Exploring Thinkorswim Options Analysis Features

An offering of the Charles Schwab trading app, Thinkorswim is a dynamic platform that provides tools for trading options, futures, and stocks—it is one of the leading platforms for online options trading.

One key to succeeding in trading options is a thorough analysis, and Thinkorswim comes prepared with robust options analysis tools for those using its service. Thinkroswim offers real-time data, trading tools, and analytics to help investors place trades, test strategies, and develop new, fresh ideas! Our guide will outline the depth and functionality of Thinkorswim’s options analysis features, so keep reading to learn more!

Overview of Thinkorswim

If you’re considering investing with Thinkorswim and are interested in using it for your analysis, it’s best to know a bit about the platform before making your final decision. This section will address a brief history of Thinkorswim and its ties to Charles Schwab and TD Ameritrade as well as the key features that are popular amongst investors.

What Is Thinkorswim?

Though Thinkorswim was founded in 1999 by Scott Sheridan and Time Sosnoff, the company has gone through several acquisitions over the years. It was first purchased in 2007 by Investools, which was then purchased by TD Ameritrade two years later. Finally, Charles Schwab acquired both TD Ameritrade and Thinkorswim in 2020, making both services available to their customers via the Charles Schwab trading platform.

As of October 2023, Thinkorswim’s capabilities have been combined with Charles Schwab’s capabilities into a single brand known as “Schwab Trading Powered by Ameritrade.” With this move, Charles Schwab made all Thinkorswim services available to their clients. In its current form, Thinkorswim is a great resource for active and professional traders looking for top-notch options analysis tools.

Thinkorswim has a great reputation for being a versatile platform with many helpful features, such as a wide variety of indicators, dynamic charting tools, helpful courses, and scanners for sifting through markets, and a tool for helping traders create their analysis tools and algorithms (ThinkScript). Despite its stellar reputation, some investors feel that Thinkorswim has the significant downside of having a steep learning curve. This is true to an extent, due to the vast amount of resources available to traders, but it’s one of the best offerings when it comes to options analysis once you’re familiar with its system.

Key Features

Although this list doesn’t cover everything Thinkorswim offers in terms of features, these are what we feel to be the golden highlights of their services.

• Trading Tools—Thinkorswim offers charts, real-time market scanners, complex order capabilities, and advanced option analytics.
• Backtesting—This feature allows investors to evaluate the potential entry and exit points of trades by displaying profit and loss performance charts.
• PaperMoney—Test your trading strategies without risking your own capital using this virtual trading tool brought to you by Thinkorswim.
• Technical Analysis—Access hundreds of studies, drawing tools, and technical indicators to get the proper technical analysis you need to succeed.
• ThinkScripts—Create your analysis tools, algorithms, and indicators to create a customized approach to trading that aligns with your goals and objectives.
• Conditional Orders—Thinkorswim offers its investors orders that can be placed or canceled automatically when study-based conditions are satisfied.
• Monitor Function—Traders can keep a close eye on account positions, performance, trading accounts, and other data points under the “Monitor” tab.
• Great Customer Support—Customers can access great support at Thinkorswim via phone support or live chat.
• Great Mobile Trading—Investors can trade, monitor their portfolios, and access charts from anywhere with Thinkorswim’s convenient mobile platform.
• Educational Resources—Access a wide range of helpful resources to encourage continual learning in trading, including webcasts, articles, and courses.

Why Options Analysis Matters

Why is analysis such a critical part of trading options, and doing it well? Online options trading is quite strategic and requires a lot of careful thought and consideration if investors are hoping to be profitable. Keep reading to learn why analysis and planning are key for traders to develop a successful options portfolio.

• Comprehensive Analysis: This is important in options trading because investors need to thoroughly evaluate all the factors that influence option’s prices. When investors have a firm idea of what influences volatility, asset price, strike price, market sentiment, or interest rates, they can better understand how to maneuver in the options market.
• Understanding Risk-Reward Scenarios: Options analysis helps traders to understand the potential risks of each trade they make as well as the rewards, essentially what they stand to gain if the trade is profitable. Knowing the risk-to-reward ratio is a helpful tool that allows traders to know ahead of time which trades are worth the time, capital, and energy.
• Crafting Strategies for Different Market Conditions: Options trading strategies aren’t a one-size-fits-all kind of thing. One of the key strengths of using options analysis is discovering and applying different strategies for different market conditions to ensure the best execution of your trade plan. It could be the difference between a profitable trade and a waste of time and resources.
• Evaluating Probability and Volatility: Options analysis is also helpful in figuring out the likelihood of an event happening (probability) or determining what the market conditions might be like based on certain events (volatility). These are key components for successfully executing certain trades like straddles or strangles for volatility or calls and puts for probability.

Thinkorswim is well-known for its advanced tools, which simplify complex options analysis, making it easier for traders to get their options analysis correct the first time around and to quickly develop new, fresh strategies for the situation at hand. We’ll take a deeper look at these options analysis tools as we dive further into our review.

Thinkorswim Options Analysis Features

Which are the best analysis tools offered at Thinkorswim? Discover the core options analysis tools and resources in this next section, where we talk about options chains, probability analysis, volatility analysis, and risk graphs. Later in the guide, we’ll also get into more advanced tools having to do with backtesting as well as option and spread hacking. For now, we’ll focus on the core offerings from Thinkorswim for basic options analysis.

Options Chains

The Thinkorswim options chain has two different sections, one side for calls and the other side for puts. Down the middle are the strike prices, which divide the chain into its two sections. This makes it much easier for traders or investors who are looking to filter options chains to suit specific strategies. Having the chain divided between calls and puts makes everything much easier to view and visual, which can lead to swifter decision-making and execution.

Probability Analysis

Thinkorswim has a special tool called the Probability Analysis subtab, which visualizes the price range (projected) for the underlying asset in your simulated trade. It’s all based on probability. The probability curve helps traders visualize potential outcomes—the Y-axis represents the price of the underlying asset, while the X-axis presents the days from the current date.

The probability of profit is the statistical likelihood that a certain investment or trade will generate a positive return by the time of its expiration date. Profit is typically defined as a minimal amount of $0.01. Understanding the probability of profit (POP) is crucial for investors because it allows them to assess the likelihood of certain trades succeeding or not. POP makes it possible for them to properly assess risk and reward and not have to rely on market sentiment from other investors or their intuition.

Volatility Analysis

Analyzing the volatility of the current market conditions and making projections of future volatility is key when successfully trading options online. To access Thinkorswim’s primary volatility analysis tools, traders must go under the “Analyze” tab. Thinkorswim traders will find helpful tools here for examining implied volatility (IV) and historical volatility (HV). They can also visualize the price range potentials based on current market conditions.

There are several other tabs where traders can access additional volatility analysis tools:

– Today’s Options Statistics: View current IV and percentiles
– Probability Analysis: View the probability of price movements at different volatility levels
– Risk Profile: View the potential profit/loss scenario with each trade

Another common application of volatility analysis for traders using Thinkorswim is identifying mispriced options. Under “Analyze,” they can find out the likelihood of a price landing within a specific range at a given expiration date. Finding the places in the numbers where the options are mispriced is a great way to get a better deal on the trade and maximize the potential profit.

Risk Graphs

Thinkorswim’s profit/loss graphs are helpful for strategic visualization where investors can calculate the probability of the trade they’re currently running through simulation. These Risk Profile graphs contain the potential stock price of the simulated trade’s underlying asset on the X-axis and the potential profits and losses of the simulated trade on the Y-axis. Risk graphs help real-world investors and traders visualize the maximum profit potential of their trade as well as the greatest risk they could incur if the market moves against them.

Advanced Options Features

Now, let’s look at the advanced options features available at Thinkorswim for investors and traders of all experience levels and skill sets. Though they’re designed primarily for active or professional traders, these tools can be picked up and used by those with more minimal experience. There might be a bit of a learning curve involved at first, but they prove to be highly effective once newer traders become familiar with how they work and how best to use them.

Analyze Tab

There are a few ways that investors can simulate potential trade ideas or backtest strategies they’re toying around with, including in their trading plan: On Demand and the paper trading simulator.

• On-demand is a feature that lets traders backtest strategies and see how they would perform if they were implemented in the past using historical market conditions as a benchmark.
• Also known as simulated trading, paper trading simulators let traders practice trading without risking real money. They can test trading strategies and practice using trading software to gain trading experience without any risk involved.

Check out the step-by-step guides to simulating trades and scenarios using On Demand or paper trading simulators that are provided by Thinkorswim:

On-Demand

1. Set the date and time for the trade.
2. Place your trade.
3. You’ll get an order confirmation showing that the trades you entered are “On Demand Virtual Orders.”
4. When you’re ready to submit new trade ideas, click or top on the reset icon, which will reset the account value and erase any virtual trades you might have already had sitting in the queue.
5. When you’re ready to go live with your new trade ideas or strategies, simply click or tap the “On Demand” button to get back to live trading.

Paper Trading Simulator

1. Traders can sign up for a guest pass on the paper trade simulator. This gives traders 30 days to access the platform.
2. The account will have a virtual balance of $200,000.
3. Adjust the quantity of orders, prices, strike prices, and expiration dates. You can also view the risk profile for each position that you run through the paper trading simulator.

On-Demand and the 30-day trial of the paper trading simulator can help investors gain insights through these “what-if” scenarios on both hypothetical and real-world trades. Through the power of trade modeling, ThinkorSwim investors can put together a plan for their portfolio, and they don’t even incur any losses doing so!

Option Hacker and Spread Hacker

Traders using Thinkorswim will find helpful features for finding opportunities based on trader-defined criteria. They offer an option hacker tool that lets traders scan and identify potential options contracts based on pre-defined criteria. The Option Hacker is similar to Thinkorswim’s Stock Hacker in terms of its interface and controls. The Option Hacker includes the following capabilities for investors:

• Save and load scan queries
• View options or stocks that match your pre-defined criteria
• Adjust scan filters with live pre-scan results
• Select a set of symbols where the scan can be performed
• Use as many as 25 scan filters for options, fundamental analysis, etc.
• Create alerts on result changes.

Thinkorswim has spread hackers as well, which is a feature that lets users scan the market for potential options trading opportunities. Spread hackers identify and analyze different kinds of options spreads to find the profitable spread combinations for the trade at hand.

Let’s take a look at the Spread Hacker function at Thinkorswim and how investors can use this tool to benefit their trading experience on Charles Schwab/TD Ameritrade platforms:

1. Choose the spread you can scan under “Search” (choose from spread types like iron condors, calendar spreads, double diagonals, etc.).
2. Choose the set of symbols you’d like to use for the scan.
3. Select “Add Spread Filter” to add a new filter with default values.
4. Adjust your scan criteria by using each filter’s controls (found in “Scan Setup”).
5. Click “Scan” to get a display of all available spreads that match your criteria.
6. Click on the lock symbol in the “Pin” column when you find spreads you’re interested in using.
7. Trade the spreads you found by right-clicking and then choosing “Create Duplicate Order.”
8. Look over the information in the “Order Entry” carefully to make sure it’s correct, and then select “Confirm” to send.

Backtesting

Thinkorswim users can backtest strategies in a few ways, one of which we covered previously (On Demand). Traders might also consider using the Strategy Report or ThinkBack for their backtesting needs. Either of these options lets investors and traders use Thinkorswim to test strategies against historical data.

The Strategy Report lets users examine the buy and sell singles to estimate if a potential trade will be profitable or lose money. They are super easy to generate, too:

• Add strategies to the chart
• Click on a signal arrow
• Choose “Show Report”

ThinkBack is another helpful tool for backtesting hypothetical trade, and it’s just as easy to use:

• Choose the underlying asset (symbol selector)
• Choose a date from the past
• Select your option and enter a hypothetical trade scenario
• Use the Backtrades checkbox and choose a date to analyze

Using backtesting is an invaluable tool for checking potential strategies or trades against historical data to see how they would fare. The best part of these tools is that they’re free to use, and they don’t put investors in a situation where they have to risk their own capital. While backtesting doesn’t ensure success or the best results, they are great for providing traders with key insights that keep them on the winning side more often.

Customization and Usability

In terms of overall usability, Thinkorswim has a higher learning curve than most other options trading platforms, mostly due to its advanced features, which cater well to active and professional traders. When it comes to the idea of user-friendliness through customization, however, Thinkorswim has the advantage of allowing traders to tailor tools to their investment needs and preferences.

Customized Experience

Let’s begin with traders being able to set up custom layouts for options chains. Thinkorswim offers a wide range of customizable views for factors of your trade like strikes, expiration dates, and Greeks:

• Studies: Traders can customize their collection of studies by selecting them and clicking or tapping on “Add.” They can also edit studies as needed by selecting the gear icon.
• Charts: Customizing your chart setting can be done by accessing the “Appearance” tab and choosing the desired chart mode from “Chart Mode.”
• Indicators: With the power of ThinkScript, investors can customize their indicators, and they don’t need any specialized training in programming to make this a reality.
• Watchlists: Investors can keep their watchlists in one convenient place and customize the columns in each watchlist. Simply select the gear icon and choose “Customize.”

Thinkorswim lets its users save and retrieve their favorite analysis tools for a completely intuitive experience. Under the “Analyze” tab, investors can examine risk profiles, explore probabilities, and run simulated trading scenarios with the tools that work best for them. Once traders or investors have spent considerable time with Thinkorswim and have found out which tools they prefer to use, they can save them under “Analyze” for easy access when the time comes to execute sound trades rooted in options analysis.

Desktop vs. Mobile

Thinkorswim comes as a desktop platform, but it can also be used as a top-notch mobile device for the convenience of on-the-go options analysis and trading. The desktop iteration of Thinkorswim is notable for its speed and precision due to its design, which is continually updated based on feedback from the active and professional traders using the site daily. Thinkorswim’s desktop design is completely intuitive, despite the learning curve associated with initially picking it up, and it’s well known for its innovative nature and the inclusion of the latest cutting-edge technology.

The Thinkorswim mobile app mirrors what’s offered on its website. It has full trading capabilities when investors can buy, sell, and manage their positions on a wide range of financial instruments like options, stocks, ETFs, futures, etc. It has the same charting tools, real-time data, and order types that you would find when using the Thinkorswim site. An added bit of convenience is that investors can sync any watchlists, preferences, or custom settings from the desktop onto the mobile app.

Practical Use Cases

If you’re curious about how practically you can use Thinkorswim to execute simple tasks or take care of certain elements of online options trading, continue reading—we’ll show you two great examples of using the website or mobile app for top-shelf options analysis and determining the probability of a trade.

Example 1—Analyzing an Iron Condor Strategy

An iron condor is a neutral options trading strategy where investors buy and sell options contracts to turn a profit in markets where conditions are stable (sideways or neutral markets). It’s made of four options contracts: two out-of-the-money options including one call and one put and two out-of-the-money options with higher strike prices including one call and one put.

With an iron condor, the goal is to profit from time decay amid either a neutral or minimally volatile market. The max profit is the premium for the entire trade and the max loss is the difference between the two strike prices. To pull off an iron condor and successfully turn a profit, Thinkorswim investors or traders will need to use risk graphs and other volatility tools.

Following the steps below to get started forming an iron condor at Thinkorswim:

1. The first step is accessing the risk graphs for your potential trade. Begin by going to the “Analyze” tab and then select “Risk Profile.”
2. Input your deserted option strategy (in this case the iron condor). You can then view a visual presentation of potential profit and loss outcomes.
3. Each profit-loss scenario is based on the underlying asset stock price at expiration. The X-axis shows the price, while the Y-axis shows the profit and loss potential.
4. Adjust the price slices to view probability breakdowns. They can be shown for different price ranges at the same expiration date.

After viewing the risk graph to find out the potential profits or losses you might experience with your iron condor strategy, your next step is to use volatility tools to get a gauge for the current market conditions and what could be coming in the future.

1. Head over to the “Analyze” tab.
2. Select an option chain. View “Implied Volatility” to see the current IV for each option and its strike price.
3. Look at the historical IV charts under “Analyze” as well. You can use this data to gauge if the current implied volatility is high or lower in relationship to recent market trends.
4. Simulate profit-loss outcomes with the “Price Slices” where you can view different volatility assumptions and price targets.
5. Another good move investors can make using Thinkorswim is to use the site’s scanning capabilities to find the right stocks with high implied volatility. These can be the best for investors who are interested in selling options strategies.

Example 2—Identifying High-Probability Trades

To pinpoint the best high-probability trades at Thinkorswim, traders and investors will need to use tools like the probability curve and the Options Hacker. Follow the instructions below to navigate the probability curve to begin the process of identifying the high-probability trades the market offers:

1. Navigate to the “Analyze” tab and then go to the “Probability Analysis” tab to find the probability curve chart.
2. You’ll be able to view the likely price range for an underlying security at a future date. Traders can also see the percentage change that the price will come down within a specific range.
3. Adjust the probability level to find potential price ranges based on your confidence level. You can view a wider or narrower range depending on what you need.
4. View numerical values for the price range that’s expected with the probability level.
5. Analyze the curve to see the potential risk of the trade. Use the curve to inform your potential strategy—it will allow you to run profit and loss scenarios.

Now let’s take a look at the Options Hacker and how one would go about setting it up:

1. Choose the set of symbols among the scans you perform.
2. You can select from up to 25 scan filters for the options or stocks you want to trade. These are also available for study values and fundamental data.
3. Adjust the san filters with your pre-scan results.
4. With “Options Only” set as your default, view the options and stocks that match the criteria you set.
5. Next, save the scan results as a watchlist.
6. Load and save your scan queries.
7. Design alerts on changes in your results.

Comparison to Competitors

Let’s look at a brief comparison of Thinkorswim’s options analysis features to other platforms the market offers. You should be using an options trading app that works well for your trading goals, needs, and personal preferences, so we understand if Thinkorswim might not be the best fit. You can consider this our list of good alternatives to using Thinkorswim. Find something that works for your goals and objectives!

NinjaTrader: This platform is far more focused on futures trading and forex whereas Thinkorswim is more geared toward trading options, bonds, stocks, etc. As a result, the options analysis tools are geared more toward these instruments and less so toward forex or futures, though Thinkorswim does offer some futures trading.

Interactive Brokers: Technically, Interactive Brokers probably has the better options analysis tools due to its more advanced design. Thinkorswim comes close but falls short just a bit. The one thing that Thinkorswim has to its advantage compared to IB is that it’s a bit easier to learn and use over the long term.

Robinhood: This competitor focuses mainly on options and crypto and has some comparable options analysis tools, though Thinkorswim is probably the stronger of the two.

Tastytrade: Like Thinkorswim, Tastytrade is a great option for experienced and professional investors. However, Tastytrade doesn’t have as many investment instruments to partake in, and there aren’t as many tools to correctly monitor the market that Thinkorswim has.

Webull: Compared to Thinkorswim, Webull is much easier to navigate, which makes it a better choice for investors who have less experience and might not want a difficult learning curve in using a platform.

TradeStation: This competitor has a more complex fee structure for trading options and stocks. The commissions here are less simple, and they don’t offer as many option analysis tools as Thinkorswim.

Unique Benefits Thinkorswim Offers

We feel these are features, benefits, and traits of Thinkorswim that put them a cut above the competition in the online options trading market.

• Excellent Charting and Analysis—Traders can choose from hundreds of drawing tools, studies, and technical indicators for some of the best options analysis around. Thinkorswim excels when it comes to helping investors visualize the potential profit opportunities or risks associated with their trades.
• Continual Innovation—Another strength of Thinkorswim is the focus on continually updating the interface and user experience of their platform by consulting the feedback of their users. There aren’t too many competitors doing the same.
• Broad Range of Products—We’ve already covered this extensively, but Thinkorswim offers a wide variety of trading products in addition to its robust lineup of options analysis features. These products might come across as overwhelming for traders just starting out but they make for an excellent trading experience.
• Good Educational Tools and Insights—Thinkorswim has exceptional educational resources in the site’s Learning Center. It’s here that investors and traders can access various helpful articles and plenty of other helpful built-in insights to help those using Thinkorswim continually learn as they go.

Pros and Cons of Thinkorswim’s Options Analysis

If you’re simply interested in getting the key points behind the options analysis tools offered at Thinkorswim, check out the top pros and cons that come with using their service for options trading and options analysis. There are more upsides than downsides in our opinion, but we also understand that Tinkorswim might not be the best for everyone. Know the good and bad parts of this platform before diving in!

Pros

• Probability Analysis—Traders can use this helpful tool to gauge the success potential of any trade given the current market conditions. Get a visual representation of any option reaching the desired price level by expiration.
• Strategy Analysis—Analyze intricate options strategies like iron condors, spreads, etc. The Thinkorswim site will display profit/loss graphs for each scenario.
• Risk Profile—Simulate different trade scenarios to visualize profit or loss outcomes. Adjust variables like expiration date or volatility as needed.
• Market Data Integration—Thinkorswim integrates live market data for traders to keep a close eye on price movements and changes in market volatility. All this can be done when analyzing options in real time!
• Earnings Analysis—These tools can create specialized views for investors so they can access potential price movements around upcoming earnings announcements. It’s made possible because these investors can analyze and look over past earnings data from the companies they want to invest in.
• Historical Price Data—Access historical price data to evaluate the performance of prices under certain market conditions and to backtest options strategies accordingly.
• Customize Visualizations—Traders can tailor their graphs and charts to the format they prefer to use. They can include multiple strategies on the same chart for an easy comparison.

Cons

• Steeper Learning Curve for Beginners—Because ThinkorSwim has so many advanced options analysis tools and comprehensive features, it can be difficult for newer traders to use. Learning how the platform works might take a longer time than it would with simplified platforms.
• Requires a Robust Computer for Optimal Performance: To get the most you can out of Thinkorswim, you best have a computer with a lot of power to support the platform, which might not be the best choice for just anyone. If you don’t have the proper equipment or hardware, it could be difficult to use Thinkorswim for everything it’s worth.

Tips for Maximizing Thinkorswim’s Options Analysis Features

Take our advice and use the following tips for making the most out of Thinkorswim and its robust selection of options analysis features. Save yourself some stress or headaches and apply these principles to your trading routine when you begin taking up Thinkorswim for trading options or using it for options analysis.

• Use Paper Trading Simulators: Leverage Thinkorswim’s free paper trading account for practice. You have a 30-day trial, and it will let you run options trading scenarios without having to use your own money.
• Utilize Educational Resources: Continuous learning is one of the keys to getting good at options trading over time and keeping your approach fresh and exciting. We’d encourage anyone who is using Thinkorswim to access their educational tools and resources, like their webinars and tutorials, to stay on top of the best practices.
• Experiment with Different Features: To find what works best for your trading style, consider using trial and error on all the trading tools that Thinkorswim has to offer. You might find that some work way better for your goals and objectives than others, while some might not even serve your purposes at all! Find out what works best for your goals and stick with it. If there comes a time when you need to adjust to a unique situation while trading, consider going to some of the tools you aren’t using to see if they would work!

Thinkorswim Is a Good Choice for Options Analysis, Even with a Big Learning Curve

Thinkorswim comes with a robust set of options analysis capabilities, which makes it a great pick for active and professional traders. Due to its thorough tools and resources for options analysis, it might not be a great pick for newer traders, but newbies can learn the system and use it to their advantage.

By joining Thinkorswim, you can access helpful options analysis tools such as risk graphs, options chains, probability analysis, and volatility analysis. Our best advice to those just starting out is to explore these tools to enhance decision-making and strategy development, but to choose the ones that best suit your trading goals and objectives. It’s good to use trial and error to figure out what works best for you.

Don’t forget to use paper trade simulators and backtesting to test out possible strategies and hypothetical trades to find out what could potentially work. It’s best to test out your idea before using any of your capital. Discover what could work and don’t sacrifice any of your own money in the process.

Sign up for Thinkorswim today and unlock the full potential of options trading!

Frequently Asked Questions

To find out what our readers and customers have been asking about the Thinkorswim trading app, check out the most frequently asked questions below. You can get many of the key points we’ve made in this guide by reading the questions and answers in this section.

What Is the Best Way to Learn Thinkorswim’s Options Tools?

Experience tends to be the best teacher. We encourage our readers and customers to try out the options tools to find out what they like and which works the best for your trading goals and strategies. One of the best ways to learn many of the option tools available is to use backtesting systems or paper trading simulators to run trade scenarios without using your own money.

Can Beginners Effectively Use Thinkorswim for Options Analysis?

This is where we have mixed feelings about Thinkoswim. It’s not the best trading platform for beginners or those with minimal experience. It’s best suited for active and professional traders, and as a result, there are advanced trading tools that can be difficult to learn if you’re a beginner in trading or first using Thinkorswim. Beginners can use this platform for options analysis, but it could be challenging due to its more advanced nature.

Does Thinkorswim Charge Extra for Advanced Options Analysis Features?

Thinkorswim doesn’t charge extra money for its options analysis features. All of Thinkorswim’s functionalities are accessible to users for the standard options contract fee of $0.65 per contract on Charles Schwab’s platform.