REVIEW: Navigating Markets with TradingView

REVIEW: Navigating markets with TradingView

TradingView is one of the more talked about charting platforms for technical analysis and research for novice investors, trading beginners and active traders. It works as a web-based version on any device and comes in addition to a separate app for iOS and Android.

The biggest problem with deciding on what platform to use is that there is a lot of competition out there among charting platform providers.

A good charting platform will be intuitive and easy to use. It will be clean, it will be fast, it will be reliable, and it will be powerful. A great charting platform will be all of that and more – which TradingView’s social networking component has checked an extra box with.

First impressions

The TradingView homepage is clean, fuss free and minimalistic. A modern layout makes the interface look sleek and professional, which immediately strips away any insecurity you may have about using it. Colours are easy on the eyes, and the navigation seemed intuitive enough, even for someone who's not exactly a tech wizard.

Signing up

Signing up for TradingView was a breeze. All you need to do is provide some basic information like your email address, create a username and password. No long forms or complicated verifications, which was a relief. The whole process took just a couple of minutes, and its straightforwardness is another huge plus point.

A deep dive into available plans

Trading view offers a total of 7 plan options, including both the free version and 3 professional options.

If you upgrade to a paid TradingView plan, you’ll get access to a slew of additional features depending on which tier you choose. One way TradingView differentiates between plans is by imposing limitations, so here’s how they break down.

Essential Plan

The TradingView Essential Plan is the lowest tier paid plan. You’ll get access to the features above with some limitations:

• 2 charts per tab
• 5 indicators per chart
• 10K historical bars
• 20 price alerts
• 20 technical alerts
• 10 parallel chart connections

You’ll also see no ads and get access to these TradingView features that aren’t accessible with the Basic Plan:

• Volume profile
• Custom timeframes
• Custom range bars
• Multiple watchlists
• Bar replay
• Indicators on indicators

Plus Plan

The TradingView Plus Plan is the mid-tier paid option. You’ll get access to all features included with the Essential Plan, plus:

• Intraday Renko, Kagi, Line Break, Point & Figure charts
• Charts based on custom formulas
• Chart data export

The limitations change as follows:

• 4 charts per tab
• 10 indicators per chart
• 10K historical bars
• 100 price alerts
• 100 technical alerts
• 20 parallel chart connections

Premium Plan

The TradingView Premium Plan comes with all of the features of the Plus Plan, in addition to:

• Auto chart patterns
• Second-based alerts
• Alerts that don’t expire
• Publishing invite-only scripts
• Second-based intervals

The limitations offer the most flexibility for a non-professional plan:

• 8 charts per tab
• 25 indicators per chart
• 20K historical bars
• 400 price alerts
• 400 technical alerts
• 50 parallel chart connections

Key features

TradingView offers an impressive array of charting options, from basic line graphs to more advanced candlestick charts. Users can test trading strategies by simulating real trading on TradingView’s charts. They are enabled to use Pine Script, a programming language created by TradingView that is used for writing indicators and strategies that can be added to their charts.

TradingView has a good reputation on the market due to its technical features. It is mostly known for its advanced charting options. This tool provides more than 15 divergent charts, along with customised spreads and command search.

As for conducting a technical analysis, TradingView brings to the table many pre-built studies and more than 90 intelligent drawing tools. It also includes a set of tools for conducting an in-depth market analysis.

Another feature that stands out was the social aspect of the platform. TradingView has a built-in community where users can share ideas, strategies, and analysis. Browse through some of the posts and you’ll notice the level of expertise and insight that some of the members have. It definitely felt like a valuable resource for learning and connecting with other traders.

For stock traders and crypto traders there is the Volume Profile indicator which is exceptionally helpful for reading supply & demand zones in markets.

For forex traders there are a dozen different types of candlestick charts and literally thousands of indicators for analysing price action.

Day traders, swing traders and end-of-day traders will all find something of value in TradingView. The developers really go above and beyond to try to cater to all types of traders and it shows in the bottom-line quality of their platform.

Pros and Cons

Pros

• Advanced charting options: TradingView stands out among many market participants by providing a wide range of advanced charting tools. Each tool encompasses a number of drawing options, chart patterns and technical indicators - all used to help traders analyse the crypto market efficiently.
• Social aspect: TradingView is also a socially-driven platform as it includes a large community of traders, investors and financial analysts that are enabled to engage in discussions, publish technical analyses and share insights.
• Personalised approach: This tool enables a substantial degree of customisability. Users are allowed to tailor their charts to align with their personal preferences and trading needs.
  

Cons

• Costs: Even though many features are free to access, more advanced tools and data sets are only available to the platform’s premium subscription plans. This can be a downside for users on a budget.
• Limited historical data: TradingView mainly relies on real-time data feeds provided by a variety of crypto exchanges and financial data providers. While this is a significant feature, TradingView’s free version only provides a limited amount of historical data. This may be a drawback for traders and investors that rely on past price movements.
  

A quick look at the TradingView mobile app

Like many stock screeners, TradingView has a free mobile app to allow for easy access when you’re not at the computer. 

As you’d probably expect, the home screen is a simplified version of what you’ll find on the website. Once you’ve added stocks to your watchlist, they’ll be the first thing you see on mobile.

You can view multiple charts (and expand them) the same way you can with the web version. You’ll need to scroll horizontally if you want to expand the data. Charts will auto-rotate to allow for a better view.

The design and interface are clean. That said, the app offers only a fraction of the features you can get with the full browser experience.

Our takeaway is that the app works but its only real use is to get a quick market update or view your watchlist. It’s not what you need if you’re looking for in-depth research or access to TradingView’s most robust features.