We are glad to welcome you again, dear friends.!
Today we continue to talk about the TradingView online chart as an effective and multifunctional technical analysis platform for cryptocurrency and any other trader.
In the last article, we talked about why a trader needs it in general, if each broker has his own on the site, and covered in detail the main features of the platform.
Recall that the service has a 30-day trial version, different subscriptions, we also talked about how to save on them and much more in the previous article “TradingView – why should a beginner trader need it“.
Today we will talk about the basic settings and capabilities of the TradingView chart and tell you which of them are the most useful for a cryptocurrency trader..
- 1 4 TradingView Chart Menus
- 2 1. LEFT MENU – GRAPHIC ANALYSIS TOOLS
- 3 2. TOP MENU
- 4 Currency pair selection – field for entering the name of the instrument
4 TradingView Chart Menus
In addition to the fact that the TradingView platform allows you to get acquainted with up-to-date information on all markets (stock market, Forex, futures, cryptocurrency market), including quotes, economic news, forecasts of leading analysts, it provides a very convenient service with wide opportunities for social activity, it still offers just a lot effective technical analysis tools.
It simplifies the monitoring of coins, the interface is very convenient, intuitive and attractive, if necessary, you can even change the background and the style of the chart. It has 4 menus, each of which has different buttons, let’s look at them.
1. LEFT MENU – GRAPHIC ANALYSIS TOOLS
They are located on the left panel, there are 16 in total:
- The choice of the way of displaying the cursor – in the form of a crosshair, point, arrow, eraser;
- One of the basic elements of technical analysis – lines: horizontal, vertical, rays, trend lines, arrows, etc .;
- Graphic tools: pitchfork, fans, Fibonacci figures;
- Everything for drawing: triangles, rectangles, ellipses;
- Text capabilities: footnotes, notes, arrows;
- Patterns, patterns, waves, cycles;
- Tools for making forecasts and miscalculations of risk: short, long positions, ranges of dates, prices, projections, etc .;
- Various icons;
- A tool for measuring different areas on the TradingView chart;
- A magnet that allows you to attract points of objects to the nearest prices. Strong or weak magnet can be selected;
- “Stay in drawing mode” button;
- Fixation of all objects;
- The ability to hide / show all drawn objects;
- Recycle Bin – the ability to delete certain graphic objects;
- Object tree.
Some features, such as the basket, cursor type, hide or show drawn objects, scale – are clear and do not require a description. Therefore, we will consider only the most useful tools for a trader from the left menu..
The choice of lines in TradingVeiw is very wide. This allows you to draw trend lines and angles, channels and arrows. This is a basic element of technical analysis, so we will not dwell on them in detail..
It is very easy to draw a line, for example, to determine a trend. In general, the entire TradingVeiw service and online chart was created and thought out to make the trader’s work as easy as possible. This also applies to working with graphical analysis tools. The platform allows you to select the color, line thickness, save its template.
Settings called from the context menu (right-click) are even wider. Here you can configure the coordinates of the line (this can be done both manually on the chart and by entering numbers here in the settings), its display, set alerts for it, for example, when one of the bars reaches the line, and much more – the possibilities are very wide.
Shiff, Gann and Fibonacci tools
First of all, these are Shif’s pitchfork. They were developed by New York trader Jerome Schiff, who discovered new methods of technical analysis. When using the pitchfork, the settings panel immediately opens, allowing you to save the template, change the color of the lines, adjust the style, coordinates, display, copy the shape, of course, hide or delete.
The next figures are squares, boxes, Gann fans. These are more complex elements for deep technical analysis. They are used by professional traders.
Next – the Fibonacci charts. Newbies really like them. These are fan lines, time periods, arcs, a spiral. The most popular of them is the Fibonacci correction.
Also, by calling the settings from the context menu, you can edit the Fibonacci retracement, for example, remove level lines, add periods.
All self-drawn shapes are just as easy to edit in the settings menu as elements of graphical analysis, they can be changed, styled in different ways, quickly deleted by right-clicking on the shape, the context menu.
By the way, any instrument that you prefer or use most often in the left menu of the TradingVeiw chart can be added to “Favorites” by putting an asterisk in front of it. After that, it will be displayed on the quick settings panel, as well as in the “Favorites”.
Making forecasts and calculating risks
This is one of the most important tools for a beginner trader, so we recommend that you pay special attention to this menu..
The “Forecast” tool (“Forcast”) is a great way to learn how to make effective forecasts without losing money from your deposit. It is very easy to use, therefore it is very popular with traders: it is enough to indicate where the price will go from the candlestick, i.e. – make a forecast and a chart in “TradingView” when the moment X comes, it will show whether your deal was successful. Green lettering indicates success, and red lettering indicates failure.
The blue “Forecast” menu displays the term, as well as the price change in percentage and points.
Short and long position, date range, price range are used to make forecasts, allow you to calculate the risk / loss and risk / reward ratio when using StopLoss and TakeProfit. They should be used depending on where the price is moving..
A long position is used in an uptrend and a short position in a downtrend. So, we take a section of the chart with a growing trend and, accordingly, a long position, then exhaustive information appears:
The rest of the items on the left menu are clear from the name; no comments are required. Let’s move on to the next.
2. TOP MENU
Let’s look at the top menu tools in order. The interactive chart “TradingView” has 15 of them:
- Entering the name of the currency pair with which you will work;
- Chart type;
- Adding a chart of one more instrument (currency pair) for comparison;
- Indicators and strategies;
- Indicator templates;
- Notifications (alerts);
- Market simulator;
- Step back / forward;
- Chart layout;
- Saving graphics to the cloud;
- Chart properties / settings;
- Full screen mode;
- The ability to publish a chart, share it with the community of traders.
By analogy with the left menu: those tools with which everything is clear, for example, a screenshot of the screen, full screen mode, step back / forward, we will not consider in detail. But we will tell you more about the most interesting and useful ones, such as indicators and others..
Currency pair selection – field for entering the name of the instrument
We will consider it using the example of the cryptocurrency market on the ETH / BTC currency pair. To select it, just start entering the first letter of the currency of interest, after which a list will drop out that will offer you all assets starting with this letter.
On the right side of the list, we can select the exchanges from which the information on quotes will be broadcast. The FX mark denotes data from Forex brokers, the bitcoin coin denotes the quotes of cryptocurrency exchanges. Futures, stocks, indices and other trading instruments are marked with the flags of the issuing countries.
If you are registered on a certain exchange, you are interested in its information – you can “pull up” its data to be displayed in the chart. For trading on cryptocurrency, we use information from the Binance exchange, therefore, on TradingVeiw we look at the charts of this exchange and compare them with the features of other sites.
Timeframes – time interval
Next to the choice of a currency pair in the upper menu there are buttons for selecting a timeframe (hereinafter – TF). This is a tool for ordering price behavior in a particular time interval. If you select TF for 30 minutes, then one bar or candle will be drawn on the chart for exactly 30 minutes, and when this period of time ends, a new candle will begin to form.
By default, the system has “D” – day. It is very important to study the behavior of an asset using technical analysis with TF from 1 day. That is, first we analyze the behavior of the currency for 1 day, then for 4 hours, 1 hour, etc. This allows you to get a general objective picture of price movement, as well as find the entry point.
To quickly select a TF that you use all the time – do the same as with graphical tools, click on the star opposite it, it will be added to your “Favorites”, and will also be displayed on the quick panel.
Types of graphs
The next button is to select the type of chart, configure its display. Here you can choose the type of schedule with which you are more familiar, more comfortable to work with. Forex is most often traded by bars, in the cryptocurrency market – by candles, i.e. the choice of chart depends on the market, habits, preferences of the trader, as well as the selected asset. There are a lot of types of charts in TradingView: Japanese candlesticks, Empty candles, Bars, Linear chart, etc..
You can scale in detail, view where, for example, a bar opened and where it closed in a particular timeframe. The more TFs, the more globally the price movement change is visible. Over time, you will learn how to choose a chart, TF for your own needs, and determine the most convenient tools. But candles are the most popular solution.
Compare / Add tool
In addition to the main asset (currency pair), you can select any number of other instruments on the chart, compare the behavior of these pairs with the main one or with each other. For example, let’s add the BTC / USDT currency pair from the Binance cryptocurrency exchange to the chart. This is how the graph now looks:
This is very convenient if you work with more than one currency pair or trace the dependence of different quotes on each other, deciding which asset to choose.
Indicators, strategies and their templates
One of the most important and most demanded TradingView tools. The “Built-in” item contains indicators and strategies that were initially integrated into the chart. These are indicators used by traders all over the world. For example, “Moving Averages”, “Bollinger Bands” are “classic”.
The “Public” item contains indicators created by traders themselves, they are sorted here by the number of likes, many are unique. To add an indicator, just click on it. Let’s add the most popular indicator “Moving Average” to the TradingView chart. Here it appeared as a smooth blue wave:
To configure it, click the “Settings” button next to it. You can change anything in them: from the capabilities laid down by the author (source code) to the banal color / styles.
Allows you to configure the receipt of notifications about certain events. To create an alert, you need to call the context menu by right-clicking on the required section of the chart, click “Add alert”. The optimal solution is to set an alert where, from your point of view, the price will unfold
As a result, the following menu appears:
By default, the currency pair you have selected is in the alert settings. You can select the “Crossing” condition (top-down or bottom-up, while the price crosses one or another value), entry / exit from the channel, price movement up / down, etc. Next, you need to specify the value at which the alert will be activated, the frequency of its activation and the time after which the alert stops working, or put a tick in front of the “Unlimited” value.
After that, you need to choose a notification method: sound notification on the platform itself or a warning in the application, by SMS, or by mail. SMS do not come like ordinary SMS: first you need to specify a special e-mail, from which forwarding to a mobile phone is possible.
App notifications are very convenient – your smartphone will easily deliver your notification on time. The same with e-mail, if the application from mail is installed on the phone – you will never miss it.
You can set alerts in “Tradingview” to any graphical tool or indicator. An alert will be triggered as soon as the line crosses the specified value.
TradingVeiw online chart offers a lot of possibilities, the main thing is to try and experiment, and you are sure to be right for you among them. If you do not have enough time and there are many alerts installed, third-party resources will come to your aid. For example, in 3commas, you can set up a robot that can trade according to the alerts you set. Just set the necessary actions that he should take when receiving an alert and you no longer have to worry about missing the notification.
All you need to do is turn on the bot and write a special code. We will not dwell on this in detail, there is a separate article-instruction “How to use TradingView Personal Signals“
But that is not all! If you do not yet have a complete understanding of how to set up alerts or do not have a paid subscription to TradingView, 3commas suggests using bots with already prepared alerts – just choose the appropriate ones, test and use!
The chart settings look like this:
By analogy with other tools, you can customize everything: from design styles, background, interface theme (light, dark) to time zone and session, key trading parameters, scales, etc. By the way, there are also basic alert settings..
You can always save the current view of the chart in a safe and secure cloud storage. By default, autosave is configured every minute. Also in this menu item you can assign a name to the current chart.
Publishing a chart
You can share your chart, predictions and vision with the community of traders. To do this, click the “Publish” button. In the last article, we touched on the issue of entering relevant and reliable data when registering an account. Everything is clear with e-mail, but we did not need a phone number at the registration stage. So, to publish the schedule, you will already need to confirm it. Therefore, we recommend that you immediately enter the correct data to which you have access..
Dear friends! In this article, we have covered the left and top menu of the TradingVeiw chart. We hope the material was useful to you. In the next final article in our TradingView trilogy, we will look at the platform’s right and bottom menus. And there is the most interesting – the “Trading Panel”, “Strategy Tester” and social functions – what makes you fall in love with TradingVeiw at first sight. I recommend bookmarking or sharing on social networks. On this I say goodbye.
Good luck and good profits!