This might seem simple, but the advantages of using TradingView charts are quite impressive. One of the most interesting features is to see analysis and trading ideas from the trading community and sharing your own ideas as well.
As you might know, Elite CurrenSea primarily uses the Metatrader 4 platform (for SWAT/CAMMACD systems) and sometimes the MotiveWave software (for wave analysis from Chris)… So you might wonder, why TradingView?
Traders should always look for shortcuts to simplify their trading lives… Software is the building block for every trader and one of the key questions is “what’s the best platform?”
One thing we can already reveal: we were pleasantly surprised by the depth and width of options and tools offered by TradingView.
This article discusses the aspects that we like and don’t like about TradingView, the online charting platform. This review will cover and discuss all of the most important aspects – let’s start.
Range of Financial Markets
TradingView offers access to a wide range of financial instruments. There are 7 main categories mentioned on the website:
Each category has an even wider scale of instruments. The width and depth of the offered instruments is quite spectacular.
Let’s take cryptocurrencies as an example. Many brokers show a couple of crypto charts but TradingView offers price information on 303 (!) cryptocurrencies. Certainly not a lack of information and options to say the least…
The range of instruments almost makes your head spin when you realize how many stocks are offered from countries all around the world. In our test we choose to check out Italy, which has 341 stocks offered, India with 4504 (!) stocks, and Nigeria with 140 stocks.
Impressive numbers. And this is certainly not an exception… Each category offers the same depth and wide range of instruments, charts, and information.
With currencies there is the choice of:
- Currencies from Americas
- Middle East
- Cross rates
- Heat map
- Currency indices
All in all, the choice is unparalleled and brings the financial world to the reach of your finger tips.
Verdict: highly recommended.
Scanning of Charts
The wide range of financial markets might even scare the average trader that is just simply interested in trading the EUR/USD. Luckily there is plenty of information and trade ideas about the EUR/USD (see later on), but there is also a very useful way to scan the markets within TradingView.
How do you find an instrument? Click on markets, then on the category of your choice and then a subcategory. There is an easy way to sort out instruments by clicking on certain categories. For instance for stocks, a trader can filter on top gainers, top losers, most active, most volatile, all time high, all time low, and many more.
The same in depth overview is not only valid for financial market categories but also for each instrument. For instance, the LiteCoin cryptocurrency offers a wider range of information versus Bitcoin, Tether, US Dollar on various exchanges – see image below.
There is also a handy market summary in the middle of the page that allows you to find your way around – see image below.
Another simple option is to use the search bar close at the top. Write down the ticker and click on the magnifying glass and voila.
Are there any disadvantages? Yes, TradingView does offer a lot of options, tools and information and you might feel a bit lost at the beginning.
Although finding your way might take a bit of time, it will certainly be worth your patience to explore all of the angles and find the charts you are interested in. Just take your time and work step by step.
Sharing trading ideas is simply an amazing feature from TradingView and probably the best advantage for traders and the trading community. We could argue that this is the main feature driving the popularity of TradingView over the past years.
Traders can learn and share their trading ideas with one click. Before you start sharing though, you will probably would want to check out the ideas of other traders first. To view trading ideas, just click on the button called “ideas” on the left upper corner – see the image below.
The trading ideas are divided into different sub categories, ranging from trend analysis to wave analysis, from chart patterns to harmonic patterns, from to Gann to indicators. There is also a list of top authors which shows how many followers they have, how many trading ideas they offered, and how many pips earned.
The cool feature if analysing the analysis of others is that you can click on a play button and see how the analysis worked out in comparison to the actual price movement. A great feature so you can easily assess the work of other traders and analysts. To see the analysis of others, just click on the name of any of the top authors or browse the trading ideas by scrolling lower.
Tired of looking at other analysis and interested in trying out the charts yourself? Click on “chart” to get started – see the purple box in the image below.
Just to be careful to follow the house rules from TradingView. Most of the rules are common sense and logical but it does make sense to browse through them first to familiarize yourself with the logic.
Charting with TradingView
Let’s take a look at how you can actually analyse the charts yourself. To start, simply click on “chart” to get started – see the purple box in the image above. This will open a new, separate browser a chart in the upper middle and all the needed tools and information around it.
The number of charting options is impressive. Traders can add all kind of tools, indicators and templates. Let’s break it down for you:
- Choose your type of chart: bars, candles, hollow candles, heikin ashi, line, area, baseline, renko, line break, kagi, point and figure, range.
- Time frame choice: 1 minute, 3 min, 5 min, 15 min, 30 min, 45 min, 1 hour, 2 hours, 3 hours, 4 hours, 1 day, 1 week, 1 month
- Compare: add to your chart a different instrument (as a priceline) so you can compare two instruments in one chart.
- Indicators: add any indicator that you can imagine. The list of technical indicators is enormous. There is also the availability of volume profile and market place add-ons.
- Alerts: add alerts via email, sms on the condition you are waiting for.
- Left sidebar offers tons of tools like trend lines, pitch forms, shapes, Harmonic patterns, and much more.
- Right bar shows information about the market and the financial instrument in general.
The charts are simple to handle and work with: click on the bars on the right and bottom to move price up and down or time left or right. You can custom adjust each chart to the view that you prefer.
All in all, there are tons of cool options, loads of ways to analyse a very wide range of charts, and easy way to share your thoughts with the trading community.
Our view: tryout TradingView yourself. The charts are easy to work with and offer a wider range of options.
Indicators from MT4?
Are you MT4 trader using special custom designed indicators for the MT4 platform? TradingView has solved this by creating a marketplace for traders and programmers.
You can offer an indicator via the TradingView platform, which means and programmers will offer a price to translate the MT4 code and make it usable for TradingView. The website itself also offers a wide range of scripts (see next paragraph).
Scripts and Screeners
Scripts help traders make decisions on trade setups, entries and exits. The library offers 5,000+ indicators and strategies which were created by the TradingView community developers. The tools are divided by volume, oscillators, moving averages, volatility, etc.
TradingView also offers a way to filter stocks (screener). Traders can choose different categories to evaluate such as performance, valuation, dividends, margins, income statement, balance sheet, oscillators.
An Overview and Benefits of Premium
TradingView works with 4 tiers or layers:
The free version allows traders to try and test TradingView without any costs. Browse around, check out what other traders are sharing, and discover if TradingView is something for you.
Once you are ready to become a Pro, you can upgrade to different packages including Pro, Pro+ and Premium. The payment options are cheapest if you choose a prepaid plan for 2 years, which gives you a 50% discount compared to the monthly pay as-you-go package. The second cheapest is to pay 1 year in advance, which offers a 25% discount. TradingView allows offers traders the ability to pay on a monthly basis for those that prefer to remain flexible. All three paid packages offer 3 different payment types.
What package is best for you?
It depends on how much you want to share your analysis with the trading community. If you want to build up a name for yourself, then the premium edition offers multiple benefits for self-promotion. This would definitely be best for this type of trader.
If you are primarily interested in using TradingView for the charting options, then Pro+ could be enough for you. It offers 10 indicators per chart, 10 saved chart layouts, 2 devices, 4 charts per layout, etc. If however you are mainly looking at price action, then the normal Pro edition might be sufficient for you too. It really depends on the intensity of your trading, charting and analysis.
The Pro+ and Premium packages do have some interesting advantages that would appeal to almost all traders – see the image below.
Main Conclusion, Pros and Cons
After testing the software for the past few weeks, Elite CurrenSea joins the ranks of admirers of TradingView. Let’s summarize the pros and cons.
The free and premium platform offers traders an unparalleled way of connecting to the financial markets. The number of available instruments is both wide and deep. If you are looking for a chart, then you will find it with TradingView.
TradingView also offers traders an easy to use platform with many indicators, tools, templates and extra features. The ability to do charting is simple to grasp and easy to understand for traders of all experience levels.
Although there are multiple advantage, the most important factor is the “social” element for the trading community. Traders can review hundreds of charts and trading ideas of any given instrument. You can also share your own trading ideas with the trading community, for fun or to build up a recognized name with the trading community.
Are there disadvantages? In fact, there are not really any negatives in our eyes but if we have to name one, then the platform is somewhat limited for trading purposes with most of the current brokers. Unless your broker is ready to integrate TradingView Charting solution via an API, you still need to take the trade via your broker platform so this does create an extra task for the trader.
Otherwise ECS believes that TradingView offers a lot of benefits to the trading community. We are excited to start using it ourselves more often and we will be sharing our analysis via the platform as much time allows us from September 2018 onwards.
Check out the profile from Elite CurrenSea to keep up-to-date.