TradingView is one of the best financial market analysis platforms available today. It is an online social network for traders, enabling users to communicate, exchange trading concepts, and trade straight from the platform’s sophisticated charting features. TradingView is undoubtedly a good tool for anyone looking to profit from any financial market.
Key Features of TradingView:
- What really makes TradingView unique is its social trading community. It is used by more than 50 million traders globally, with a vibrant community where strategies and ideas are discussed.
- It has 15 different chart types that appeal to novice and expert traders, ranging from simple chart types like the line and bar chart to more complex ones like the Renko chart.
- The ability to display up to 16 charts on a single layout facilitates multi-timeframe analysis.
- Forex and equity traders can access financial analytical indicators, a comprehensive economic calendar, and relevant real-time worldwide news directly from the platform.
- The Pine Script programming language enables users to design unique strategies and indicators.
- With bar-by-bar replay, traders can use simulated historical data to verify trading ideas.
How To Start Trading With TradingView
Creating a TradingView Account
Many people use TradingView as a charting platform and to trade on a brokerage. To execute trades, track orders, and manage your positions within the TradingView platform, you’ll need a broker that supports TradingView integration and a paid plan. To do this, just follow the steps:
- Log in to your TradingView account, then go to the Charts tab.
- Choose a Trading Panel section at the bottom. You will see the list of platforms integrated with TradingView.
- Select your preferred broker and click ‘Continue’.
- Sign in to your account. You will be redirected to a log-in page; use your account credentials to log in.
Choosing Your Instrument
You can see which instrument is active on the chart in the top left corner. Click this to open a dialogue box where you can choose different asset classes, including FX, stocks, CFDs, cryptocurrency, and index searching.
Placing the Trade
Below the chart, you’ll notice two buttons — a red one displaying the sell rate and a blue one showing the buy rate. Clicking either button will reveal a panel on the right with various options for opening your position. This panel allows you to specify the trade size, choose between a market or limit order, and set take profit and stop loss levels if desired.
To execute the trade, simply click the large button that says either ‘BUY’ or ‘SELL’, depending on the type of position you wish to open.
Maximise TradingView’s Features For Your Strategies
1. Charting Tools
TradingView originated as a charting tool, so its charting capabilities are among its strongest suits. To use the TradingView chart, simply enter the symbol of your desired asset into the bar at the top of the homepage. This could be stocks, forex pairs, cryptocurrencies, commodities, indices, or any other tradable instrument you wish to analyse. For instance, if you want to examine the chart for Apple stock, you can type “AAPL” and click on it.
Upon entering the symbol, a new tab will open with the corresponding chart. Here, you can customise the chart according to your preferences — including the chart type, time frame, layout, colours, and more. Additionally, you can add indicators, drawing tools, alerts, and other features covered later in this tutorial. Click the settings button on the top right to see the customisation options.
2. Watchlists
The watchlist serves as a concise summary of the markets you actively monitor and trade. Your personalised watchlist allows you to gain instant access to all your key markets every time you log into the TradingView platform.
To establish your watchlist, click on the ‘Watchlist’ dropdown menu in the top right corner, then use the ‘add symbol’ function (+) to incorporate the desired trading instruments into your customised watchlist.
3. Drawing tools
TradingView offers many drawing tools accessible from the left panel. These include trend lines, Fibonacci retracements, harmonic patterns, and more, catering to diverse technical analysis techniques.
To customise your toolbar, you can mark your preferred drawing tools as favourites by clicking the star icon next to each one. This will create a flexible toolbar that can be repositioned anywhere on the chart for your convenience.
You can also turn on the Magnet mode, which enables your cursor to snap to the open/high/low/close of the nearest candlestick. This is very useful when drawing exact trend lines.
4. Alerts
TradingView’s alert system lets you set notifications for specific price levels or complex indicator conditions, ensuring you remain informed. Creating and managing alerts is a straightforward process. To add an alert, simply right-click on the chart of interest. Next, use the dropdown menus to create alerts for various conditions, such as price crossing a certain level. Additionally, you can specify the trigger timing and set an expiration date for the alert.
5. Default Indicators
Exploring the dropdown list of default indicators is an excellent starting point to uncover the full potential of the TradingView platform. Click on the ‘Indicators’ tab in the upper left corner to access the ‘Indicators, Metrics, and Strategies’ menu. You can incorporate key metrics such as volume, average price, and historical volatility into your asset analysis.
If you prefer a more visual interpretation of price trends in a market, the sidebar’s annotation tools can assist you in identifying and monitoring various patterns.
You can also mark your most frequently used indicators as favourites by selecting the star icon next to them; this saves time by eliminating the need to search for and add the same indicators repeatedly.
Explore TradingView’s User-Friendly Pine Script
For traders who want to code their trading strategies directly within the platform, TradingView offers a native scripting language called Pine Script, which is far more accessible than typical high-level programming languages. It provides a comprehensive set of built-in functions, with each new revision adding even more capabilities.
Pine Script is designed to be easy to learn, and a large and active community backs it. Once you have familiarised yourself with TradingView and its interface, it is highly recommended that you start learning Pine Script.
Your Gateway to Trading Success
TradingView is a powerful and comprehensive platform that offers many features and tools to assist traders at every stage of their journey. It might just be what you need to finally profit from your preferred market. Whatever you trade, research first, then leap.
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