How to use TradingView?

If you ever have been a part of the crypto trading community, you may have witnessed a number of charts of different cryptocurrencies with price predictions. You may have also seen people buying or selling a particular cryptocurrency depending upon that chart.

If you wish to stop wondering and get your answers regarding these trading charts, then this article is the right place to start with. Tradingview is a platform which comes with a number of tools which helps traders from both stock market and cryptocurrency market.

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This article will help you get familiar with Tradingview platform and will teach you the use of some basic tools to find out support and resistance levels of any crypto you wish to calculate. Let’s first begin with a brief introduction to Tradingview.  

Introduction To Tradingview Platform

Tradingview is one of the platforms you may be aware of but never heard its name. You may have seen graphical pictures of trades. This platform serves the same purpose. This platform allows you to create charts and customize technical indicators with which they can analyze financial assets. 

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For better understanding think of Tradingview platform as in place of social platforms like instagram or facebook specially for traders. Investors and Traders extensively use this platform because of its charting service. 

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Platforms like C-Trade provide much more to traders. With C trade, Tradingview gives flexibility to the users so that they can be watchful and can monitor the price charts. Along with cryptocurrency users can monitor their hundreds of assets and share their ideas about trading into the market. 

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You can operate it on your mobile phone if you want but it works best on a desktop or a laptop with a wider screen. Technical indicators are a vital part of the system, they are basically lines which help to read the market trends. 

How To Use Tradingview

After getting the basic Idea about Tradingview, let's look further into it. The basic purpose of the tradingview is to provide important information, usually users get proper feedback or tips so users can get a better understanding of the market. 

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But before that, it is quite important for users to know how to use this trading view platform. At first the interface may look a bit complex for new users. So let's start with the quick beginner’s guide starting with familiarization with Interface. 

Get Familiar With Tradingview Interface

When you open Tradingview, the interface looks a bit complex and difficult to understand. But segregating the tool bar first may help to understand the interface in a more simple manner. 

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In total there are four toolbars, every tool bar has different tools and functions to contribute. 

• Toolbar 1: It consists of all the tools used for drawing to charting, you can choose the tools and use them in the chart area easily. 
• Toolbar 2: In this toolbar, users can change the graphics of their chart from it, including that it has Indicator and Strategies to put analysis patterns that are pre-formed for you. It does have a search bar to search your asset. 
• Toolbar 3: there are two tabs on it, “Trading panel” and “Strategy Tester'', the first one allows the users to trade within the website and with the other tab you can backtest your strategies. 
• Toolbar 4: You can find any information or data from it, you can edit or customize a lot of things like watchlists and chat privately with any other user. It contains all news and social elements.

Apart from that there are many other options including the Chart Area where you'll find all of your assets.

Learn To Use Technical Indicators

Data is one important aspect which separates trading from gambling. If you have the right data and you know how to use the data, you will always be with the market trends. Technical indicators just let you do that. 

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With the help of technical indicators, you can predict the upcoming market trends based on past price history, volume and market sentiment. There are two major ways you can implement technical indicators on your tradingview chart. 

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1. Trendline
2. Andrews' Pitchfork

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Let’s see how both of these technical indicators can be implemented on a tradingview chart and what they tell us about future market trends. 

Trendline

Trendline is one easy to use tool which can help to find the local support or resistance line in a bull market or bear market scenario. Let’s see how to implement a trendline. 

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1. Go to the left toolbar and choose the “Trend line” tool.
2. Locate and choose “Magnet Mode” on the same left toolbar. (Magnet mode automatically snaps indicators to the nearest element of candlestick.)
3. Depending on the market trend or your requirement, connect the highest points of candlesticks on a downtrend or lowest point in case of uptrend.
4. Connecting the lowest points on the chart will give you a support line whereas highest points in a downtrend will give a resistance line.
5. Place point 1 on the first candlestick of uptrend or downtrend. 
6. Now place point 2 on the last candlestick of uptrend or downtrend to get a trendline indicating either support or resistance line.

Andrew’s Pitchfork

Trendline was a two point technical indicator whereas Andrew’s Pitchfork is a more advanced 3 point indicator. Along with support and resistance lines, it gives possible breakout or breakdown indications by plotting three parallel trend lines. 

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1. Go to the left toolbar and choose the “Pitchfork” tool.
2. Place point 1 at the start of an uptrend or downtrend.
3. Place points 2 and 3 on reaction high and reaction low points of the given trend respectively. 

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Once you are done with drawing Andrew’s Pitchfork, you will be able to predict when the next breakout or breakdown is going to happen with an approximate time frame. 

Conclusion

This was an introductory tutorial on how to use the tradingview platform. We hope you understood how tradingview works and how you can play with the trend line to predict future market trends like a pro.

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Such technical data can help you a lot in planning your short-term as well as long-term investments for any cryptocurrency. However, do take into consideration the risks as the market won’t always move as per the price predictions made through TA.

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We hope you liked this article on Tradingview. If you want to know more about the other tools of tradingview, do let us know and we would be happy to deliver it back to you. Until then, checkout our other articles on cryptocurrency trading and keep educating yourself.

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