Beginners Guide to Tradingview
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Tradingview is one of my favourite charting tools. I highly recommend this tool to anyone getting into cryptocurrencies. Even if you do not want to learn all the ins and outs of technical analysis.
How you can benefit from this tool:
- Trading Ideas from succesful/popular traders
- Trading Charts from different exchanges
- Educational Ideas
- Overview of Cryptocurrency Market Trends
Cryptocurrency and Stock Charts
This might not be obvious the first time you use the too.
- Type your trading pair (ETHBTC, ETHUSD, LTCBTC…) Into the ticker field.
You can chose from which exchange you want the data to come from in your charts. This is important if you want to trade at the same time as you are doing your technical analysis.
- Click on interactive Chart to open the charting Tool
Switching to the dark side
I have been using the dark theme for charting for a long time. This is merely a question of preference and what works for you.
- To change the theme click on the “Gear Icon”.
- Select Dark theme
Your charts look like the ones I use.
Tradingview offers 100+ Built-in Indicators for nearly every trading need.
The following indicators are the ones I use the most:
- Bollinger Bands
- Ichimoku cloud
You can find a complete list of all indicators available on trading view here
Pine Scripts Editor
You also have the ability to add user generated Scripts to your tradingview chart. This is extremely useful as you can take built-in scripts
Here is an example of a Pine Script How to add and use William’s Fractals in tradingview.
A very useful feature in tradingview is the possibility of setting up alerts. The great thing is that you can not only set price alerts, but also specific indicator alerts. For example if two moving averages cross each other, if there is a tiki cross on the ichimoku cloud or if there is a cross in the macd.
Point put – Alerts are freaking awesome! Here a few examples:
Tiki cross in the Ichimoku Cloud
In the free version of tradingview you can set only one alert.
Trends ranked with Oscillators
This a highly useful tool to get an overview on what tradingpairs can be lucrativ for short-term trading. It is important to note, that you shouldn’t base your decision only on this tool. It should be used as a reference only.
The oscillators used are the following:
- ADX – Average Directional Index
- AO – Awesome Oscillator
- ATR – Average True Range
- CCI20 – Commodity Channel Index
- MACD – Moving Average Convegence Divergence
- MOM – Momentum
- RSI14 – Relativ Strength Index (14)
- STOCH Fast
- STOCH Slow
All these Oscillators aggregated give a Strong Buy, Buy, Neutral, Sell or Strong Sell Signal.
I suggest that you look at the charts of the trading pairs that have a Strong Buy or Strong Sell Oscillator before you decide to buy or sell an asset.
Trends ranked with Trend-Following
Trend-Following tab can help a trader determine the trend direction of various cryptocurrencies.
- Close – Closing Price
- SMA20 – Simple Movering Average 20
- SMA50 – Simple Movering Average 50
- SMA200 – Simple Movering Average 200
- BB UP – Bollinger Upper Bands
- BB Low – Bollinger Lower Bands
Tradingview – Free vs. Premium
For a long time I only used the free version of tradingview. However, the more I started charting and using graphs, the more I realised that I would benefit a lot from the pro plan. The alerts and multiple indicators on one chart are definitely a blessing.
Here you have a comparison between the different plans. At some point I might consider upgrading just because of the additional alerts, since they are a huge time saver.
I highly suggest that you try out the free version here.
I hope you found this review useful. Tradingview has been a great tool for learning the insides and out of technical analysis. The communities trading ideas help new traders get acquainted to the world of technical analysis. Furthermore, there are so many options that I still find myself discovering new options on the tradingview platform. I feel like I have only scratched ther surface. This post is only an overview, and I will definitely delve deeper into the various tools of tradingview.