Hi Russ
A delayed quote means it is delayedf 20 min. In other words, you are looking at what the price was 20 minutes earlier.
I am pretty sure Think or Swim has live quotes, but if not, you can look at live quotes on yahoo while you paper trade Think & Swim (your virtual trade will get filled with real time quotes even if the quotes you look at are delayed).
Cheers
Tek
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