What is Tradingview? Tradingview User Guide for Beginners
What is Tradingview?
TradingView is an online service and social network for traders. The main platform of TradingView is the in-depth technical analysis tool. TradingView was founded in September 2011. TradingView consists of a network of traders willing to share and continuously update the fluctuations of the cryptocurrency and stock market. In addition, TradingView also has a lot of tools and charts to effectively support traders in the process of trading and updating market fluctuations.
Tradingview User Manual.
TradingView interface consists of 3 main parts:
Section Header located at the top include the increase and decrease of the indexes and the coin rates. Right below is the Menu bar that helps you access TradingView’s features.
Main Content is the main interface located in the middle of the screen. Including general market information, articles from famous Trader Authors, General news…
Toolbar section is the toolbar with the sidebar in the right column. This toolbar will always appear so you can keep track of the most important information without fear of missing out. The Toolbar section you can quickly switch between Tracking, Alerts, Calendar, Ideas, Chat tools…
Find Coins on TradingView
When searching for the coin you want, note that you need to immediately type the name of the coin pair, for example, if you want to find the BTC/USD pair, you type BTCUSD. Then the search bar will display a series of information about the value of BTC/USD according to different exchanges. You are investing on any exchange you click on the price of BTC/USD according to that floor on the right side of the bar.
Then in the window that appears, you will get to where you need to go by selecting the Interactive Chart button. At this point, the price chart window of that coin appears:
Choose time frames
How to enable indicators on TradingView
So simple, just press the button in the picture below and type the indicator name,
Left hand tool
These tools are used for plotting. Some of the features that traders often use in this section are:
Lines and arrows, to draw trend lines, predict the next price action.
Fib retracement and Fib Speed use to find support and resistance levels according to the Fibonacci Index.
XABCD pattern and Elliot wave give you a long-term view of price action.
Buy/sell positions give you information about the risk and reward ratio of each trade.
Date range and price range help you understand how the price fluctuates on a day-to-day basis.
In this section, you can bookmark frequently used tools, by marking the star on the right hand side.
Above are tools to change different parameters of the test such as trading coin pair selection, time period, etc.
Market: you should choose a coin pair on the exchange with a large trading volume.
Time period: depending on the purpose and strategy of each person, normally traders often use 2 hour, 6 hour, 1 day charts.
Candlestick chart type: in this section, traders can use many types of charts such as Japanese candlesticks, Heikin Ashi.
Other features: on this section, there are features such as adjusting the size of the chart, changing the color, comparing with the chart of other trading pairs.
Screener on TradingView
This section is on the lower left side of the screen, allowing you to track multiple tokens on different markets (notice in the section of the US flag icon on the right hand side, you choose to switch to Switch to cryptocurreny at the end to monitor)
Below the “overview” section you will find trade recommendations such as “buy” or “sell”, which are calculated by the software from the indicators, but you should not use these recommendations.
In the “performance” section, you will see the price change over time day, week, month, year,
The down arrow next to “performance” you can choose “Oscillators”, this is where volatility indicators like MACD, ADX, RSI are compiled
On the upper bar of the “screener” tool, you can filter coins with top gainers (strongest gainers), Oversold (oversold) indicators…
Right hand tool
Right hand tools are used to monitor the community activities of each cryptocurrency such as chat, sharing trading ideas among traders, event toolbar in unusable crypto section .
Good indicators to use for trading
TradingView provides traders with many different indicators, in addition, users can program their own indicators. Some of the most commonly used indicators:
Trading volume: this is an important indicator to track price action.
Moving Averages: There are many different types of moving averages, but the most popular are still MA50, and MA100, EMA50, EMA200.
RSI Stochastic: This is an indicator to monitor price trends, identify oversold or overbought areas.
SMA (8, 16): used for short-term trades.
Ichimoku Cloud (20,60, 120, 30) is quite suitable for identifying price trends, finding support and resistance points in price action zones.
Bollinger bands: this indicator is not too effective when the market drops sharply, but it is quite suitable to consider the price channel.
TD Sequential: This metric is mainly suitable for large-cap coins like BTC or ETH, which is quite effective to find new price waves.
From time to time, you should also try new indicators, test the effectiveness of each indicator yourself, the best way is to save your trading history, check the performance of each indicator, this is a good way best to increase your confidence in each indicator you use in trading.
How to fix indicators on TradingView
Indicators sometimes have indicators that are not suitable for your analysis and require you to correct them.
Why should you apply Tradengview to cryptocurrency?
TradingView is the most popular technical analysis support platform today, used by many professional traders. Even major exchanges like, Binance, BitMEX, Kucoin, Cryptopia also get charts from TradingView for traders to use more conveniently when trading on the exchange.