As a forex trader, you must be familiar with the platforms MT4/MT5 and Tradingview. While MT4/MT5 is specifically developed for forex trading, Tradingview is considered a more popular platform. It is widely used by all traders. In this article, Learn Forex Trading will provide details about How to use Tradingview for beginners to help you take advantage of all the benefits this tool has to offer.
Things to know before learning How to use Tradingview for beginners
If you are a professional “player” who regularly trades foreign exchange, you cannot help but know about Tradingview. Here is some general information about the platform that users should know before moving on to How to use Tradingview for beginners :
What is Tradingview?
Launched in 2011, Tradingview is a social network for forex traders. Tradingview’s operating principles are similar to popular social platforms such as Facebook or Twitter. However, it is not a platform for everyone. This is a place to connect people who love and are interested in participating in financial transactions.
Because it is built as a social network, information in Tradingview is similar to other platforms. Includes news, opinions, and analysis from traders. Thereby, users can express their personal views on product price trends.
In addition, Tradingview also provides features such as likes, shares, and comments from the trader community. In particular, this platform has a section similar to a Facebook group for discussion. Outstanding is the private chat function so users can exchange and send messages to each other.
Brief Overview of Tradingview
Overview of the Tradingview Interface
Tradingview’s interface is designed to be simple and intuitive, with a clear layout. On the home page, users will see the following items:
Search toolbar: Provides quick search capabilities for content. How to use Tradingview for beginners. Specifically, forex, stocks, commodities, indices, and other cryptocurrencies. Allows searching for trading ideas, and indicator tools,… Even traders’ accounts to follow.
Ideas: Divide ideas by product category. Including forex, stocks, and Crypto… Group of ideas by trend analysis, Harmonic models, chart patterns, and technical indicators.
Market: Provides information about products such as indices, cryptocurrencies, bonds, stocks…
Scripts: The area contains all the tools and indicators that support trading. Includes oscillators, Bill Williams, moving averages, and volume analysis tools…
Filter: Use to filter products by interest. Includes stock, cryptocurrency, forex, and other filters.
Broker: Focuses on reputable brokers voted by the community. Shows the broker’s awards in the previous year.
Chart: Access the chart interface that Tradingview provides. This is the part that is of most interest to users.
Plus: Includes event information, Tradingview website, blog sections, and other news.
Currently, Tradingview offers users 2 different account types. Depending on usage needs, each person can choose to register for a different Trading account:
Free account type available on Tradingview
This is also known as the Basic account type. This account limits investors to only basic features. Includes basic charts, 50 smart drawing tools, and 12 custom chart types. However, this free account frequently displays ads. At the same time, it only allows using a maximum of 3 indicators per chart.
This is an account type for those new to Tradingview. For newbies focusing on chart analysis, a free account may be a good choice to get acquainted with before considering upgrading to paid accounts.
Tradingview premium account type
This account type is divided into three levels: Tradingview Pro, Pro+, and Premium. All three types offer advanced features to support professional investors. Notably, Tradingview offers a 30-day free trial period for any type of premium account. Users can refer to How to use Tradingview for beginners to get acquainted with advanced features
Tradingview’s available account types
How to use Tradingview for beginners is the most detailed and accurate
The chart section on Tradingview is the point that traders focus on and are most interested in. If investors can clearly understand all the information provided in the charts on Tradingview, it will be a valuable source of information. This will assist them in carrying out transactions successfully. Here are some details on How to use Tradingview for beginners :
How to use Tradingview for beginners with a portfolio of charts
From the image above, it can be noticed that Trading View’s chart includes the following components:
Number 1: The Left Toolbar area contains drawing and measuring tools provided by Tradingview.
Number 2: The Top Toolbar area integrates tools related to indicators and candle types. These are the available indicators.
Number 3: Main chart area, which contains the chart and all price analysis indicator tools.
Number 4.5: Information generated by users or integrated news section provided by Tradingview for traders to follow.
Number 6: Bottom Toolbar area where Tradingview provides documents related to forex, stocks, and other commodities. This is an important part because Tradingview supports traders in creating accounts without going through any specific exchangeHow to use Tradingview for beginners with a portfolio of charts.
Specific details of the components on the trading view chart
Tradingview’s charts are divided into 6 main parts. Here is How to use Tradingview for beginners specific to each region:
Left Toolbar area (No. 1)
In this section, there are all the objects used to draw and measure on the chart. Therefore, understanding the functions and features of each object is important to perform technical analysis accurately
Tradingview’s Left Toolbar area.
As follows:
Cursor: to change the cursor format as desired.
Trend lines: Used to draw price channels, resistance, support…
Gann and Fibonacci Tools: Advanced Patterns in Chart Analysis.
Geometric forms: Mark on the chart.
Annotation tool: Note down the content you want to include in the chart.
Patterns: Advanced patterns such as Elliott waves and price patterns.
Forecasting and measurement tools: To measure price levels for traders to determine the R/R ratio.
Symbols: Providing many different symbols helps the chart not become too dry.
Measurement tool: Used to measure distances and number of candles in the area.
Zoom in: Zoom in on any chart area.
Magnet mode: Helps the cursor quickly move to levels such as open/high/low/close of nearby candles.
Keep drawing mode: Fix the drawing tool you are using.
Lock all drawing tools: Lock everything you have drawn on the chart. Users cannot delete until unlocked.
Hide drawing tools: Aims to hide what you have previously drawn.
Delete drawing tool: Delete everything drawn from the chart.
Top Toolbar area (No. 2)
The top Toolbar is the section for adjusting charts, time frames, technical indicator settings, and some other features. Here are the details:
Product name: Displays the name of the financial product being used for analysis.
Compare codes: Add indexes such as DEU40, SPX, and NDQ… to perform comparisons.
Time frame: Flexible from 1 second to 1 month to serve traders’ flexibility.
Chart types: Includes 12 popular chart types on the platform.
Indicators: Contains free indicators built into the chart.
Indicator templates: Stores indicator templates created by traders or available.
Create alerts: Notify via email, popup, or in-app when an alert is created.
Past prices can be reviewed at a customizable speed.
Undo, Redo button: to restore the previous action or Redo to repeat the previous actionTop Toolbar area
Main Chart Area (No. 3)
This is the main part of the chart, displaying the price data of the instrument you are interested in. The column of numbers on the right side of the chart represents important price levels. Traders often use objects on the chart to compare these price levels during analysis. Below the chart are timelines, corresponding to the time frame the trader has chosen
Main Chart area on Tradingview
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When right-clicking on the chart, users will see the following options: How to use Tradingview for beginners :
Set up charts: Drag maps to different times.
Add alert: Add price alert to monitor.
Trading: Set up orders to wait for selling, waiting for buying…
Add charts to the list so you can follow them.
Add notes: Private notes can be saved or shared with other traders.
Lock cursor line by time: Mark the time stamp for each candle to easily find it again when switching to another time frame.
Object List: Tools that the user has previously added.
Lines: Add price lines inserted into the charts.
Theme color: Two light and dark modes for traders to choose from.
Settings: Reset appearance, scale, status line.
Right Toolbar area (No. 4,5)
Number 4 displays information when traders click on column 5. Specifically, item number 5 provides the following information:
Display list of popular financial products: Traders can hide/show the list and add products according to their personal investment portfolio.
Alerts: Alert information will appear here when created.
Product news: News information related to the product being analyzed.
Hotlist: Displays 18 stock codes sorted by criteria such as price increase volume, increase, and decrease percentage.
Economic calendar and earnings calendar.
My idea: Publish ideas and share them with the investor community.
Public chat: Public chat group among investors to exchange information.
Private Chat: Chat privately with specific investors.
Idea Stream: Contains ideas suggested by Tradingview.
Account notification.
Order bar: Direct connection to some exchanges.
DOM: Item shows market depth.
List of objects in use on the chartRight Toolbar area.
Bottom Toolbar (No. 6)
Forex Filter: Provides information about currency pairs, including bid, ask, high, low, and % change.
Pine Script Editor: Allows editing of indicators and trading strategies using the Pine Script programming language.
Strategy Test: Upload your trading strategy to evaluate performance.
Trading panel: Connect and perform test transactions (demo) on this platformBottom Toolbar on Tradingview.
Multiple language support: Tradingview supports multiple languages. Including the US to serve the US Trader community.
Store and share trading ideas: Allows users to store and share analytical or trading ideas with the global community.
Social Network and Media Integration: Provides the ability to share trading ideas from Tradingview accounts to platforms such as YouTube, and Twitter,
Smooth HTML5 charts: Using HTML5 charts, Tradingview offers a smoother and more flexible experience than the MT4/MT5 charts that brokers usually provide.
Diverse technical tools and indicators: The platform provides a wide range of technical tools and indicators to serve users’ analytical needs.
Diverse market information: Tradingview provides information from the entire market, from Forex, cryptocurrencies, and commodities to stocks, with a diversity of international markets.
Mobile and web application support: Tradingview supports both mobile applications and web platforms, providing convenience and flexibility to users across multiple devices.Reasons why users should refer to How to Use Tradingview for Beginners
However, during use, Tradingview may sometimes be why Tradingview is not working. At this time, users should use the VPN conversion support tool to be able to access and use.
Conclude
Above, Learn Forex Trading has provided the most basic How to use Tradingview for beginners. Users should use these key features to assist in Forex trading, cryptocurrency, and stock analysis. This can help the process go faster and more smoothly.
Frequently asked questions
What are the highly rated indicators on the Tradingview platform?
Below are some highly rated indicators on Tradingview:
Squeeze Momentum indicator by LazyBear organization.
MACD Custom Indicator – Multiple Time Frame by ChrisMoody.
CM_Wiliam_Vix_Fix Finds Markets Bottoms indicator by ChrisMoody.
WaveTrend Oscillator indicator by LazyBear organization.
BeikabuOyaji ADI & DI Indicator.
Is Tradingview free?
Yes, Tradingview offers a free account with many basic and limited features. Premium accounts offer extended features and tools.
Is Tradingview available on mobile devices?
Yes, Tradingview offers mobile apps for both iOS and Android so you can monitor and analyze the markets from anywhere
