TradingView may be understood as a free-to-use multi-platform charting service as well as a social network that can be utilized by investors and traders alike. This article will therefore provide you with all of the relevant details that you will need to know about this platform, and it will serve as a guide through which you will understand how to use the platform effectively as per your own needs, preferences, and overall requirements.
Simply put, TradingView enables its users to successfully monitor and track the different price charts pertaining to all kinds of different assets, inclusive of cryptocurrencies, for instance, in addition to being able to discuss and share their respective ideas regarding the markets. The platform is incredibly useful because it provides a customizable, easy-to-use, and vast set of technical indicators, which are a vital element of technical analysis.
For anyone who hence wishes to take part in such an endeavor, this kind of technical analysis is useful for traders as it can provide individuals with the highly coveted and sought-after degree of price predictability pertaining to all kinds of markets, including the notoriously volatile cryptocurrency markets.
Understanding TradingView
TradingView strives to position itself as a kind of one-stop trading platform that offers a combination of cross-platform alerts, technical indicators, a social network, and real-time charts. All of these are readily available through the web interface that has been provided by this platform in addition to the tablet and mobile applications, as well as the dedicated desktop application.
Furthermore, TradingView successfully leverages all of these as well as a wide variety of all kinds of other features in order to offer an environment that is supposed to assist individuals in making deeply informed investment as well as trading decisions which will undoubtedly affect their lives and respective trading careers. Also, one of the unique things about TradingView is that its social aspect, which is associated with the platform, is actually incorporated into the price charts.
In other words, whenever traders would access a chart for the purposes of analyzing any kind of particular assets such as a stock or cryptocurrency, the individuals can then, therefore, observe the newsfeed on the platform which is relevant to that asset along with public rooms which are created to assist that asset’s particular community.
This kind of social aspect is often necessary for this day and age when an increasing number of individuals worldwide have demanded that any kind of project or particular tradable asset needs to offer some kind of community-driven features in addition to all of the other fundamentals and basic benefits which are offered. Moreover, when it comes to online trading, many would agree that the ability to customize your own portfolios as well as different features which you might be using is an essential characteristic that must not be overlooked or taken for granted.
With that being said, many of the tools which are provided by TradingView are, in fact, highly customizable, in addition to being easy to use. This may be exemplified via ‘Pine Script,’ which is TradingView’s very own respective scripting language that is also quite user-friendly and can be readily utilized with minimal effort in order to design new technical indicators, which can also be created from scratch. Additionally, this kind of focus and effort pertaining to enhanced customizability actually extends way beyond just that of the indicators.
When you access the platform, you will quickly discover that apart from the indicators, you will also see all kinds of price alerts and timescales and even the color of the different chart candlesticks. The best part is that all of these can be customized to the exact requirements of the different traders, and both seasoned veterans, as well as new traders can utilize this aspect with relative ease.
Subscriptions
It is worth mentioning, though, that the different kinds of features which would be made available to you will also largely rely on your own subscription level. There is a free version of TradingView that you can use. However, this experience is somewhat limited. Nevertheless, the platform provides three different kinds of monthly subscriptions, which you can take a look at, and these will range in price from just below $15 to just below $60. Once again, however, it is important to know that each type of subscription will come with different kinds of benefits and advantages.
The three different subscriptions are named ‘Pro,’ ‘Pro+’ and ‘Premium’ respectively. Pro requires exactly 14.9 $5 to use. Pro+ requires 29.9 $5 to use, and Premium requires $59.5 to use. Once again, all three of these options will offer somewhat similar services and features. However, they will also provide different characteristics which you should know, such as that of more data on the charts, different kinds of indicators, and the ability to use more devices simultaneously.
Despite the price, however, you will find that the platform is still relatively more affordable as compared to a majority of TradingView’s competition, which includes Bloomberg Terminal, which actually costs a whopping $24,000 a year to use. Furthermore, with more than 30 million visitors on a monthly basis, TradingView also provides its users the opportunity to take part in a community that is sure to talk about all kinds of different ideas which are sure to enhance your knowledge as well as overall experience level and expertise pertaining to online trading.
Also read:This is essential if you want to grow as a trader and gradually become a seasoned veteran, which will only serve to provide you with the ability and knowledge to earn more substantial profits down the line.
Charts
At the most basic level, you will find that the charts provided by TradingView actually offer a very high-level overview pertaining to any given asset’s respective performance over a set period of time. In fact, the default timescales can range from five years to just one second. Users can see OHLC (open, high, low, and close) data regarding every candlestick that can be observed on the selected time scale. You will also be able to access all kinds of other data which may be relevant to you.
At this point, you might be thinking to yourself that this is nothing special as many other platforms may also provide similar services and features. However, even though the charts provided by TradingView are totally conventional, it is, in fact, the highly configurable and vast selection of tools that really sets apart the charts feature when it comes to TradingView. This kind of extensive selection is often needed simply because the online trading industry is one that is constantly evolving. You need to have charts that can stay up to date with the different kinds of tradable assets.
You also want to access a platform that provides these charts, which can be used and understood in a relatively straightforward and easy manner which TradingView provides. Furthermore, regarding the different tools which are provided by TradingView, specifically pertaining to the charts, you can find all sorts of useful things such as technical indicators, complex indicators, scripts, switch chart types, the option of paper trading, trading associated with a selected asset and much more. You will also find that the social network aspect is represented by a panel that is also linked with the charts.
Through this social network aspect, you can find hotlists of different assets as well as private and public chat rooms that you can take part in. Additionally, you will be given access to your own personalized watch list as well as be able to see the ideas and streams of the other users along with much more. Simply put, TradingView wants to cover all of its bases, which is a goal that it is actively striving to accomplish for its respective users.
All of the different settings pertaining to the charts can also be changed whenever the users wish by going to the ‘Settings’ option. Here, you will find different useful features such as the symbol panel, the skills panel, the appearance tab, the trading panel, and the events tab. All of these settings can be used in tandem with one another in order to help you participate in an experience that is well and truly unique as per your own style.
Pitchfork Features and Trend Line
Around this point in this article, it is now important to understand how the technical indicators can be utilized and how the tool is, in fact, implemented on the platform. Once traders access any given chart, the individuals need simply select the ‘Trend Line’ tool, which is available from the leftmost toolbar. Do keep in mind that ‘Magnet Mode’ is also highly recommended as this makes the indicators automatically readjust to whichever the nearest candlestick element will be.
After this, the traders will just need to link the highest points regarding a descending chart or the lowest points in any given uptrend. Again, this will also largely depend on whether the traders are actively attempting to find a resistance or support line, which is quite a common occurrence in online trading. Furthermore, traders may double-click the indicator which has been charted, and this will open up the settings menu. The settings menu can be utilized for further customization options such as those pertaining to the tool’s respective color, shape style, coordinates, visibility, and more.
Moreover, it is also possible to use the ‘Pitchfork’ tool, which is once again available from the left-most toolbar. Traders can use the first, second, and third points in order to accurately utilize the tool, which will enable them to conduct a further technical analysis associated with a chart. It is crucial to remember that if all the three points are correctly placed, then not only would this need a lot of experience, but it is also one of the most sought-after tools regarding online trading.
Simply put, if you can utilize this feature provided by TradingView effectively, then there is a very strong possibility that you would have just become a more advanced trader, and you would thus be able to potentially earn more substantial profits. However, it is always recommended to use an abundance of different kinds of tools and not simply rely on just one kind of tool or technical indicator.
Different market types
Of course, as is often the case with online trading, traders would usually feel the need to know about the different types of markets as well as tradable assets that are available. This makes sense as it is highly recommended for traders to diversify their respective portfolios as much as possible. This kind of diversification is essential because it simultaneously increases the chances of earning more profits while decreasing the likelihood of incurring substantial losses. More investments into different tradable asset types will also potentially be able to provide different sources of income.
TradingView hence provides data pertaining to all sorts of different market types such as cryptocurrencies, stocks, forex, market indices, bonds, and even futures. What’s more is that sortable and detailed screeners are, in fact, available to be used by the traders for the stock, forex, and cryptocurrency markets which offers the users with all sorts of relevant information such as market sentiment info price action as well as hard performance data. Once again, this is all useful information to have prior to making any sort of investment.
Live Stream
The ‘Live Stream’ feature is yet another characteristic associated with TradingView that helps make it more unique, and the platform will thus continuously attempt to grow its social aspect through this feature. TradingView has provided a unique live streaming feature, which is in its beta stage, and currently, it functions similar to that of Twitch in the sense that users have the ability to register in order to successfully become a streamer.
After becoming streamers, the users can then share their respective educational resources as well as technical analyses along with all sorts of other kinds of content through a live video format. The live streaming service also comes with a feature known as the live-chat option, which is useful in the sense that the viewers can not only watch the live stream but also actively take part in meaningful conversations where all sorts of insightful ideas will be discussed with one another as well as the content creator.
Finally, once the stream is over, the video is also saved by TradingView and can be viewed on-demand by anyone who might not have been able to take part in the initial live presentation. The live stream service is one of the unique aspects related to TradingView, and not many are actively offering such a feature due to various reasons.
It would nevertheless make sense to offer the service simply because the value of community-driven efforts as well as that of social networks, in general, have increased tremendously in this year alone, and so people want to be able to take part in something not just from a technical standpoint but also from a community perspective.
Ideas Feature
TradingView’s ‘Ideas Feature’ is, in fact, a vital component of its growing social environment. Simply put, it is a slew of price predictions, educational resources, informative content, and market analysis which are all community generated. Usually, the posts are made in text, video, or image format. To add to this innovative feature, users who utilize the platform are able to have their ideas be posted onto the feed directly, which is sortable via different asset types, hashtags, themes, and so on.
Furthermore, users have the ability to share, comment and like the ideas which have been brought forth by the other users, as well as follow all sorts of different traders. It should be mentioned, however, that since there are not many filters, it would be wise to follow those traders who are genuine and who offer something beneficial to the conversation. Users should be responsible in order to not follow anyone who may wish to cause harm to others.
Closing remarks
In conclusion, all sorts of traders may be able to utilize TradingView with relative ease. The highly configurable nature provided by the platform enables the users to customize it in accordance with their own personal preferences, needs, and requirements. What’s more is that as traders gradually become more advanced and experienced, the configurable nature becomes even more useful as the traders can then readjust the usage of the platform in order to fit their different preferences as time progresses.
Moreover, there is little risk with using TradingView as the basic version is, in fact, free to use, which means that although the services with this version are going to be limited, there is no risk, and the platform will also not ask for any money in order for you to use it in this version.
Finally, the social network is one of the best things about TradingView as it will help those that are new to the industry learn all they want about it in a meaningful and constructive manner. Once again, however, it is the individual responsibility of each, and every trader to follow genuine people and not get involved with anything disingenuous.
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