all about symbols that are making moves on certain events. News stories in these categories are provided by third-party analysts and are based on many types of events: upgrades, downgrades, initiates, conference calls, and many more.
- The Trading Activity group (green) categorizes stories that represent potential trading ideas. For example, selecting the Opening Bell Momentum category will capture stocks that have been on the move with a potential reason for that move as well as analytical foundation for support and resistance levels.
- The Sector Summary group (yellow) will help you decide which sector moves the markets. Categories in this group represent specific sectors of the financial market.
- The Commodities group (blue) represents sector-specific news on commodities. As of now, commodity sectors covered by this group are: Gold and Metals, Oil, Natural Gas, Manufacturing, and Mining.
Once you have selected all the categories that are interesting to you, click Save& Close. In the gadget pane, you will see all the selected categories shaded in colors corresponding to the groups they belong to. Each category displays the number of news stories relevant to it. Clicking on each category will open a watch list populated with symbols featured in the stories.
In this watch list, you can view the news stories corresponding to symbols that made it into the category. In order to open a story, click on the triangle at the end of the symbol line. This will bring up the news window; clicking on the title there will display the full story. The watch list can be used the same way as all other watch lists across the application (see the Watch Lists article for details). For example, consider saving it as a static personal watch list so that you will be able to re-use it later on along with other watch lists.