Being able to use your trading platform properly is crucial to maximizing your ability to recognize and take action on good opportunities. The charting capabilities of a platform play a huge role in enabling a trader to analyze movement in the stock market and make important decisions on what to trade. That’s why it’s important to find a platform such as TradingView that has enough tools to fully utilize your knowledge.
Below we will go through exactly what the platform is, and how you can use it to assist you in making trades.
What is TradingView?
TradingView is a platform that lets you make all of your trades whilst providing you with a range of tools to increase the accuracy of your decisions through technical analysis. On the platform you have the ability to access a number of technical tools, instruments, chart formats, social trading functions, and media reports. One of the best parts about using this platform is the ability to customize a lot of the aspects to match your preferences. This makes you feel much more comfortable and will enable you to understand all the tools a lot quicker, improving your overall performance.
How to use trading charts
Using trading charts effectively is extremely important for accurate technical and fundamental analysis. TradingView offers several ways to analyze charts, from making comparisons with different stocks, to selecting the type of chart, and even customizing it. Below we will go through some of the most important ways you can use charts on the platform.
Creating profiles is one of the best ways to organize all of the charts you’re interested in. For example, if you want to trade stocks in a particular industry you can add all of the stocks into a single profile, and when you click it, the profile of all of those stocks will pop up. This is useful for dividing up your different trading strategies depending on what area you are focusing on trading in. It also speeds up the process of analysis as you don’t have to search for each individual stock to compare.
Chart templates let you design how you would like charts to look when you open them. It enables you to customize all of the tools and instruments that you often use for technical and fundamental analysis. Once you have a decision on a chart template that works for you, TradingView will save your preferences, and the instruments and indicators that you have chosen will appear each time you click on the template.
The menu overview located at the top of the platform has several useful functions that enable you to make quick comparisons of different stocks, and change features such as time frame, chart type, price alerts, and chart settings. This saves you from looking through advanced settings to find the tools you require.
At the top of the platform you will see a bar that you can use to search for all of the stocks you are interested in. Simply enter the symbols for a particular stock and the chart for it will appear. When you click on the bar you will also have the option to search through a variety of asset classes, which will enable you to research similar stocks in the sector or industry.
Time frame is an extremely useful tool that is used to gain a better understanding of the price movement of a particular stock. The TradingView platform is unique in that it offers a much greater range of time frames to choose from, which gives you the upper hand when it comes to analysis. You can select a time frame of one second all the way up to one month to see the big picture of how the price has changed over time. This is very important in assisting in your decision-making for trades, whether you are a short- or long-term trader.
Whether you want to view a chart with candlesticks, Kagis, Renkos, or Line, the choice is all yours. Click on the symbol for different types of charts and you can choose which one you would like to view. TradingView offers a lot more options for different chart types compared with other platforms, so you can play around and see what each one has to offer.