Trading platforms are very critical to experiencing a good outcome when trading forex or any other market. It is for this and some other pertinent reasons why the topic of how to use TradingView has come up now. Over the years, this platform has proven itself useful to many traders due to its modern design and suitability to current market demands.
There are many trading platforms out there but TradingView has come out as a favorite; after using it for some time now and I am not alone in this. The pros as weighed against the cons are very great with how this platform is set up.
With a simple and nice layout, you are afforded tons and tons of trading tools you could never have imagined. I bet you that these tons of trading tools may be so particular with TradingView; you may never find it on any other trading platform.
It may have a simplistic and nice layout but how to use TradingView may pose a problem for the newcomer. Once you grab the basics however, it only gets easier.
From my end, I have put together the cons I have observed on TradingView that I haven’t seen elsewhere. By elsewhere, I am talking about platforms like MetaTrader, Ctrader and broker-specific trading platforms.
Pros on how to use TradingView.
TradingView at best is more of a charting platform than a trading platform. With it, you track to multiple markets (not just currencies), compare market instruments, use custom indicators, access tools that easily identify difficult market structures and a whole lot.
On the right side of the TradingView panel is where you can create and edit the number of instruments and the type of markets you would like to trade. Ranging from currencies, cryptos, commodities, stocks and the likes; this platform provides reliable charts for all those instruments.
You can create specific watchlists for each of the markets individually according to your preference. There’s a lot of flexibility in the creation of watchlists on tradingview to the extent that, you can add as many instruments you want, rename the watchlist, make a copy of it and make a few other pertinent tweaks. It all depends on how you want it.
Simple way of identifying currency correlation.
A key thing to trading success is knowing about currency correlation. If you know how to use tradingview well enough, then you know it has a cool feature that lets you know whether markets are correlated or not in a very simple manner.
This cool feature is the “Compare or Add Symbol”. It is located right on top of the chart and its icon is represented by an addition sign in a circle. This is mainly used when you want to see the relationship that exists between two markets; whether they move opposingly or in tandem.
The “Compare” when chosen lays the charts side by side for the similarities or differences in movements to be seen clearly. The “Add Symbol” lays the added pair onto the main chart for the same purpose. Tracking currency correlation could never get any easier.
Wide array of custom indicators.
Personally, I am not so big on indicators but tradingview has a wide array of custom ones and it succeeded in catching my eye. If there is a trading strategy you find difficult implementing manually; try searching for it under the “Indicators and Strategies” panel denoted by ‘fx’ icon next to the “compare” symbol.
Someone might have put in the work to automate a complex trading concept for you. If you are a developer too, you could help others by uploading your script as well.
One custom indicator that grabs my attention is the “divergence indicator”. Divergence is kind of complicated with the number of requirements it should meet to be considered valid. I use divergences from time to time and the indicator comes in handy when needed.
Whatever concept that comes to you with so much difficulty manually might have a custom-made indicator on tradingview that simplifies it. Notable aside the “compare” feature is an indicator for currency correlation as well. You can always explore more.
Market structure toolbox to save time.
The good stuff does not end with just the custom indicators. It is obvious that some market structures are easier to plot than others; it doesn’t take much to plot a trendline but it takes a lot of trendlines to plot a harmonic pattern. That could be time consuming.
On this platform, complicated patterns like harmonics, Elliot wave, three drive patterns and even head & shoulders have been already included in the toolbox. This is a big time saver even as it simplifies those patterns. It also helps in making its identification less tedious.
Risk to reward ratio.
Another key feature on this platform that I haven’t seen across other platforms is the tool for measuring risk to reward under the “predictions and measurement tools”. Its icon is right below the pattern identification icon.
It is of little doubt that risk management is a key issue in trading and tradingview has brought about some ease in its calculation. Whether you’re going long or short; you can easily foresee the percentage you stand to gain or lose with this cool tool.
With all that said, it’s not all that juicy as there are some limitations on how to use tradingview.
Cons on using TradingView.
Restriction of some useful tools to the paid version.
This platform is not solely free as it is a business owned by someone and businesses need funds to run. To enjoy all the goodies, you would have to pay for a monthly subscription. If not, you would have to accept the ads they show you which can be intrusive at times. Creating multiple alerts, replaying bars for backtesting and having multiple chart screens open on one window are some of the goodies you wont enjoy on a free plan.
No pc app at the time of this writing.
Another issue is that, TradingView has no app that serves PC’s. Even though there’s a mobile app for it on the Apple App Store and the Android Play Store, none would come closer to a PC app for Windows or Macintosh. It feels like a long process to open a browser to access charts when you have been accustomed to other trading apps for PC. That in no way means that tradingview doesn’t serve its purpose when accessed with a browser.
Update: TradingView finally has an app for the PC lovers. You can download it here.
The pros certainly outweigh the cons when it comes to how to use tradingview. I use it alongside Metatrader 4/5. Tradingview for charting and the MetaTrader for placing trades. Even TradingView can be used for placing trades with brokers that are connected. To conclude, it is a great charting platform that every serious trader needs to understand and use.
Duly let me know in the comment box below what your review of tradingview is if you are already a user; if you are not, I can only ask one question; What’s stopping you from transitioning?