In business you need tools or equipment to do your job, in trading it is the same. We use TradingView for our charting as it is superior to MT5 in its capabilities. Furthermore, I like doing all my analysis on TradingView as the data provided is much better than the brokers.
Another key advantage is that TradingView also allows you to put alerts on the chart or your trading list. I use these alerts to tell me when price hits a certain level and the best part is I get the alert on my phone.
In my trading list, I can include all the FX pairs I am trading and set up an alert for when RSI is crossing the 30 or 70 level. When the RSI moves up from the 30 level from any of the FX pairs in the list, I will get an alert.
Again I get an alert sent out to my Mobile Phone telling me I need to go to the charts. This brings me to why I love using TradingView for this exact feature as it saves me time.
In the Trading view chart below you can see the FXpair EUR/SGD, and you can see the price action, lower on the image, you can see RSI. See how I have setup my TradingView RSI to show the overbought and oversold zones indicated by the bearish and bullish signals.
This example demonstrates how the charting software can be customised to whatever strategy you are using.
Drawing Tools
Specifically, I like Trading Views drawing tools. I can place a horizontal line on the chart, click on it and enter an exact price I want the line to appear on. I can then set an alert on that line and lock the line in place, so it will never move or get erased by accident. I also use the Fibonacci Retracement tool and again it is easy and quick to use from the Drawing toolbar.
In addition to these features, I also like the fact that I can choose my theme, I prefer the Default Dark theme. Furthermore, and particularly useful for beginners, TradingView has a paper trading option that you can use to practise your trading before you risk any real money.
Other than the settings I have spoken about above, I don’t really use any other features of this product as I do not need a complicated setup as it just adds layers of extra work steps for no reason at all.
Using the system I have described above, I can find a trade using Trading View in about 5 minutes of opening the app. I don’t just place the trade when I find a good setup. I then go to my other favourite website called Trading Economics where I do my research to see if my thoughts match the data for the FX pair.
In conclusion, TradingView has become an indispensable tool in my trading setup. Its superior charting, robust alerting system, customizable features, and paper trading option make it a valuable resource for both experienced traders and beginners.
If you’re looking to enhance your trading analysis, I highly recommend giving TradingView a try. Feel free to share your favorite TradingView features or your own experiences in the comments below!
TradingView Plans
TradingView is fairly priced here are their prices for you to compare.
If you click on the link I and purchase TradingView I will get a commission from them for recommending a new customer.
