The most precious reward you can give yourself is “education” when you intend to dive into the field of forex trading. After learning the forex basics, the next step is to be up to date with your trading platform of choice. So, I thought to create a detailed guide on the usage TradingView, one of the most widely used platforms. It’s simple, no installation is required, making your life easier. Who can say no to that?
TradingView is a cutting-edge web-based charting platform whose features are disrupting the trading world. Understanding how to use this platform can give you a competitive advantage in the market.
Before I get into the details, let’s take a look at how TradingView works.
TradingView has a ton of tools that literally increase the probability of success in the financial markets. With a lot of tools, it is not a piece of cake to use this platform, and you will be spending a lot of time figuring out how the platform works. This TradingView guide will help you grasp the platform’s various features and shorten that learning curve.
Besides getting an excellent charting experience with TradingView, you also become a member of the TradingView community. The charting platform also functions as a social network for traders, allowing you to follow other traders, participate in discussions, share charts, and access to community-driven trading content.
TradingView is a web-based platform, so there is no need to download any additional software on your operating system of choice.
To create an account, simply visit the platform’s website.
Signing up for a TradingView automatically gives you access to the free account.
This account allows you access to the following features:
The free account also includes the occasional advert. You must upgrade to a paid account to remove the advertisements and gain access to more features. TradingView has three paid accounts available.
You can use a free 30-day trial to test the paid plan features and see what works for you before signing up for any paid accounts. Once you’ve decided which account to use, you can begin configuring and customising your charts.
Select the “Chart” button on top of the page to open the charting area in TradingView.
A default chart will come.
Area 1: The left toolbar
The left toolbar includes 16 functions; here is where you’ll get all of the drawing tools you’ll need to add to your charts.
Area 2: The top toolbar
This toolbar contains functions such as chart types, timeframes, alerts, indicators, and layout templates.
Area 3: The main chart area
This is where your chart appears, as well as where you apply your tools and indicators.
Area 4: The right toolbar
You may get the currency pairs or other financial instruments you wish to track on this toolbar. Further tools include watchlists, economic calendars, push alerts and social tools.
Area 5: The bottom toolbar
This is the toolbar where you run a screener, test your strategy, and code your own indicators. It’s a place where you connect your account to your broker account. This brings you to the next part.
TradingView, unlike other trading platforms, does not have trading capabilities. However, linking your TradingView account to your broker account may make trades directly from the charts.
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Customising TradingView charts is a simple process. Let’s take some of the most frequently used chart options and settings.
TradingView loads candlestick charts by default.
To change the chart type:
Here are some examples of common customisations you can enjoy.
Go to settings to modify the colour of the candles. Change the candle colours under the “Symbol” tab. Once you have to change the colour, click “Ok.”
Go to settings to alter the colour of the chart. Select a colour from the icons adjacent to “Vert Grid Lines” and “Horz Grid Lines” under the “Appearance” tab.
To alter the colour of the chart background, go to the “Appearance” tab and select a colour from the icon next to “Background.”
Click “Ok” to save the changes.
Go to settings to change the time zones. Scroll to the bottom of the “Symbol” tab to adjust the time zone based on your location.
To save the changes, click “Ok.”
Go to settings to alter the trading options. Select the trading information you want to be displayed on the chart under the “Trading” tab.
To save your changes, click “Ok.”
To change the cursor type, simply click the cursor icon at the top of the left toolbar and select the desired cursor type. There are three cursor options available: a cross, a dot, or an arrow.
After you’ve mastered the chart options and settings, you can begin reading and organising the charts.
TradingView chart patterns are comparable to MT4 chart templates. The layouts enable you to save chart settings and features that you have adjusted to your liking. This means you don’t have to practice adding and removing features when switching markets.
TradingView provides a number of charting and research tools. Many of these tools are available from the left-hand menu.
By remaining in drawing mode while adding many drawings to a chart simultaneously, you may avoid clicking on a drawing tool whenever you wish to plot a drawing.
For example, if you wish to plot numerous vertical lines on a chart, instead of selecting the vertical line tool each time, you may remain in drawing mode and keep the vertical line selected until you have done drawing all of the lines.
When you use magnet mode, your cursor will snap to critical price points. This facilitates plotting drawings when precise points are needed, such as when drawing Fibonacci retracement and extension levels or horizontal support or resistance levels.
The magnet characteristic is characterised as strong or weak. With the strong magnet setting, the cursor will always snap to the nearest key point regardless of where the pointer is originally. With a weak setting, the cursor will only snap to a key point if it is near to it.
The ruler tool enables you to count the number of pips and days covered by a certain area on a chart.
To use the tool, go to the left toolbar and click the ruler icon.
Choose where you want to start measuring, drag to where you want to finish measuring, and then click again. This will create a box connecting the beginning and ending locations and a dialogue box with information.
If you want to start again after trying all of these charting tools, you can simply remove everything. Simply right-click on the main chart area and select “Remove All Drawing Tools.” You may also erase everything by clicking the trash symbol on the left toolbar.
You can use a lot of indicators in TradingView, in addition to a bulk of drawing tools. Here’s how to get them started.
To add indicators to your charts, click the indicators button in the top toolbar.
This will bring up a dialogue box with a long list of indicators.
The list displays various types of indicators.
To change the settings, click the gear wheel symbol next to the indicator title.
Assume you’re using the Auto Fib retracement indicator. To make changes, click on the gear wheel symbol and then go to the “Inputs” page.
To save the changes, click “Ok.”
This concludes the tutorial on how to set up charts and use various charting tools and indicators in TradingView.
It may take some time to cram where each tool or indicator is. You may use the “Favourite” function to instantly access your favourite tools and indicators.
To favourite, a drawing tool or indicator, click the star symbol next to the tool or indicator.Best forex pair to trade - Do you have a favourite? — 2023
Scroll down to the bottom of the left toolbar and click the star symbol to display the favourites toolbar to view all of your favourite drawing tools.
Select the down arrow next to the indicator symbol on the top toolbar to view all of your favourite indicators.
As previously stated, you can only place orders on TradingView if you have an account with a broker that accepts them. After connecting your TradingView and broker accounts, you may open positions directly from the charts.
Within TradingView, there are several ways to place a trade.
You might start by opening a chart for the market you wish to trade. Right-click on the chart, select “Trade,” and then “Create New Order.”
This brings up the trade order panel.
Select the market order you wish to use (if using a limit or stop order, enter the price at which you want the broker to execute the order), specify the position size, and open your position by clicking on the “Buy” or “Sell” buttons.
Alternatively, you may use the right toolbar to access the order panel.
This will bring a trade entry dialogue box where you may input your trade data and add the transaction.
Click the “Orders” sub-tab under the broker heading to see your open or pending orders. Any currently open or pending positions will be listed here.
When you open a new position, you may choose stop-loss and take-profit levels.
Follow the instructions for opening a trade, but before you do so, select your stop-loss and take-profit levels.
To add a stop-loss or take-profit order to existing trade, or to alter existing orders, follow these steps:
To manually close a trade, navigate to the broker tab’s “Positions” sub-tab.
To close a position, click the “X” sign to the right of it.
This will bring a dialogue box asking you to confirm that you wish to close the trade.
Click “Close position.”
You may also right-click on the position you wish to close under the “Positions” sub-tab and select “Close Position.”
TradingView is a fantastic platform that provides ease of use, a wide range of flexibility, customisation options, and a community to help you along your trading path. We believe that this TradingView tutorial will help you enhance your trading and level up your platform expertise.
Using the lock chart function, you may protect your on-chart drawings from accidental modification or deletion. To secure the drawings, use the padlock symbol on the left toolbar. Click on the padlock again to unlock the drawings.