Complete TradingView Tutorial, How to Use TradingView for Crypto?
The Growing Crypto Market and the Need for Advanced Tools
Cryptocurrency trading has evolved into a technologically advanced financial market with a total value exceeding a trillion US dollars. Tools like TradingView and automated trading bots, combined with sophisticated strategies, have become essential for all retail traders. However, the complexity of these tools can lead to failures, especially for beginners. This guide aims to simplify the use of TradingView, one of the most popular charting tools available.
What is TradingView?
Since the dawn of commerce, merchants have needed ways to track price dynamics over time. Modern charts, especially the candle charts developed by Japanese rice merchants in the 20th century, are crucial for visualizing price history and trends. TradingView takes this concept to the next level by automating the process, making it accessible and useful for both novices and experts. It offers a vast array of analytical tools, user-generated strategies, and features that enhance technical analysis.
Reading Charts on TradingView
The price chart is the central component of the TradingView platform. Despite its seemingly complex interface, understanding the basics makes it manageable:
• Vertical Y-axis: Represents price. Adjust it by holding “left-click” and moving the mouse or by scrolling.
• Horizontal X-axis: Represents time. Adjust it similarly to the Y-axis. Time scales can range from minutes to weeks.
• Candles: Show price dynamics, with the body representing opening and closing prices and shadows indicating maximum and minimum prices.
Key Controls in the Top Menu
1. Profile Management: Access and modify your profile settings.
2. Symbol Search: Find assets and data sources.
3. Time Scale: Switch between different standard periods.
4. Chart Type: Change between various chart forms.
5. Indicators and Templates: Access a catalogue of analytical tools.
6. Alerts: Set customizable signals for market events.
7. Replay: Review past price movements and test strategies.
TradingView for Beginners
TradingView is a great tool for learning technical analysis. The left menu provides several graphical tools, including:
• Line Drawing: Simple lines, Fibonacci retracements, and more for predicting support and resistance levels.
• Prediction and Measurement Tools: Gauge potential price dynamics and optimal trade points.
• Technical Analysis Patterns: Overlays for predicting reversals and future price levels.
Example: Using Fibonacci Retracement
1. Identify Extremes: Pick the maximum and minimum price points on the chart.
2. Draw the Frame: Start from the maximum to the minimum for descending prices.
3. Interpret the Levels: The lines represent potential support and resistance levels.
Trading Strategies on TradingView
One of TradingView’s strengths is its wide array of user-created strategies. Here’s how to use them:
1. Access Indicators: Click “Indicators” in the top menu.
2. Choose Strategies: Select from the “Strategies” tab.
3. Apply to Chart: The chosen strategy will be displayed on the chart.
For complex strategies, you might need to compare multiple charts. Overlay assets by clicking the plus icon next to the main asset’s name and selecting the required asset.
Utilizing TradingView Scripts
TradingView’s Pine Code allows for custom scripting, enabling users to automate alerts and integrate with third-party services like WunderTrading. Here’s how to get started:
1. Open Pine Editor: Found in the bottom menu of the TradingView terminal.
2. Write and Deploy Scripts: Create custom alerts and integrate them with bots for automation.
Automation with TradingView
Automation eliminates manual tasks, saving time and improving efficiency. Here’s the manual vs. automated process:
• Manual Trading: Involves choosing a strategy, creating alerts, waiting for alerts, placing orders, and adjusting settings manually.
• Automated Trading: Scripts generate alerts, bots pick them up and execute orders instantly, streamlining the process.
Is TradingView Good for Day Trading?
Absolutely! TradingView is essential for day traders due to:
1. Robust Technical Analysis Tools: Ready-to-use strategies and indicators.
2. Real-Time Market Data: No lag, ensuring timely data.
3. Effective Alerts System: Highly customizable and reliable.
So concluding all, TradingView is a powerful tool for both novice and expert traders. Its intuitive interface, extensive analytical tools, and integration with automation services make it indispensable for cryptocurrency trading. By mastering TradingView, you can significantly enhance your trading strategies and execution.
Thanks for reading. Drop a like and share your thoughts or the cryptos you are investing in.
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