TradingView is a powerful charting and technical analysis platform that integrates social and collaborative functions. Here’s what you need to know to get started on TradingView.
TradingView is a highly popular free charting platform for traders and investors. Using TradingView, it’s possible to monitor price charts and perform technical analysis (TA) for thousands of different assets like stocks and cryptocurrencies.
TradingView is automatically integrated with all Swyftx accounts, which allows Swyftx users to access a wide range of customizable technical indicators and access deep insight into cryptocurrency market movements.
TradingView combines a broad spectrum of charting tools, technical indicators, real-time data and charts, and social networking features that allow users to share and discuss ideas and market insight. The TradingView charting platform can be accessed via your Swyftx account, a web interface, a dedicated desktop app, or apps for both iOS and Android devices.
If you’re new to technical analysis, the tools and charts presented via TradingView can, at first glance, appear intimidating. Getting started with TradingView doesn’t have to be complicated, however. The TradingView environment is designed to assist both new traders and experts with the resources and chart tools they need to make informed crypto trading or investment decisions.
What can you do with TradingView?
TradingView allows users to create and customize technical indicators in order to analyze cryptocurrencies or a wide range of other assets. TradingView users create and share technical analysis insights and charts with each other via social elements — when a user views a chart for a specific cryptocurrency, for example, TradingView provides a streamlined news feed along with public chat rooms focused on the asset.
Customization is the most important feature of TradingView — users are able to execute virtually any kind of technical analysis by either creating their own indicators or using community-created TA tools.
In addition to functioning as a powerful TA tool, TradingView also provides social media-like features that allow users to share templates or ideas. The social elements of TradingView allow users to share charts, commentaries, or videos with the TradingView community, facilitating collaborative analysis and encouraging peer-to-peer feedback.
TradingView & Swytftx
Swyftx provides users with built-in TradingView functionality, which makes it possible to create charts, perform technical analysis, and trade at the same time. The features and tools available through Swyftx’s TradingView integration are similar to those available on the TradingView website and work the same way.
Figure 1 – TradingView on Swyfxt trading platform
Getting started: The TradingView user interface & charts
TradingView charts for any given asset provide users with an overview of price performance and volume over a specific time period — users are able to alter the timescale of a chart anywhere from one second to five years.
Figure 2 – BTC-USD trading pair
Charts, by default, present the open, high, low, and close, (OHLC) for candlesticks within a timescale, in addition to spread value, bid and ask prices, and a countdown that indicates the next chart update.
When viewing a chart on TradingView, you’ll observe four separate toolbars on the top left, top side left, side right, and bottom left sides of the user interface.
Figure 3 – TradingView toolbars
The top left toolbar allows users to switch between chart types, from candle to line, or access a range of overlays. The “indicators” section of the top left toolbar provides users with a selection of indicator scripts that can be inserted from built-in indicators, candlestick patterns, or loaded from a public library of indicators and strategies created by users. It’s also possible for advanced users to create their own scripts using Pine Script, TradingView’s native scripting language
The top side left toolbar provides access to a selection of technical indicators. These indicators can be plotted on the chart, and range from trend lines or simple moving averages to complex Fibonacci retracements. In addition to providing technical analysis indicators, the top side left toolbar provides tools for marking a chart, such as icons and highlighters.
The side right trading panel provides access to social tools, such as news headlines relevant to the asset currently being viewed, personalized watchlists, alert functions, streams and ideas, and both public and private chat rooms.
Lastly, the bottom trading panel of the chart interface provides trading tools, including a paper trading function that allows users to simulate trades. Other tools available from the bottom toolbar include a Pine Script editor, text note function, and a strategy tester.
How to customize your TradingView charts
It’s possible to customize the appearance and layout of your chart via the settings cog icon at the top right of the chart interface. Alternatively, appearance and layout can be edited by right-clicking anywhere on the chart to access settings via a context menu. There is also a range of custom indicators available.
Figure 4 – TradingView chart settings
The settings menu is divided into six categories:
- Symbol can be used to alter the appearance of the chart, such as changing colors, default time zone, or adding or removing price lines
- Status line allows users to change OHCL data, indicator titles, and background opacity
- Scales provides options for price data details
- Appearance allows users to customize the background to the price chart and other visual elements such as margins and navigation buttons
- Trading can be used to alter the way users trade on the TradingView platform
- Events is used to hide or display data such as dividends, splits, and earnings
In addition to altering appearance and layout, it’s also possible to alter the intervals of candlesticks. Interval settings can be found in the top left of the user interface — click the interval timescale to access a drop-down menu that ranges between seconds and months.
How to set up and draw trend lines
Once you’ve familiarized yourself with the TradingView user interface and customization options, you’re ready to start charting. If you’re new to charting, a simple trend line is one of the easiest and simplest methods of analyzing price movements and is one of the most frequently used chart patterns.
To create a trend line, click the trend line tool from the side left toolbar. When creating a trend line, it’s best to activate Magnet Mode, which ensures your indicators automatically attach to the nearest candlesticks.
Figure 5 – TradingView trend lines
To chart a downtrend, you’ll need to begin your line at a local high point prior to price dip — typically referred to as a swing high. Select where you’d like to begin your trend line and include as many highs as possible. When you’re ready to complete your trend line, click again.
Figure 6 – Trend line drawn on chart
Once you’ve created your trend line, it’s possible to double-click it to bring up a settings menu that provides customization options for shape, color, text, and visibility.
How to set up a pitchfork
A pitchfork is a more complex chart that consists of three parallel trend lines. Used to identify possible support and resistance levels or breakout and breakdown levels, a pitchfork is a three-point indicator and provides more insight than a standard trend line, but involves a few additional steps.
Figure 7 – Pitchfork tool on TradingView
To create a pitchfork, select the pitchfork tool from the side left toolbar. Place the first point of the pitchfork at the beginning of an uptrend or downtrend, then place the second point at the reaction-high point of your trend. Lastly, place the third and final point at the reaction-low point of your trend.
Figure 8 – Pitchfork tool applied to chart
The resulting indicator is a pitchfork-like shape that provides insight into resistance and support levels, as well as the general direction of a trend. The top line that extends from point two indicates the resistance line, while the bottom line that extends from point 3 indicates the support line. In most cases, the price of the asset can be expected to gravitate towards the median line.
Setting up TA indicators
There are various technical indicators that traders can use that leverage technical analysis to get insights on price trends and market movements. Commonly used examples of TA indicators include Relative Strength Indicator (RSI), Bollinger bands and moving averages (simple moving average and exponential moving average). You can implement these indicators into the chart you are viewing by searching for your desired indicator via the search bar.
Figure 9 – Relative Strength Index Indicator
How much does TradingView cost?
TradingView is free to use via your Swyftx account or via the TradingView platform. There are, however, a few restrictions on the total number of charts or indicators that can be viewed simultaneously via the free TradingView service.
TradingView offers a number of monthly subscription options for users seeking more advanced tools. This includes Pro, Pro+, and Premium TradingView accounts offering additional indicators, multiple device support, custom formulas, data export tools, and additional technical analysis functionality.
TradingView is a highly configurable platform that provides simple charting functionality for relatively new traders alongside advanced charting and drawing tools for experts and professional traders. The social elements of the TradingView platform provide users with a wide range of resources that assist in developing trading strategies and analysis skills.
While using TradingView, it’s important to remember that the information published or shared by other users is also speculative in nature. As a highly customizable charting and technical analysis platform, however, TradingView is a great tool in the hands of new and expert traders alike.