Even though the advantages of using TradingView UK charts are clear, many people fail to use them. One of the most exciting aspects is seeing and discussing research and trade ideas from the trading community. A trader's job is never done, and they should continuously be looking for ways to simplify their procedures.
Because every trader relies on software, the question "what is the best platform?" often arises. Our first thoughts of TradingView's depth and range of features were positive. In this article, we'll go through the pros and cons of the online charting platform TradingView and go over other important information.
1. The size of the financial markets
Cryptocurrencies are an excellent example. TradingView provides data for 303 different digital currencies; however, most brokers just display one or two cryptocurrency charts. To say the least, there is an abundance of information and options. When you consider how many stock markets are represented, the sheer range of goods available may be bewildering.
2. Scanning charts to analyze data
The sheer number of financial marketplaces available to the average trader interested in trading the EUR/USD might be intimidating. Not only can you discover a wealth of information and trading ideas for the EUR/USD, but you can also scan the markets using TradingView, a highly useful tool.
If you were in search of a musical instrument, for example, you would click "markets," then "category," and lastly, "subcategory" to limit your search. By clicking on the tabs that best characterize the instruments in your collection, you may rapidly categorize them. A stock trader, for example, can concentrate their attention by using filters such as "most active," "most volatile," "all-time high," and "all-time low."
The same thorough overview applies to both broad categories and particular financial instruments. In comparison to Bitcoin, Tether, and the US Dollar, LiteCoin offers a more complete collection of data on many exchanges.
You may also use the market overview in the middle of the page to help you navigate instruments. You may also use the market overview in the middle of the page to help you navigate. For another quick and easy option, use the search box above.
Simply write down the ticker and utilize the search bar to find the results. There are no real disadvantages, although the amount of functionality in TradingView may initially overwhelm you, after navigating your way around, it will be well worth it once you've located the charts you're looking for. Take it gradually and deliberately.
3. Concept conversion
The opportunity to exchange trading ideas, which TradingView's great feature set facilitates, is, in my opinion, the biggest advantage for traders and the trading community. There's an argument to be made that TradingView's recent success is due to this.
Knowledge is shared and increased in the trading community with a few mouse clicks. However, before you begin sharing, you should thoroughly research what other investors have come up with.
Trend analysis, wave analysis, chart patterns, harmonic patterns, Gann, and indicators are among the trading principles divided into subcategories. The most popular authors are ordered by the number of followers, trade ideas, and total pips gained.
To see how other people's analyses performed with respect to real-world price movement, simply press the play button. This is a useful tool for assessing the performance of other market players and researchers. Simply click on the names of the most frequent contributors to read their perspectives or scroll down to see the trade ideas.
Tired of reading other people's analyses and want to put the charts to the test for yourself? To begin, click "chart" and follow the on-screen instructions. It is critical to be aware of TradingView's policies and to follow them. Even though most of the ideas are simple and obvious, a quick read-through may help you understand how the system works.
4. Charting in TradingView
Let us now look at how you can do your own analysis of the graphs. To begin, click the purple box labeled "chart" in the picture above to open a chart. When you click this, a new, independent browser opens, presenting the appropriate chart in the center of the screen along with the associated tools and data. Overall, there are a lot of fun customization options, chart analysis tools, and easy ways to let the trading community know what you think.
5. Indicators for MT4
Do you employ indicators designed particularly for the MetaTrader 4 platform? TradingView created a platform where traders and developers could cooperate to fix this issue. You may sell an indication through the TradingView marketplace, where developers can offer you a price to modify your MT4 code for use with TradingView. A number of scripts are now available on the internet (see next paragraph).
6. Screenwriters and production materials
Trading scripts help traders determine trade setups and entry and exit points. Over 5,000 custom indicators and trading approaches created by TradingView community members are available here.
These tools are classified using a variety of criteria, including volatility, volume, and other metrics. Furthermore, TradingView allows users to sort stocks based on a variety of factors (a screener). Traders may look at performance, value, dividends, margins, the income statement, the balance sheet, and oscillators, to name a few.
7. Premium: brief description and benefits
The free edition allows traders to get a feel for TradingView without paying any money. Explore the platform and look at the material published by other traders to become acquainted with TradingView.
If you're ready to commit, you may pick from many professional tiers (Pro, Pro+, and Premium). Prepaid plans for two years are the most cost-effective, saving 50% over monthly pay-as-you-go options. The next cheapest option is to pay for a full year in advance and save 25%.
TradingView offers a monthly membership package for traders who like to keep their options open. Across all three premium categories, three separate payment options are offered.
Overall Evaluation: Pros and Cons
The service provides unequaled access to global financial markets for both novice and expert users. There is a surprisingly wide and diverse array of instruments available.
TradingView can provide you with whatever chart you want. It is a user-friendly trading platform that offers its clients a large range of indicators, tools, templates, and other services. The ability to do charts is easy and quick to learn for traders of all experience levels.
Despite the numerous advantages, the "social" part of the trading community is the most important. Traders may access a variety of charts and trading techniques for almost any financial asset. If you want to build a reputation in the trading world or simply have some fun, you may share your own trading ideas with the community as well.
