TradingView - how to use and what it is
With the ever-increasing number of trading theories, tools and data available, trading is becoming more accessible, but also increasingly complex. Platforms such as TradingView are designed to facilitate trade analysis by offering trading tools, including specific TradingView strategies, and by teaching how to create an environment for competent trading.
TradingView - what is this
TradingView is a browser-based platform that offers investors and traders all the tools they need to analyze the market and make informed decisions about their investments. Their motto "Think First, Do Later" is a great indicator of what they believe in, and with 30 million users, it seems to strike a chord with many people. TradingView claims that too many people lose money on investments because they lack the tools and knowledge to properly analyze their investment decisions before taking the leap. So, to help investors and traders earn more, manage their risks properly and not lose all their money, TradingView has put together everything they need in one place.
Another proof of their statement that they really want to help traders is their offer of a free membership with no obligation to trade. In addition, free real-time TradingView data from regions around the world is available along with free tools. However, the free membership has its limitations, such as offering only three indicators per chart, which only allows for basic analysis. Nevertheless, the free features are ideal for those who are just starting out and need to figure out what's what before throwing themselves into the maelstrom of trading analysis. To gain access to the more advanced features, the user must upgrade to a full membership.
Another proof of their statement that they really want to help traders is their offer of a free membership with no obligation to trade. In addition, free real-time TradingView data from regions around the world is available along with free tools. However, the free membership has its limitations, such as offering only three indicators per chart, which only allows for basic analysis. Nevertheless, the free features are ideal for those who are just starting out and need to figure out what's what before throwing themselves into the maelstrom of trading analysis. To gain access to the more advanced features, the user must upgrade to a full membership.
What opportunities are found for the users of TradingView
TradingView offers many features, each designed to provide the user with the best possible analysis. Some of its main features include:
TradingView's multiple charts
The cornerstone of TradingView and any market analysis, these multiple charts work using real-time data. By offering multiple charts on one screen, the platform can simplify analysis without having to switch between windows. These charts offer data in an easy-to-read format, including the TradingView volume profile feature, which shows the volume of trades to buy/sell the market or specific assets. Furthermore, because it is a browser-based platform, there is no need to install or upgrade, which means users can directly view and interact with the charts in a secure cloud.
Multiple charts on one screen allow multiple assets to be monitored and analyzed simultaneously.
Technical Analysis and Algorithms
With over 100 indicators and over 50 smart drawing tools, TradingView has been able to cover most popular trading concepts including Elliott waves, Fibonacci and Gann corrections, as well as custom indicator templates. Users can set trend lines, highlight items they want, and even take handwritten notes, which means their analysis is entirely their own. However, not to leave newcomers at a loss, each of these features has clear instructions and even available video tutorials and stories.
Alerts
To make sure traders don't miss the trades they've been analyzing for so long, the TradingView platform offers 12 different alerts applicable to price, patterns, indicators or strategies. However, they have different conditions depending on the membership chosen.
Screener
This filtering tool allows users to narrow down the assets they want to analyze from the newest additions, most efficient, least efficient and others. The platform has several trading options, thereby giving traders a wide range of options and providing them with the widest range of options.
Socializing
It makes sense that any analysis-oriented application should have strong social functionality. TradingView claims that their exchange is one of the largest and most active in the world. As a global platform with millions of users, this means that traders will find information on how to get the most out of trades, where certain assets can go, and what new trading strategies are emerging.
Expanded watch lists
This aspect of TradingView is more individualized for each user, and allows them to view a variety of assets they may be interested in trading. Their lists can also be imported from their own devices to have them all in one place.
TradingView's multiple charts
The cornerstone of TradingView and any market analysis, these multiple charts work using real-time data. By offering multiple charts on one screen, the platform can simplify analysis without having to switch between windows. These charts offer data in an easy-to-read format, including the TradingView volume profile feature, which shows the volume of trades to buy/sell the market or specific assets. Furthermore, because it is a browser-based platform, there is no need to install or upgrade, which means users can directly view and interact with the charts in a secure cloud.
Multiple charts on one screen allow multiple assets to be monitored and analyzed simultaneously.
Technical Analysis and Algorithms
With over 100 indicators and over 50 smart drawing tools, TradingView has been able to cover most popular trading concepts including Elliott waves, Fibonacci and Gann corrections, as well as custom indicator templates. Users can set trend lines, highlight items they want, and even take handwritten notes, which means their analysis is entirely their own. However, not to leave newcomers at a loss, each of these features has clear instructions and even available video tutorials and stories.
Alerts
To make sure traders don't miss the trades they've been analyzing for so long, the TradingView platform offers 12 different alerts applicable to price, patterns, indicators or strategies. However, they have different conditions depending on the membership chosen.
Screener
This filtering tool allows users to narrow down the assets they want to analyze from the newest additions, most efficient, least efficient and others. The platform has several trading options, thereby giving traders a wide range of options and providing them with the widest range of options.
Socializing
It makes sense that any analysis-oriented application should have strong social functionality. TradingView claims that their exchange is one of the largest and most active in the world. As a global platform with millions of users, this means that traders will find information on how to get the most out of trades, where certain assets can go, and what new trading strategies are emerging.
Expanded watch lists
This aspect of TradingView is more individualized for each user, and allows them to view a variety of assets they may be interested in trading. Their lists can also be imported from their own devices to have them all in one place.
How to use the TradingView platform
Using TradingView requires a little practice, not because it is difficult, but simply because there are many features that need to be understood. However, to get started, the trader just needs to create an account and then go to "Charts". Here he can enter the trading pair he would like to analyze and a live chart will open.
Above the chart are the functions that can be used to add or change information: the chart is displayed as candlesticks, but this can be changed as desired by clicking on the candlestick icon at the top. Also at the top are options for applying strategies (each explained by clicking the question mark icon on the side), adding indicators, alerts, other comparable assets and other functions.
To the left of the chart are functions that can be used to perform analysis. These features include trend lines, Fibonacci corrections, price ranges, icons, text, and others. Each one is worth playing around with and exploring to make sure you fully understand how to make the most of these tools for analysis.
To the right of the chart, traders can find the watch list, as well as social and organizational features: these include private and public chats, calendars, alerts, news, lists, ideas, and notifications, to name a few. The watch list and its details can be customized to show the assets that interest you.
Below the chart are other features: these include Pine Script, TradingView's own programming language, which traders can use to configure their indicators and run them on the server. In addition, this is where the trader can contact the broker to make a trade. This is done through a combination of the broker's tab and the chart itself by opening and closing a trade.
However, despite all the information available about TradingView, to understand how to use the chart and how to interact with it for the best analysis, it is worth doing a little research first:
Understanding what analysis tools such as Fibonacci retracement levels and the Elliot wave indicator and how they work is paramount. Use the resources available on TradingView, including social media and help functions that explain many tools and strategies as well as provide video tutorials. In addition, there are tools you can use for practice, such as the trading simulation tool, and testing TradingView on historical data to see how trades would have gone in the past and present.
Using outside resources, such as watching explanatory step-by-step videos, such as those published by the Disciplined Trader youtuber, can also be helpful.
The main consideration, however, is not to start trading until you can do your own analysis - watch and then jump in.
Above the chart are the functions that can be used to add or change information: the chart is displayed as candlesticks, but this can be changed as desired by clicking on the candlestick icon at the top. Also at the top are options for applying strategies (each explained by clicking the question mark icon on the side), adding indicators, alerts, other comparable assets and other functions.
To the left of the chart are functions that can be used to perform analysis. These features include trend lines, Fibonacci corrections, price ranges, icons, text, and others. Each one is worth playing around with and exploring to make sure you fully understand how to make the most of these tools for analysis.
To the right of the chart, traders can find the watch list, as well as social and organizational features: these include private and public chats, calendars, alerts, news, lists, ideas, and notifications, to name a few. The watch list and its details can be customized to show the assets that interest you.
Below the chart are other features: these include Pine Script, TradingView's own programming language, which traders can use to configure their indicators and run them on the server. In addition, this is where the trader can contact the broker to make a trade. This is done through a combination of the broker's tab and the chart itself by opening and closing a trade.
However, despite all the information available about TradingView, to understand how to use the chart and how to interact with it for the best analysis, it is worth doing a little research first:
Understanding what analysis tools such as Fibonacci retracement levels and the Elliot wave indicator and how they work is paramount. Use the resources available on TradingView, including social media and help functions that explain many tools and strategies as well as provide video tutorials. In addition, there are tools you can use for practice, such as the trading simulation tool, and testing TradingView on historical data to see how trades would have gone in the past and present.
Using outside resources, such as watching explanatory step-by-step videos, such as those published by the Disciplined Trader youtuber, can also be helpful.
The main consideration, however, is not to start trading until you can do your own analysis - watch and then jump in.
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