TradingView is an online portal that provides traders a facility to personalize charts! With the help of TradingView charts, you can understand the market trends clearly. Moreover, the TradingView chart live update feature ensures that you always stay on your best front for making the most of your trades.
Based on HTML5, the charts offered by TradingView allow you customization according to your preferences. These charts are flexible and can seamlessly be viewed and analyzed on any device. You can also access the free chart library on TradingView to learn how to use charts for trading.
Below, we’ve compiled a list of ways to use TradingView charts to enhance your online trading experience. Read on to know more!
Table of Contents
Ways to Use TradingView Charts Effectively
You can use TradingView charts for multiple purposes in trading. Here are a few ways you can use them effectively.
1. Understand the Basics of Charts
As a beginner, understanding charts may seem complex. However, you can start analyzing and identifying the market trend once you know what each line and grid represents.
TradingView charts are perfect for beginners. In TradingView charts, the vertical line represents the range, whereas the horizontal line pointing right shows closing price, and the opening price is determined by horizontal line pointing left. These charts also allow you to split a screen to track multiple chart layouts. In addition, it will help you to understand market resistance levels, price action, etc., in a better way.
2. Access On-Chart Trading Features
TradingView Charts allows you to adjust stop loss and amplify your profits by accessing on-chart trading features, including candlestick pattern recognition, multi-timeframe analysis, and 50+ innovative drawing tools.
These on-chart trading features will help you identify the trendline, understand historic trading volumes, and look for lines for support and resistance. You can apply this for your trades to take the guesswork out of your trading.
3. Learn and Share Trading Views
Technical Analysis of the TradingView chart live enables you to learn more about the latest market trends and stats. Many traders use TradingView charts and post their ideas on the TradingView community after scrutinizing market volatility and movement based on complete technical analysis.
Reading advanced traders’ ideas helps beginners and is one of the best ways for beginners to use TradingView charts effectively.
4. Make Use of the ‘Economic Events’ Tab
TradingView Charts also allows viewing economic events via the charts. The ‘Events’ tab will directly show all economic events of significance on the chart via a number and a circle–the numbers indicating the events that haven’t been released.
You can also click on the circle to learn about an economic event and its impact on your trading. Doing this ensures that you can make better trading decisions.
TradingView Charts is one of the best elements of the TradingView platform that you can use to analyze price patterns to predict future price moves. You can use TradingView charts efficiently by using indicators available on the platform. Make sure you acclimatize yourself with this platform to make the most of your trading.