Thinkorswim RTD: Real-Time Data in Excel Guide 2024

Table of Contents

• Introduction
• What is ThinkOrSwim rtd?
• What is the difference between ThinkOrSwim RTD functions and MarketXLS realtime streaming functions?
  • ThinkOrSwim RTD Functions
  • MarketXLS Real-Time Streaming Functions
• Why you would prefer MarketXLS Real-time functions against ThinkOrSwim RTD functions?
  • 1. Comprehensive Integration with Different Data Providers
  • 2. Extensive Set of Analytical Functions
  • 3. Subscription and Support
  • 4. Customization and Flexibility
  • 5. Advanced Analytical Tools
  • 6. Performance and Speed
  • 7. User Interface and Experience
• Unlike ThinkOrSwim RTD functions do MarketXLS real-time functions work on MAC OS?

Introduction

Imagine having the power to pull real-time market data straight into your Excel spreadsheets. ThinkOrSwim RTD (Real-Time Data) makes this a reality. Whether you’re tracking multiple stocks, calculating complex formulas, or automating trading strategies, TOS RTD is a game-changer for traders. By seamlessly integrating with MarketXLS, you can access myriad functions and data points to supercharge your trading analysis. Let’s dive into how ThinkOrSwim RTD can revolutionize your trading, and how it stands up against other market data tools.

What is ThinkOrSwim rtd?

ThinkOrSwim (ToS) RTD (Real-Time Data) is a functionality that allows users to pull real-time data from the ThinkOrSwim platform into Excel for further analysis and trading strategies. This is particularly useful for traders who need to perform complex calculations, monitor multiple instruments in real-time, or automate trading strategies using Excel.

Here are some specific MarketXLS functions that connect to the ThinkOrSwim platform and leverage the RTD for various data points and trading actions:

1. Price Quotes Functions:

– =tosAskPrice("Symbol"): Returns the price a seller is willing to accept for a security .

– =tosBidPrice("Symbol"): Returns the highest price a buyer is willing to pay for a security .

– =tosLastPrice("Symbol"): Returns the last price of the stock .

– =tosVolume("Symbol"): Measures the number of shares or contracts traded .

– =tosHigh("Symbol"): Returns the highest price of a security .

– =tosLow("Symbol"): Returns the lowest price of a security .

2. Options Functions:

– =tosOptionVolumeIndex("Symbol"): Returns the number of option contracts traded during a given trading day .

– =tosCallVolumeIndex("Symbol"): Measures the total call volume for a security .

– =tosImpliedVolatility("Symbol"): Estimates a security’s price volatility based on predictive factors .

3. Trading Functions:

– =TradeSingleLegThinkOrSwim("equity", "msft", 2, "buy", "market", "day"): Places single leg trades on the ThinkOrSwim platform .

– =TradeMultiLegThinkOrSwim("market", 245, OptionSymbol("MSFT", TODAY()+7+(6-WEEKDAY(TODAY())),"c",245), 2, "buy", OptionSymbol("MSFT", TODAY()+7+(6-WEEKDAY(TODAY())),"c",245), 3, "sell"): Places multi-leg trades on the ThinkOrSwim platform .

This integration is extremely powerful for traders who want to integrate real-time data analysis into their trading strategies by leveraging Excel’s capabilities.

What is the difference between ThinkOrSwim RTD functions and MarketXLS realtime streaming functions?

The MarketXLS real-time streaming functions and the ThinkOrSwim (ToS) RTD functions are both used for fetching real-time market data, but they have different scopes and integrations. Here are the key differences:

ThinkOrSwim RTD Functions

1. Integration Platform:

– ThinkOrSwim RTD functions are integrated with the ThinkOrSwim platform by TD Ameritrade.

2. Syntax and Example Usage:

– RTD functions use the syntax RTD("TOS.RTD", , "LAST", "MSFT") for querying data from ThinkOrSwim.

– Specific functions are provided, such as tosBidPrice("Symbol"), tosLastPrice("Symbol"), etc .

3. Data Type:

– RTD functions from ThinkOrSwim can fetch various types of real-time data, including bid price (tosBidPrice), ask price (tosAskPrice), last price (tosLastPrice), volume (tosVolume), open price (tosOpenPrice), etc.

4. Usage Scope:

– These functions are typically used within the ThinkOrSwim platform and provide data primarily for financial instruments available on that platform.

MarketXLS Real-Time Streaming Functions with thinkorswim RTD

1. Integration Platform:

– MarketXLS real-time functions can pull data from various sources, including brokers like Interactive Brokers, AngelOne, and specific market data feeds like Barchart.

2. Syntax and Example Usage:

– MarketXLS uses Excel-like functions, such as =rt_bid("MSFT"), =rt_Low_Previous_Session("MSFT"), =rt_Time_Stamp("MSFT") for real-time bid prices, low prices, and timestamps, respectively .

3. Data Type:

– The functions can return a wide variety of real-time market data including bid prices, ask prices, last prices, open prices, close prices, volume from previous sessions, etc .

4. Usage Scope:

– MarketXLS functions are used within Excel and other platforms where MarketXLS can integrate, providing a more flexible solution for various market data needs beyond a single broker or platform.

Why you would prefer MarketXLS Real-time functions against ThinkOrSwim RTD functions?

There are several reasons why you might prefer MarketXLS Real-time functions over ThinkOrSwim (TOS) RTD functions. Here are some key factors:

Comprehensive Integration with Various Thinkorswim RTD Data Providers

MarketXLS integrates with multiple data providers, including Interactive Brokers and other brokerage platforms. This means you can access real-time data, historical data, and various financial metrics from a broader range of sources. This can provide you with more accurate and varied data for better analysis and decision-making .

2. Extensive Set of Analytical Functions

MarketXLS offers an extensive range of functions that cover different aspects of trading and analysis. For example, it provides functions for streaming pre-market and post-market changes, last trade times, bid-ask prices, and more . These functions are well-integrated directly into Excel, allowing for robust analytical capabilities without needing to switch between different platforms.

3. Subscription and Support

MarketXLS requires a subscription, but it often includes comprehensive customer support. This can be beneficial if you encounter any issues or need assistance in optimizing your data analysis setups . ThinkOrSwim, while comprehensive, may not provide the same level of dedicated support, especially if you’re relying heavily on RTD functions.

4. Customization and Flexibility

MarketXLS’s functions are highly customizable, allowing users to tailor the data they pull based on their needs. For instance, you have real-time functions for bid and ask prices, volume, trade size, etc., and it supports a range of asset classes including stocks, ETFs, options, mutual funds, indices, and cryptocurrencies . ThinkOrSwim is powerful but may not offer the same level of flexibility in extracting and analyzing data in Excel specifically.

5. Advanced Analytical Tools

MarketXLS includes advanced tools like options scanners, profit calculators, and portfolio analysis functions powered by AI and machine learning, which add significant value for advanced traders and analysts . ThinkOrSwim does have analytical capabilities, but combining these features directly into Excel can streamline workflows significantly.

6. Performance and Speed

MarketXLS has been updated to improve the speed of data refresh, making it up to five times faster for functions related to stock returns and technical indicators . This can be crucial for real-time data analysis and timely decision making in fast-moving markets.

7. User Interface and Experience

MarketXLS is designed to work seamlessly within Excel, leveraging a familiar user interface for most financial analysts and traders. This can reduce the learning curve and integrate smoothly into existing workflows, unlike ThinkOrSwim which, although powerful, has its own interface that may not be as easily customizable within Excel.

In summary, MarketXLS offers a broader range of functions, better integration with multiple data sources, advanced analytical tools, and enhanced performance, which can provide a significant edge for detailed data analysis directly within Excel.

For further information, you can refer to the detailed function descriptions and updates available in the MarketXLS documentation .

Unlike ThinkOrSwim RTD functions do MarketXLS real-time functions work on MAC OS?

Unlike TOS RTD functions, MarketXLS real-time functions work seamlessly on MAC OS. And also on any MAC machine.

MarketXLS vs ThinkOrSwim RTD: A Comparison of Excel-Based Trading Tools

In the world of financial trading, having access to real-time data and powerful analytical tools is crucial. Two popular Excel-based solutions, MarketXLS and ThinkOrSwim RTD, offer traders the ability to integrate market data into their spreadsheets. However, these tools have significant differences that traders should consider when choosing between them.

Platform Independence

One of the most notable advantages of MarketXLS is its platform independence. Unlike ThinkOrSwim RTD, which requires the ThinkOrSwim platform to be running in the background to stream real-time data, MarketXLS operates independently. This means users can access real-time market data without the need for additional software running simultaneously, potentially saving system resources and simplifying workflow.

Operating System Compatibility

MarketXLS takes the lead in terms of operating system compatibility. While ThinkOrSwim RTD is restricted to Windows machines, MarketXLS supports both Windows and Mac OS. This cross-platform functionality makes MarketXLS a more versatile choice for traders who use or switch between different operating systems.

Function Variety and Data Scope

When it comes to the range of available functions, MarketXLS significantly outperforms ThinkOrSwim RTD. While ThinkOrSwim RTD provides basic pricing-related functions, MarketXLS offers thousands of functions that go far beyond basic pricing information. These include access to historical data, intraday granular data, and a wide array of analytics calculated by the system. This comprehensive suite of tools allows traders to perform more in-depth analysis and make more informed decisions.

Portability and Collaboration

MarketXLS shines in terms of portability and collaboration potential. As an independent Excel-based solution, MarketXLS can be easily transported and used on different machines. This portability extends to collaboration as well; multiple people can work together on MarketXLS spreadsheets without being tied to a specific platform. In contrast, ThinkOrSwim RTD’s dependency on its parent platform can limit its flexibility in collaborative environments.

Conclusion

While both MarketXLS and ThinkOrSwim RTD serve the purpose of bringing real-time market data into Excel, MarketXLS offers distinct advantages in terms of platform independence, operating system compatibility, function variety, and collaborative potential. For traders seeking a more versatile, comprehensive, and portable solution, MarketXLS presents a compelling option. However, users should consider their specific needs, existing workflows, and system requirements when choosing between these two tools.

Summary

ThinkOrSwim RTD allows you to pull real-time market data directly into Excel. It’s useful for tracking stocks, calculating formulas, and automating trades. Integrated with MarketXLS, it offers various functions like price quotes, options data, and trading actions.

ThinkOrSwim RTD functions are exclusive to the ThinkOrSwim platform and focus on financial instruments available there. MarketXLS real-time streaming functions, meanwhile, pull data from multiple sources and offer a broader range of analytical tools in Excel.

MarketXLS supports multiple operating systems, unlike ThinkOrSwim RTD which is limited to Windows. It also provides advanced analytical tools and faster data refresh rates.

In summary, MarketXLS offers more flexibility, comprehensive analytics, and platform compatibility compared to ThinkOrSwim RTD.