TradingView: what is it and how does it work? The guide Young Platform

April 14, 2023by admin0

what is tradingview used for

To access the indicator window, just click on “Indicators” in the top menu. If you need to notate your chart with circles, rectangles, triangles, or any other shape, this tool will give you plenty of options. This is what to click on to find all of your dowmarkets Fibonacci tools plus your pitchforks and Gann tools. Basically, this is what you use for most of your retracement and projection work. If you take a look at your dashboard, it will be obvious that our chart above doesn’t cover everything in TradingView.

Side Menu Buttons

They know a thing or two about calculated risk and reward — just like our users. We make most of our money only through low cost monthly subscriptions and ads. Unlock insight into all major markets, and stay up-to-date on latest https://broker-review.org/xtb/ economic trends. Access data from TradingView’s vast array of feeds, or create your own feeds. Whether you’d like to simply look up the latest stock price, or analyze price patterns with lengthy scripts — we got you covered.

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what is tradingview used for

Chart settings may appear at the top-left or the top-right navigation bar depending on the version you’re using. As you can see in the image below, there are several setting options that you can use to customize the look of your chart. You can customize your TradingView dashboard to match your preferences for market analysis. And this is what we’re going to focus on in this guide—namely, how to navigate and customize your platform. Learn more about our full range of powerful features including the best charts on the web. Compare symbols via different parameters and tools, all in real-time, to find your best trading opportunities.

  1. Enter your idea or headline for the analysis e.g Eur/Usd Breaking To New Highs, then write a description of what you think is going to happen in the small text box below.
  2. Additionally, the platform offers customizability, allowing users to adjust colours, lines, and axes to make charts easier to read and understand.
  3. Quite a bit to work with here, but this is where we find tools for drawing or otherwise marking up our charts.
  4. Whether you’re new to trading or a seasoned professional, community involvement can provide new perspectives and opportunities in investing and trading.

Social Networking and Customizable Plans

Flicking back and fourth between your broker and charting platform gets really annoying, but on Tradingview, it’s not a problem… like MT4, you can connect your broker to trade directly through the chart screen. To the right of the square, it says Unnamed with a little down arrow next to it. Use this to save your current chart – so all the indicators, lines, drawings, tools, etc. Tradingview saves all your charts to the cloud – hence the icon – so you can quickly switch between them. Indicators contains all the technical indicators Tradingview provides… and it provides A LOT.

Join The Chart Guys!

Drag this from one point to the next, and it’ll show the pips, days, and weeks it took price to cover that distance. The magnifying glass below (2) lets you zoom in and out of the chart – you can do this with your mouse wheel, so it’s kind of unnecessary. Remember, you need to use the correct tool for the right trade type.

I’ve labelled each of the key (i.e useful) buttons above with a small box placed a yellow box around the social buttons. It’s pretty obvious what these do, so I’ll let you figure them out for yourself. Simply click a currency to instantly switch over to it with all your prior analysis in-tact on the chart. The next two tools, “Lock All Drawing Tools” and “Stay In Drawing Mode”, don’t do anything important, so just leave these unchecked. With the tool, though, all I have to do is place it on the chart and then move the lines to their respective positions. The tool will show all your information automatically without you needing to calculate anything or switch back and fourth with your broker.

It’s easy to use, packed with amazing features not found on most other platforms, and best of all, completely FREE. When choosing an account for a service or platform, it’s important to consider the differences between free and premium subscription options. Each account type offers its own set of perks and limitations, and understanding these differences https://broker-review.org/ can help you make an informed decision about which option is best for you. Currently, the Free plan limits your charts per tab, and number of saved layouts, and restricts access to a variety of the features on the platform. TradingView’s Pine ScriptTM programming language allows users to create their own alerts, strategies and indicators.

what is tradingview used for

Now that you understand what TradingView is and how it works, you can utilise the vast potential of this platform. TradingView offers different versions, from the basic and free to the pro version, costing around $500 monthly. On TradingView, users can also jot down notes or draw geometric shapes by hand. These notes and shapes will remain where they were left on the chart, allowing users to find and access them easily. Additionally, the platform offers customizability, allowing users to adjust colours, lines, and axes to make charts easier to read and understand.

As you can see, A LOT of tools feature here, and each one has a drop-down list containing even more within. We’ll go over these in more detail later on, so you can see how they work. Nowaday’s, trading platforms are everywhere, so knowing which has the right features and which to choose for trading isn’t as easy as it seems.

At TradingStrategyCourse.com, we believe in empowering traders through free education. This community is a melting pot of knowledge and experience, offering you the unique opportunity to learn from the best in the business. We’re a network of 60 million traders and investors, powered by the world’s most powerful market analysis tools.

Trade directly on our charts with globally recognized and fully-verified brokers. An extensive array of fundamental data for all major stock exchanges. In the world of supply and demand trading, proximal and distal lines are two terms… Once it’s installed, simply enter your account details, and the chart will open with your analysis intact. Just remember, the trial will automatically switch to a paid account after the 30 days is over. So make sure you end it by then, otherwise, you might get a nasty surprise the next time you check your bank account.

Technical indicators are one of the most essential tools for determining entry and exit prices. On TradingView, traders can choose from more than 100 technical indicators to analyse price trends and make the right decision. Some of them are – Moving Average Convergence / Divergence (MACD), Relative Strength Index (RSI), Bollinger Bands, Moving Averages (MA), candlestick pattern recognition, etc. The platform’s extensive market coverage makes it a valuable resource for various types of traders, including those involved in stocks, forex, commodities, and other asset classes.

Namely, you want your charts layout to be fixed in a certain style, and you want certain instruments to be accessible with a click. To change the colour, head over to the Appearance menu in chart settings (right-click somewhere on the chart to open the menu) and change the chart colour to white. Unless its to aid in price based decision making, indicators have NO PLACE on your chart. Using them for anything other than confirming a signal or something you see happening is a quick way to ruin, as hundreds of failed traders will tell you. All you MT4 stans will be kicking yourself over this tool, given it’s one of the few legit things MT4 has over most other charting platforms. Here you can customize, create, and tinker with indicators and strategies to your heart’s content.

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