Before embarking upon any important adventure in your life, you need to have a map to show you the way and be your guide when you stray from the beaten path. TradingView is the map that can guide you along the way toward a good destination in the trading world and the financial market.
In fact, TradingView is a charting platform, which literally means it is a platform that allows traders to draw up charts and analyze them. With more than 50 million users globally, TradingView is perhaps the largest and most prominent charting platform in the whole world.
TradingView provides the most advanced charting tools to users in addition to technical analysis tools. In this article, we are going to review this platform and take a look at its different functionalities.
What Exactly Is TradingView?
TradingView is the name of a charting platform that was launched back in 2011 by a number of traders and developers. During this time, TradingView has proven itself to be the best tool for charting in various markets and by all sorts of traders.
One of the key features of TradingView that has helped it become what it is today is the fact that this platform can attract all traders and it can accommodate any level of expertise and experience. If you are a highly advanced and experienced trader, then TradingView has it all for you. At the same time, if you are new to the market and can’t tell a bar chart from a line chart, then TradingView is also for you.
In fact, it has been designed in a way that even if you lack the necessary experience, you will be able to navigate through the platform with ease.
The main features that are offered by TradingView include tools and functionalities that are used in drawing up charts and analyzing them. In addition to various tools and patterns that are useful in technical analysis of the chart and market.
In the next section we will go through the most prominent features of this charting platform.
What Are the Key Features of TradingView?
Due to the nature of this platform, the prominent tools that are offered are obviously related to charting and also technical analysis. The following can be regarded as the key features of TradingView:
- Charting – there are so many different types of charts and chart types that are offered to users. Of course other than the fact that some of these charts just look so incredibly cool, each of them can offer a new set of information to the trader. In addition, each chart type that is offered to the trader is fully customizable. This means you would be able to change different aspects of the chart to fit it to your own needs and conditions.
- Technical analysis – various trading platforms can offer you any number of technical analysis tools or otherwise known as indicators that can help you analyze the market technically. While some platforms would only offer you between 20 to 50, TradingView offers more than 100 different technical indicators. These indicators include the most important types that are volume indicators, trend indicators, moving averages, and the rest.
- Tools to draw charts – it would not be an overestimation to claim that TradingView is the best charting platform in the market when it comes to tools and functionalities that allow you to draw different items on the charts. Of course, with the help of these drawing tools you would be able to add so much more to the chart that would not only help you have a more detailed chart but also have a better chance of carrying out a more precise technical analysis. These tools will help you to draw various lines on the chart, including support and resistance.
TradingView: Backed by a Powerful Community
When a platform reaches a certain size, and that could be any platform, the sheer size of the users would become an advantage for it. Along similar lines, TradingView boasts about having more than 50 million users.
This strong community of users is another pro for TradingView. This means there are literally millions of users and countless professional traders that have the same aim as each other. Sharing the same aim would put you in good company.
You can share your thoughts with them as well as your problems. The community of TradingView is quite supportive and is well-known for supporting one another.
Interesting point, on the main website of TradingView there is a whole section dedicated to user pictures. These are pictures that users constantly upload from their trading process with the help of TradingView and put them up on social media networks.
Advantages and Disadvantages of TradingView
The biggest and most important advantage of TradingView is simply the incredibly powerful charting tools that it has. Many believe that these functionalities are unmatched by any other platform.
Then there is the fact that this platform is offered for many different devices with different operating systems and also device types – i.e. desktop computers or mobile phones.
Furthermore, TradingView supports an extensive array of different financial instruments and financial markets. This means no matter where or what you trade, be it forex or stock market or any other market, then you can benefit from the services of TradingView.
There is another great advantage of this charting platform and that has to do with the fact that you can backtest any trading strategy with TradingView. This would help you see how well a strategy performs before actually using it in the market for yourself.
On the downside however, we have found that there is a bit of complaining going on by users about the customer support of TradingView. This is something that one would expect from a super large organization and platform with literally millions and millions of users.
Does TradingView Support Fundamental Analysis?
We have mentioned several times throughout this article that TradingView is first and foremost a charting platform. And what goes hand in hand with a chart is technical analysis. This form of analysis is what would help you decipher a chart and what you see in the chart.
But TradingView offers more than that. Even though it is basically focused on charting and also technical analysis, TradingView also offers a certain amount of fundamental data for some companies.
Users can benefit from these data in fundamental analysis to see how the company or their assets would perform in the future.
Is TradingView Free?
Contrary to the famous saying, the best things in life do not indeed come free to us!
Even though the fundamental features of TradingView are free for all users, you need to purchase their premium license to have access to all the advanced tools and functionalities.
TradingView is the foremost authority in the world when it comes to drawing up a chart and anything related to charting in the world of finance and trading. TradingView offers users the ability to have access to the most advanced charts in most financial markets so that they can carry out precise technical analysis with a hint of the fundamentals.