thinkScript strategies

AddOrder and Strategies

AddOrder adds simulated orders to a thinkorswim chart strategy for backtesting. Use OrderType constants to control entry and exit behavior, then review the strategy report for hypothetical performance.

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EmaCrossoverStrategyexcerpt

AddOrder(
    OrderType.BUY_TO_OPEN,
    enterLong,
    open[-1],
    tradeSize,
    Color.GREEN,
    Color.GREEN,
    "Long"
);

OrderType

condition

simulated

Function: AddOrder
Order types: 6 OrderType constants
Execution: Simulated, not live

Direct answer

What AddOrder does in a thinkScript strategy

AddOrder is the function that turns a study into a strategy. When the condition is true, it adds a simulated order at the specified price and size. The order appears as a signal arrow on the chart and feeds into the strategy report, which calculates hypothetical trades and performance metrics.

The first argument is an OrderType constant that controls whether the order opens or closes a position. The default price is open[-1], the open of the next bar, so the order executes after the signal bar closes.

Complete source

EMA crossover strategy code

This strategy buys when the fast EMA crosses above the slow EMA and sells when it crosses below. It uses BUY_TO_OPEN and SELL_TO_CLOSE for explicit position control.

EmaCrossoverStrategy

Review in the thinkScript Editor

# EMA crossover strategy with AddOrder
input fastLength = 9;
input slowLength = 21;
input tradeSize = 1;

def fastEMA = ExpAverage(close, fastLength);
def slowEMA = ExpAverage(close, slowLength);
def enterLong = Crosses(fastEMA, slowEMA, CrossingDirection.ABOVE);
def exitLong = Crosses(fastEMA, slowEMA, CrossingDirection.BELOW);

AddOrder(
    OrderType.BUY_TO_OPEN,
    enterLong,
    open[-1],
    tradeSize,
    Color.GREEN,
    Color.GREEN,
    "Long"
);

AddOrder(
    OrderType.SELL_TO_CLOSE,
    exitLong,
    open[-1],
    tradeSize,
    Color.RED,
    Color.RED,
    "Exit"
);

plot Fast = fastEMA;
plot Slow = slowEMA;
Fast.SetDefaultColor(Color.CYAN);
Slow.SetDefaultColor(Color.MAGENTA);

The default price is open[-1], the open of the next bar. AddOrder places a hypothetical order on that next bar. Keep future price offsets out of entry conditions; the next-bar price convention is not permission to use future information in a signal.

OrderType reference

All OrderType constants

The AUTO constants handle both opening and closing in one call. The explicit constants give you separate control over entry and exit.

Constant	Action
OrderType.BUY_AUTO	Opens a long or closes a short position automatically
OrderType.SELL_AUTO	Opens a short or closes a long position automatically
OrderType.BUY_TO_OPEN	Opens a new long position
OrderType.SELL_TO_CLOSE	Closes an existing long position
OrderType.SELL_TO_OPEN	Opens a new short position
OrderType.BUY_TO_CLOSE	Closes an existing short position

Platform steps

Add a strategy to thinkorswim

1
Open the Charts tab, click Studies, select Edit Studies, then switch to the Strategies tab.
2
Click Create, remove the default code, and paste the complete strategy source from this page.
3
Let the thinkScript Editor parse the source. Resolve any messages before saving.
4
Add the strategy to a chart. Signal arrows appear at entry and exit points.
5
Right-click a strategy signal and choose Show report to inspect simulated trades and metrics.

Primary sources

Official thinkScript references used here

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Frequently asked questions

What does AddOrder do in thinkScript?

AddOrder adds a simulated order to a thinkorswim strategy when a condition is true. It is used for backtesting. The order appears as a signal arrow on the chart and contributes to the strategy report. AddOrder does not send real orders to a brokerage.

Does AddOrder place live trades in thinkorswim?

No. AddOrder is a simulation function for chart strategies. It marks entry and exit points on the chart and calculates a hypothetical PnL in the strategy report. Chart strategies do not submit live brokerage orders.

What OrderType constants are available in thinkScript?

thinkScript provides six OrderType constants: BUY_AUTO and SELL_AUTO for automatic open or close, BUY_TO_OPEN and SELL_TO_OPEN for opening positions, and BUY_TO_CLOSE and SELL_TO_CLOSE for closing positions. The AUTO constants handle both opening and closing in one call.

What price does AddOrder use by default?

The default price is open[-1], which is the open price of the next bar after the condition is true. A different third argument changes the assumed simulation price; it does not create a pending limit order or prove that a real fill was available.

How do I create a thinkScript strategy?

A strategy is a thinkScript script that contains at least one AddOrder call. Open the Editor from the Strategies tab in Edit Studies, write your conditions and AddOrder calls, then add the strategy to a chart. The strategy report shows simulated trades and performance metrics.

Can Pineify generate a thinkScript strategy with AddOrder?

Yes. Describe the entry and exit rules in plain English. The Pineify thinkorswim AI Coding Agent can draft a strategy source file. It does not compile or execute thinkScript in thinkorswim. Review the calls, parse the code in the platform Editor, and inspect the hypothetical strategy report.

Build a backtesting strategy with AI

Describe your entry and exit rules in plain English. The Pineify thinkorswim AI Coding Agent can draft the source. Review its conditions and simulation assumptions, then compile and evaluate it in thinkorswim. No platform execution or performance result is established by generation.

Open the thinkScript AI agent

This page is for educational and informational purposes. It does not provide investment advice, predict future prices, or guarantee trading results. Simulated strategy performance does not guarantee future results.