TradingView: Overview, Merits of Using TradingView

08 Apr, 2022

7 min read

1048 Views

icon
TradingView serves a financial visualisation platform that makes use of advanced metrics while providing users with the ease of a modern website. Understand all that it entails.

What is TradingView? A Brief Overview

Navigating the world of trades can be particularly challenging if you don’t have adequate software that enables you to track stocks with ease. TradingView recognises the importance of having a platform that caters to the varied needs of traders and seeks to do just that with its financial visualisation platform. Operational in your browser, TradingView serves as a platform and screener that can be used to track cryptocurrencies as well as other financial assets. In addition to charting, users of this platform are entitled to share their trading strategies and can live stream their analysis.

As far as free options are concerned, TradingView is a particularly useful tool that traders with all levels of experience can take advantage of. Basic features available on the platform are more than sufficient for traders just starting out. While navigating this platform it is important to scroll through other users streams and ideas with care. Rather than blindly following other people’s strategies, you must make certain to filter out information that isn’t adding value to your strategy.

Now that you have understood what TradingView Is, continue reading to understand what it does.

Understanding The Function That TradingView Serves

With the TradingView platform it is possible to analyse a wide variety of financial assets, create charts and customise technical indicators. Technical indicators can take on varied shapes, patterns and lines that are utilised by several traders each day. Since this platform is entirely browser-based, you aren’t burdened with having to download it onto your computer or laptop. That being said, this platform does have a smartphone application that is ideal for mobile users.

TradingView provides users with the opportunity to chart and analyse a number of cryptocurrencies like Ethereum and Bitcoin as well as commodities and stocks. Once a free or paid account has been created, strategies and templates can be made by users which can also be published within the TradingView community. Members on the platform can comment on the same which in turn can allow users to build their skills.

Understanding TradingView’s Inhouse Social Network

This platform features a ton of Instagram like offerings that allow users to share and show off their trading strategies. The “Ideas and Streams” page allows users to get a chance to sift through tips and gain feedback on their own analyses. The “Ideas” page showcases charts, videos and commentaries made by other users. Chat rooms can be entered into such that conversations and discussions can be had with other community members. Since traders have diverse trading styles and strategies it isn’t necessary for all suggestions to be blindly followed.

Another interesting feature of this platform is the fact that it allows users to observe other traders in real time as they create charts. While this feature is fun, it is still in its beta mode owing to which content is relatively low.

Taking a Look at the TradingView User Interface

Users that have previously never been exposed to or used charting tools previously may find TradingView slightly confusing. The list featured below helps outline what each toolbar  and chart visible on TradingView is designed to do.

  • Toolbar 1. Charting and drawing tools needed for the chart area are found on this toolbar. Simple lines as well as long/ short positions ca be made here. By right clicking each tool an extended selection is visible allowing for more options to be displayed. While the default line-up features basic tools, more advanced tools are available here.
  • Toolbar 2. This toolbar can be used to change the way a chart looks. Area graphs, line graphs, candlesticks and more can be chosen from. A search bar lies on the left and can be used to change the asset that’s on display. The “indicators and strategies” button is worth noting here as it allows premade analysis patterns to be inserted.
  • Toolbar 3. The trading panel tab which is placed on this toolbar can be used to trade within the TradingView website. Further, the strategy tester button which is also featured on this toolbar can be used to backtest strategies.
  • Toolbar 4. Social elements pertaining to Trading View and news are primarily covered under this toolbar. Watchlist customisations can be made here, and users can send private messages to one another here. Ideas and streams can be explored, and a personalised calendar can be accessed via this toolbar. Users wishing to access information, data or lists can use this toolbar. 
  • Chart Area – Each time a user changes the asset they are looking at, uses any tools or place indicators, they will be displayed in the primary chart area. Almost everything that is visible on the screen can be customised as per the user’s preferences.

Assessing the Merits Associated with Using TradingView

While there are several asset screeners available in the market today, it is important to understand what makes TradingView stand out among them. Examine the list featured below in order to understand TradingView’s benefits.

  • For starters, TradingView is accessible via any device that features an internet browser. Users aren’t required to install a particular software in order to access it and can view their charts anywhere.
  • Next, a majority of the features provided by TradingView are free.
  • Users can set up alerts such that TradingView keeps track of them on their servers. This means that it isn’t imperative for users to keep their TradingView account open to receive alert notifications.
  • More adept traders can create custom indicators that they can save to TradingView’s servers. 
  • Rather than being limited to cryptocurrencies alone, TradingView allows for a large number of forex, commodities, equities and securities to be charted on its platform. 
  • Once a user has developed a strategy it is possible to backtest with the inbuilt feature.

Wrapping Up

Users that are new to the TradingView platform and those who lack experience must digest the ideas and suggestions provided on the TradingView platform with caution as it may be speculative.

 

Disclaimer: This blog is exclusively for educational purposes and does not provide any advice/tips on investment or recommend buying and selling any stock.

How would you rate this blog?

Comments (0)

Add Comment

Related Blogs

  • icon

    Ashneer Grover Biography -...

    28 Feb, 2022

    5 min read

    READ MORE
  • icon

    What are Indirect Taxes?

    15 Mar, 2022

    7 min read

    READ MORE
  • icon

    Nirmala Sitharaman’s Success Story

    26 Mar, 2022

    5 min read

    READ MORE
  • icon

    ​​Dhirubhai Ambani’s Success Story

    07 Mar, 2022

    7 min read

    READ MORE
  • icon

    Russia vs Ukraine War:...

    10 Mar, 2022

    7 min read

    READ MORE
  • icon

    ​​Dr APJ Abdul Kalam:...

    14 Apr, 2022

    5 min read

    READ MORE
  • icon

    Aman Gupta: Success Story...

    17 May, 2022

    5 min read

    READ MORE
  • icon

    What is Pre-Market...

    10 Feb, 2022

    6 min read

    READ MORE
  • icon

    Raamdeo Agrawal: How...

    13 Jan, 2022

    10 min read

    READ MORE
  • icon

    Why Gold Rate is...

    13 May, 2022

    5 min read

    READ MORE
  • icon

    A Beginners Guide To...

    02 May, 2022

    7 min read

    READ MORE
  • icon

    Falguni Nayar Success...

    23 May, 2022

    5 min read

    READ MORE
  • icon

    Mark Zuckerberg's Success...

    25 May, 2022

    5 min read

    READ MORE
  • icon

    Ratan Tata's Youngest...

    15 May, 2022

    4 min read

    READ MORE
  • icon

    Sundar Pichai: Success...

    31 Mar, 2022

    6 min read

    READ MORE
  • icon

    Crypto Ban in India?

    25 Jan, 2022

    6 min read

    READ MORE
  • icon

    What Happens to Bitcoin...

    14 Feb, 2022

    6 min read

    READ MORE
  • icon

    Long-Term Investments

    28 Jan, 2022

    7 min read

    READ MORE
  • icon

    Understanding Different...

    09 Mar, 2022

    8 min read

    READ MORE
  • icon

    Top 4 Biggest Common Crypto Scam

    21 May, 2022

    8 min read

    READ MORE
  • icon

    Top 6 Types of Trading in...

    05 May, 2022

    7 min read

    READ MORE
  • icon

    Futures Options Strategy Guide

    19 Jan, 2022

    8 min read

    READ MORE
  • icon

    Top 5 IPOs of 2021

    01 Feb, 2022

    6 min read

    READ MORE
  • icon

    Top 10 Stocks for 2022

    29 Apr, 2022

    7 min read

    READ MORE
  • icon

    Top 10 Most Inspirational...

    27 Apr, 2022

    7 min read

    READ MORE
  • icon

    Lenskart Startup Story:...

    29 Mar, 2022

    6 min read

    READ MORE
  • icon

    The Future Of...

    16 Feb, 2022

    8 min read

    READ MORE
  • icon

    Exploring Ed-Tech Giant...

    02 Mar, 2022

    8 min read

    READ MORE
  • icon

    Foreign Investment Funds...

    02 Feb, 2022

    6 min read

    READ MORE
  • icon

    Shiv Khera | Every Success...

    21 Apr, 2022

    5 min read

    READ MORE
  • icon

    How to Create Your Own...

    25 Apr, 2022

    8 min read

    READ MORE
  • icon

    5 Stocks to Watch Out for...

    05 Jan, 2022

    8 min read

    READ MORE
  • icon

    The Fibonacci Retracement:...

    31 May, 2022

    5 min read

    READ MORE
  • icon

    How Does Bitcoin Mining Work

    21 Jan, 2022

    7 min read

    READ MORE
  • icon

    Deadweight Loss Of Taxation

    31 Jan, 2022

    7 min read

    READ MORE
  • icon

    Top 7 Types of Investment...

    11 May, 2022

    8 min read

    READ MORE
  • icon

    Preference Shares:...

    17 Mar, 2022

    6 min read

    READ MORE
  • icon

    LIC IPO: Benefits for Policyholders

    18 Feb, 2022

    7 min read

    READ MORE
  • icon

    LIC IPO: Expected Date, Price, DRHP

    18 Feb, 2022

    7 min read

    READ MORE
  • icon

    Taxation in 2022:...

    11 Apr, 2022

    7 min read

    READ MORE
  • icon

    What Is Double Taxation?

    11 Jan, 2022

    7 min read

    READ MORE
  • icon

    LIC IPO Details: Should...

    18 Feb, 2022

    6 min read

    READ MORE
  • icon

    How To Use a Moving...

    07 May, 2022

    6 min read

    READ MORE
  • icon

    Why Elon Musk Bought...

    29 May, 2022

    5 min read

    READ MORE
  • icon

    Taxation Rules for Bond Investors

    03 Jan, 2022

    4 min read

    READ MORE
  • icon

    Stocks to Watch: Reliance...

    29 Dec, 2021

    5 min read

    READ MORE
  • icon

    Investing in Cryptocurrency

    06 Apr, 2022

    7 min read

    READ MORE
  • icon

    Basics of Algorithmic...

    21 Feb, 2022

    7 min read

    READ MORE
  • icon

    Capital Gains Tax

    23 Mar, 2022

    5 min read

    READ MORE
  • icon

    What Are the Risks of...

    19 May, 2022

    7 min read

    READ MORE
  • icon

    Tax on Cryptocurrency

    04 Apr, 2022

    6 min read

    READ MORE

Translate the power of knowledge into action. Open Free* Demat Account

* T&C Apply

Latest Blog

Ready To Trade? Start with

angleone_itrade_img angleone_itrade_img

Subscribe to #SmartSauda Newsletter

Open an account