If you’re interested in trading, you’ve probably seen or heard of “TradingView.” Launched in 2011, TradingView is a comprehensive financial market analytics tool that traders use to conduct technical analysis and charting. It can be used to track just about every financial market, including cryptocurrencies, stocks, bonds, foreign exchanges, indices, and commodities. TradingView also acts as a social network platform for traders, allowing traders to share ideas and learn from each other within their own community.
What is TradingView Used for?
TradingView is known for its exceptional charting capabilities, which much of its user base takes advantage of to create advanced charts including candlesticks, Renko, Kagi, Heikin Ashi, and more. These charts are updated in real-time with the most recent data, and can be customized per user needs so that they can accurately analyze current market conditions and determine what may be optimal entry and exit points for a certain trade.
Benefits of Using TradingView
As the leading data analysis and trader’s networking platform, TradingView boasts many features that help it stand out above alternatives.
- Wide Coverage - Whichever type of trader you are, TradingView likely has you covered. It provides global, real-time market coverage across a complete list of asset classes. From the New York Stock Exchange to the Bursa Malaysia Berhad to the Phemex crypto markets, TradingView boasts precise data support. You can watch live Bitcoin charts or track small indie coins, both with the same performance.
- Advanced Technical Analysis - TradingView provides a vast library of technical indicators and overlays, allowing traders to customize charts to suit their preferences. Whether you're using Moving Averages, Relative Strength Index (RSI), or Bollinger Bands, you can find the tools you need for informed decision-making. TradingView also offers a wide array of drawing tools for trend lines, Fibonacci retracements, and more to supplement live charts.
- Personalized Scripts - The platform also allows users to implement their own scripts for custom analyses. Traders can use the Pine ScriptTM programming language to establish their own trading indicators, strategies, and alerts.
- Tools for Learning - TradingView is suitable for beginners, experts, and everyone in between. Newer traders can take advantage of the platform’s own education platform to get caught up to speed on what each indicator is used for. This can act as a good supplement to the Phemex Academy articles on technical analysis, which are more focused on crypto markets. TradingView also has live streams that users can follow to familiarize themselves with certain strategies and deeper analysis.
- Vibrant Social Community - At the core of TradingView’s social network aspect is Trading Ideas, where users can discover tactics, strategies, and analyses put forth from a global community of other traders. Features such as following other users and real-time chatting add an additional layer to social interactions on the platform.
How to Use TradingView
It’s simple to get started on TradingView. After creating and setting up an account, a user can navigate to a myriad of different products, including the popular charting feature. When accessing an asset chart, it initially appears with default settings and can be freely customized to a user’s needs. Resistance levels, trend lines, retracement patterns, and more can be selected and drawn directly on each chart. The top toolbar has an “Indicators” button that can be selected to add specific indicators.
Due to its prominence, TradingView is also integrated with other large trading platforms such as exchanges and brokers. Phemex, a top 5 global cryptocurrency exchange, has integrated with TradingView. The exchange provides TradingView with a live market data feed and traders can access charting and technical analysis features directly on Phemex.
Is TradingView Good for Day Trading?
Given its plethora of features and all-encompassing coverage, TradingView is a commonly found tool in most day traders’ arsenals. Day traders can take advantage of volume profile indicators and server side alerts to quickly inform their decision-making and execute strategies with confidence, both in the short- and long-term. The platform’s screener functionality is also very helpful for day traders, who must effectively filter out information to find the most opportune trades. TradingView Screeners allow traders to set customized criteria to find assets and markets at any given time that matches the exact conditions they want to implement their strategy. The abundance of data will also come in handy - see detailed crypto market cap charts or settle for simple yet informative symbol charts to dive deeper into market research. Following Phemex’s integration with TradingView, the exchange’s users have enjoyed a considerably smooth contract trading experience.
