The tradingview is one of the essential tool which all traders should use. It is a web-based financial platform that helps traders and investors to analyze the various markets and maximize their profits. It is funded in the year of 2011. Here we are going to understand how to use the trading view to become a successful trader.
The trading view is an essential platform that an intraday trader or swing trader or investor should use. It’s not compulsory to use trading view but it will help you to easily plan for trade setups and market watch. There are many features are available in the trading view. but here we are going to learn the basic and important options which are helpful for a trade.
Important Top panel functions in trading view
- Watchlist
Watch lists are important in the trading view. only 2 watch lists are available for the free version. if you click on “create new watch list”, you can add the index or stocks to the watch list. for example, I have added Nifty Index, Bank Nifty, CNX Auto, CNX Pharma, CNX Finance
2. Symbol Search
From symbol search, you can select stock for watching charts. by clicking the + symbol you can add the stock name.
3. Chart Type
Under this section, you can see various options like
- Bars
- Candles
- Hollow candles
- Columns
- Line
- Area
- Baseline
- High low
- Heikin Ashi
- Renko
- Line break
- Kagi
- point and figure
- Range
There are many ways you can see the charts. some people need to look into a line chart to draw highs and lows. some people follow Heikin Ashi. from this section you can choose the chart type. usually, traders choose the Candles chart type. from this candles chart traders can do various analysis
4. Time Frame
This section allows you to see the chart in different time frames. it includes time frames like
- Seconds
- Minutes
- Hours
- Days
- Ranges
Under these heads various time frames are available. For example, in seconds you can see charts in 1 second, 5 seconds, 10 seconds, 15 seconds, and 30 seconds. In minutes you can see options like 1 minute, 3 minutes, 5 minutes, 15 minutes, 30 minutes, and 45 minutes, in hours you can see options like 1 hour, 2 hours, 3 hours, and 4 hours. In days it is like 1 Day, 1 Week, 1 Month, 3 Months, 6 Months, and 12 Months.
In these ways, the trader can analyze the chart. these all time frames allows the trader to analyze the pattern and trends and the trader can take decision accordingly. This shows the stock momentum in a particular time frame.
5. Indicators
Indicators are one of the supporting elements of a trader. there are various indicators are available in the indicator tab. different indicators are present in the stock market. the leading indicator, lagging indicator, etc. Examples of Indicators are
- pivot
- RSI
- MACD
- EMA
- Moving Average
- Parabolic SAR
- CPR
There are many other indicators are also available in the indicator tab. you can choose the indicator which makes you more comfortable to use. Under the free version, only 3 indicators are available. In the paid version you can add more indicators.
6. Alert
The alert option will allow the trader to get notifications on particular price points. suppose a trader plan to enter at 100, then the trader setup an alert @ 100. There are various conditions are also available under the alert tab. you can choose the type of alert, you can add your mail id to get notifications, or play particular music on that point or a pop-up message. these all are available under the alert tab
Important drawing panel functions in trading view
- Pointer symbol
Under this area, you can choose the mouse point in different ways. Normally it comes as a + sign and there are other symbols like Dot, Arrow, and Eraser also available.
2. Line drawing tool
Under this tool, you can draw lines using different options like
- Trendline
- Arrow
- Ray
- Info line
- Extended Line
- Trend angle
- Horizontal line
- Horizontal ray
- Vertical line
- Cross line
- Parallel channel
- regression trend
- Flat Top/Bottom
- Disjoint channel
- Anchored VWAP
a trader can choose the type of drawing tool according to their needs. if a trader wants to draw a trend, the trend line is one of the best options for that. A trader can draw a trend line connecting higher highs and higher lows. A horizontal line helps to draw support and resistance. You can change the color and thickness of the line drawn.
3. Advanced drawing tool
this option allows the trader for highly advanced analysis of levels. in this option include
- Fib retracement
- Trend-based fib extension
- Pitchfork
- Schiff pitchfork
- Modified Schiff pitchfork
- An inside pitchfork
- Fib channel
- Fib time zone
- Gann box
4. Drawings based on the shape
- Brush
- Highlighter
- Rectangle
- Cirde
- Ellipse
- Path
- Curve
- Polvline
- Triangle
- Rotated Rectangle
- ArC
- Double curve
There are many ways you can draw in tradingview. These are the basic features that you need to understand. always turn on the Auto save mode so the modification made on the trading view will be present else it will lose when the app or browser closed.