TradingView: Overview, Merits of Using TradingView

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.