All you MT4 stans will be kicking yourself over this tool, given it’s one of the few legit things MT4 has over most other charting platforms. You can even send your how do the balance sheet and cash flow statement differ created indicator or trading strategy over to Tradingview for verification. If it passes, Tradingview will put it in the custom indicators folder for everyone else to see and use. Many stocks and crypto’s hardly move or move so much that the spread makes it impossible to make money. As a result, the traders usually have to siphon through hundreds of stocks and cryptos to find the right ones to trade, which is #1 quite annoying and #2 takes up a lot of precious trading time. I haven’t got my broker connected, so the options don’t show here.

Maybe not that useful for experienced traders like us, but for beginners, a great tool that makes finding and marking swing highs and lows very easy. Unless its to aid in price based decision making, indicators have NO PLACE on your chart. Using them for anything other than confirming a signal or something you see happening is a quick way to ruin, as hundreds of failed traders will tell you.

TradingView Screener & Use

There are a lot of good videos on youtube to help you figure it out as well. The premise of this tool is that you can create strategy scripts and also specific indicators for your use and to share. If you’re struggling to trade profitability and searching for the ‘Holy Grail’ of trading strategies, then you’re in luck.

Test your trading strategies

It’s super easy to get started, and once you do, you’ll be able to find countless resources to aid you in your trading. The trial gives you access to all pro account features, including those I listed at the beginning – see the full list here. While a free account with Tradingview gives you many cool features, a pro account really takes things up a notch. It provides specialized tools that make trading and analysis so much easier. Many of these – like the strategy tester and market replay tools – cost money to use on other sites, so it’s pretty good value for money when you break it down. The most effective way to use TradingView is charting and technical analysis.

However, many people just use TradingView as a charting platform and trade on a brokerage. You can also customize the settings of each drawing tool by right-clicking on it and choosing “Settings.” You can change the color, style, thickness, visibility, and other options of each tool. You can also duplicate, lock, hide, or delete any drawing tool by right-clicking on it and choosing the appropriate option. The first step to using TradingView is to create a free account on their website.

It mostly shows the different social options Tradingview provides, but the top half of the menu does contain a few useful trading tools, like the calendar and alerts box. When you add a tool or indicator to the chart, it’ll show somewhere here – some indicators will open in a graph below the chart too. Change the chart settings by right-clicking and selecting “Settings”. Now, what makes or breaks a charting platform are its features. And it’s in this area that Tradingview sets itself apart from all the other charting platforms out there.

Enter the interval period and the timescale and then click “Add” to add the timeframe to the list and switch over to it on the chart. At some point, you’ll probably want to switch to a different timeframe. Before we cover the options, find all your account settings inside the Profile tab (1). You don’t have to change this next setting, but I recommend turning it on because of how easy it makes finding where price might reverse. With that out of the way, it’s time to adjust the chart settings. While this comes in handy in certain situations – like for quickly finding S & R levels – for normal analysis, it doesn’t give us enough information about the price.

Global markets in your hand

I will elaborate, but please read on because this was a game changer for me. With no account, your analysis will disappear whenever you open a new chart or exit the site. Plus, after a certain time (I think it’s 15 minutes), a pop up will appear and lock you out of the chart until you either create a free account or pay for the pro version. At some point, you’ll no doubt want to put some support or resistance levels or trend-lines on the chart – if you don’t, what the hell are you doing on a price action site?

How to use TradingView for Day Trading

Whenever you set an alert, it’ll show inside this tab for easy viewing. I’ve labelled each of the key (i.e useful) buttons above with a small box placed a yellow box around the social buttons. It’s pretty obvious what these do, so I’ll let you figure them out for yourself. Simply click a currency to instantly switch over to it with all your prior analysis in-tact on the chart.

However, unlike MT4 and most other platforms, Tradingview is web-based. All of its charts and services are hosted via a website, which you visit to look at price and conduct analysis. You don’t download any separate programs onto your PC, or sign up to a broker. Combining highly advanced charts with a whole suite of social features, Tradingview has cemented itself as one of the top forex charting platforms. It’s easy to use, packed with amazing features not found on most other platforms, and best of all, completely FREE. To add indicators to your chart on TradingView, you need to click on the indicators icon at the top of the screen.

1. You should take the info here with a grain of salt though, it is a random person on the internet after all.
2. You can also add indicators, drawing tools, alerts, and other features that we will explain later in this tutorial.
3. As you can see, A LOT of tools feature here, and each one has a drop-down list containing even more within.

To add a new asset to the list, enter it into the Add box in the top right. When you begin typing its name, a drop-down list of similar assets (like currencies) will appear. The default watchlist only shows the top-performing assets for each sector, so you’ll need to remove each one to create your own. Drag this from one point to the next, and it’ll show the pips, days, and weeks it took price to cover that distance.

It sounds useful, but in practice, it tends to make the cursor stick to everything, so best to keep it un-selected. So rather than work everything manually, like you normally do, you can just place the tool and move the lines around. With these tools, however, you can quickly mark them without much difficulty. Tradingview supports multiple layout types, but you need the paid version to access them all.

Elliott wave tools can also be found in this tab, so check them out if you love your waves and corrections. Here’s a handy little tool for all you pattern traders out there. Pitchforks aren’t really my thing – a little too subjective for me. However, if you’re a fan and use them often, head on down to the pitchfork tab to find a bunch of useful tools.

Another difference is that you can view cryptocurrency charts in different currencies, such as USD, EUR, GBP, JPY, etc. For example, if you want to see the chart of Bitcoin in Japanese yen, you can type BTCJPY and choose an exchange that offers this pair. Once you have connected your broker account, you can start trading on TradingView. Consider our article on the best TradingView brokers to learn more.

The next two tools, “Lock All Drawing Tools” and “Stay In Drawing Mode”, don’t do anything important, so just leave these unchecked. Remember, you need to use the correct tool for the right trade type. Don’t use the long position tool when you have a short trade open, as the levels won’t show in the right place. With the tool, though, all I have to do is place it on the chart and then move the lines to their respective positions. The tool will show all your information automatically without you needing to calculate anything or switch back and fourth with your broker. If you hate manually calculating risk/reward ratio, profit targets, and the like, you’re going to LOVE this tool.