How to Make The Most Out of TradingView Charts for Free?
TradingView is a popular online platform for traders and investors that provides advanced charting and technical analysis tools. The platform offers a range of features, including customizable charts, multiple timeframes, and over 100 built-in indicators, making it an excellent choice to improve technical analysis skills.
While TradingView offers premium features requiring a subscription, traders can use plenty of free tools and features. This blog will discuss how to make the most out of TradingView charts free.
1. Custom Indicators and Alerts
One of the key factors while trading is using indicators on the charts to forecast the price.
TradingView charts free offers a range of built-in indicators, and you can also create your own custom indicators using Pine Script, a programming language created by TradingView. With Pine Script, you can create indicators specific to your trading strategy and backtest them to see how they perform.
TradingView allows you to set up alerts for specific price and indicator levels, so you don’t have to monitor the charts constantly. With alerts, you’ll be notified when a specific price level or indicator value is reached, allowing you to take action quickly.
2. Backtesting Trading Strategies
One of the most powerful features of TradingView is its backtesting capability, which allows you to test your trading strategies on historical data to see how they would have performed in the past.
With TradingView’s Strategy Tester, you can test various strategies, from simple moving average crossovers to more complex strategies involving multiple indicators and conditions. Once you’ve backtested your strategy, you can adjust the parameters to optimize performance and see how it would perform in the future.
3. Access to Social Community
TradingView’s social features are another valuable resource for traders. The platform allows you to follow other traders and view their trades, strategies, and ideas. You can also communicate with other traders through comments and private messages, allowing you to learn from others and share your insights.
Additionally, the platform has a chat feature that enables users to join particular chat rooms according to their interests. Users can also start their chat rooms and invite other traders to join.
4. Tradingview Screener
With real-time market data and analysis tools, you can keep up with the latest market trends and find the best trading opportunities with TradingView. One of the real gems here is TradingView’s built-in screener, designed to help you filter stocks, derivatives, cryptocurrencies, and other assets based on various criteria.
Whether interested in technical indicators, fundamental data, market cap, volume, dividend yield, or other metrics, the screener’s customizable filters can help you narrow your search and pinpoint the perfect assets for your trading strategy.
Conclusion
TradingView offers many features and tools to help traders like you improve their technical analysis skills and develop profitable trading strategies. By using these free tools effectively, you can gain a competitive edge and improve your chances of success in online stock market trading. So, what are you waiting for? Try it now!
