Old solution that replaces the wrapper app implementation:

1. Download and install Azul JDK: https://cdn.azul.com/zulu/bin/zulu11.50.19-ca-jdk11.0.12-macosx_aarch64.dmg
2. Download the "All other users" version of ToS: https://www.tdameritrade.com/tools-and-platforms/thinkorswim/desktop/download.html
3. Do not unzip it. Instead, run the following commands in a terminal (back up your existing install if you have one!):


        mkdir -p thinkorswim
        cd thinkorswim

        unzip -o ~/Downloads/thinkorswim.zip

        # Just in case to prevent triggering App Translocation
        xattr -r -d com.apple.quarantine .

        mkdir -p thinkorswim.app/Contents/MacOS

        cat >thinkorswim.app/Contents/Info.plist <<'EOF'
        <?xml version="1.0" encoding="UTF-8"?>
        <plist version="1.0">
        <dict>
        	<key>CFBundleDisplayName</key>
        	<string>Not StreetSmart Edge</string>
        	<key>CFBundleName</key>
        	<string>thinkorswim</string>
        	<key>CFBundleExecutable</key>
        	<string>thinkorswim.shim.sh</string>
        </dict>
        </plist>
        EOF

        cat >thinkorswim.app/Contents/MacOS/thinkorswim.shim.sh <<'EOF'
        #!/usr/bin/arch -arm64 /bin/bash
        # Otherwise macOS wants to run it under Rosetta

        set -euo pipefail

        guh() {
        	osascript -e "display dialog \"Shim Error: $1\""
        	exit 1
        }

        tos="$(dirname $0)/../../.."
        launcher="$tos/launcher.jar"

        # Hardcoded - See below if you want to try newer Java versions
        export JAVA_HOME=/Library/Java/JavaVirtualMachines/zulu-11.jdk/Contents/Home

        # Key to getting the launcher to not use the bundled JVM
        export INSTALL4J_JAVA_HOME_OVERRIDE="$JAVA_HOME"

        if [[ ! -d "$JAVA_HOME" ]]; then
        	guh "JAVA_HOME is set to $JAVA_HOME which doesn't exist"
        fi

        if [[ ! -e "$launcher" ]]; then
        	guh "$launcher doesn't exist"
        fi

        # ToS reads suits.properties from cwd
        cd "$tos"

        vmoptions=()
        while IFS= read -r option; do
        	if [[ ! "$option" =~ "classpath" ]]; then
        		vmoptions+=("$option")
        	fi
        done <"$tos/thinkorswim.vmoptions"

        # On newer Java versions, --illegal-access=permit no longer has any effect. YMMV:
        #
        # --add-opens=java.base/sun.security.util=ALL-UNNAMED
        # --add-opens=java.base/sun.net.www.protocol.http=ALL-UNNAMED
        # --add-opens=java.base/sun.net.www.protocol.https=ALL-UNNAMED
        # --add-opens=java.desktop/com.apple.eawt=ALL-UNNAMED
        # --add-opens=java.xml/com.sun.org.apache.xml.internal.utils=ALL-UNNAMED
        # --add-opens=java.desktop/javax.swing=ALL-UNNAMED
        exec "$JAVA_HOME/bin/java" "${vmoptions[@]}" "-jar" "$launcher"
        EOF

        chmod +x thinkorswim.app/Contents/MacOS/thinkorswim.shim.sh

        # Run it (or just double click in Finder)
        open ./thinkorswim.app


To run, just double click the shim app in Finder. The shim app is needed since that's what ToS uses to re-launch itself after updates. Note that macOS [really wants](https://apple.stackexchange.com/questions/452070/custom-macos-application-bundle-requires-rosetta-even-through-it-shouldnt) to execute shell script apps inside Rosetta, so you will be prompted to install it. However, ToS will not be executed inside Rosetta, and you can confirm this in Activity Monitor.