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TradingView is a charting platform that seldom requires an introduction. Serving as a powerhouse of features for both beginner and experienced traders, TradingView has become a household name for many, particularly for those employing technical analysis.
Used by professional traders every day, this article explores three of the top features that TradingView has to offer.
Charting features out of TradingView push the boundaries, going beyond the basics and delivering unparalleled customisation. When a chart is posted on social media, it was likely created using TradingView.
TradingView Indicators: Drawing Tools and Technical Indicators
It is no secret that TradingView has more than 400 built-in trading indicators and strategies available and more than 100,000 public indicators. Of course, these include the favourites such as the Relative Strength Index (RSI), the Moving Average Convergence Divergence (MACD) and the stochastic indicator, in addition to many other momentum indicators, as well as volatility indicators (think ATR and Bollinger Bands) and trend indicators (think EMAs and the ADX).
To view the indicators and strategies, click on the ‘Indicators’ tab located on the upper panel of the main charting interface; this will open a separate window with two lists. The left side contains the categories (this is essentially what type of indicator or strategy you wish to access) and the right side holds your Favourites (indicators and strategies can be stored in the Favourites sections by checking the star function at the left side of the indicator).
In addition to the indicators, TradingView offers a wide selection of drawing tools, which are particularly important for price action traders who require charting tools to conduct research. This surpasses other charting providers and the ease in which these drawing tools can be accessed and applied to the charts is second to none. As illustrated below, the toolbar for drawing tools is fixed on the left side of the chart interface, which houses a wide range of technical analysis tools, such as basic lines for support and resistance levels and trend lines to Fibonacci retracements and expansions and Elliott Wave analysis.
Chart Types and Timeframes:
Surpassing the basic candlestick chart, line chart and bar chart, TradingView offers more than 15 chart types that includes the basics as well as more advanced types of charts, such as Renko and Point & Figure charts, which are fully customisable to suit your preferences (accessed through the upper panel).
Customising timeframes is a feature many appreciate. You have complete flexibility here, with an option to modify any timeframe you wish using the customisation tool at the lower part of the timeframes tab (also accessed through the upper panel).
The platform allows for multi-timeframe analysis, permitting users to track longer-term trends whilst also monitoring short-term market movements as well. This is made easier by employing the chart layout function, permitting up to 16 charts per tab. This can be accessed by clicking on the Chart Layout tab at the upper right part of the chart panel, as shown below.
Can you believe that more than 50 million traders and investors use the TradingView platform. Needless to say, it is an enormous social trading community that fosters collaboration and knowledge-sharing.
You are able to browse through hundreds of ideas across global markets, creating a place that fosters growth and learning. You are free to chat with fellow traders, either engaging directly or through dedicated public forums. This facilitates learning and the exchange of ideas.
What’s also handy is the main webpage of TradingView segregates Trade Ideas across the financial markets. So, we have Trade Ideas specifically for Exchange-Traded Funds (ETFs), US stocks, Forex and Cryptocurrencies, for example. On top of this, Live Streams are available to watch from a wide selection of presenters and organisations, as well as Community Scripts, which enables TradingView users to explore the built-in indicators and custom indicators that the community have created.
Within the TradingView platform, you have the flexibility to validate your trading ideas. This is imperative to gain confidence in your trading strategies. Many professional traders have noted that they would have been uncomfortable trading with a live account without the backtest statistics to hand.
Bar Replay is an awesome feature on TradingView that permits users to test their strategy ideas and assess performance based on historical data. This Replay function can be accessed in the upper panel which allows you to define the time back in history that you want to begin testing. You can also select the replay speed using the lower pop-up panel, buying and selling as you would when trading live, with all orders displayed on the chart.
The Strategy Tester is another feature for those wishing to test and optimise their trading strategies across all available financial instruments. You will, of course, first need to have created a strategy using the Pine Script Language. However, for those without a strategy, you can select from the pre-designed strategies within the Strategies section as shown below.
Once you conduct a test, you will be presented with three lists: Overview, Performance Summary and List of Trades. In the performance summary, you can analyse important statistics, such as Net Profit, Max Drawdown, Win Rate, the Sharpe Ratio, the Profit Factor and much more (below). It is quite extensive and certainly worth looking more into if you trade nondiscretionary based trading systems.
Traders and investors who hold a live trading account with an FP Markets cTrader account can access TradingView. Assuming you have both a TradingView account and a live cTrader account, then the process is straightforward and only takes a few minutes.
Within TradingView, head down to the Trading Panel located on the lower panel (see below) and select FP Markets. From here, you can connect TradingView with FP Markets using your cTrader account number and password. Once linked, you are free to use TradingView’s features and make trades directly through FP Markets.
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