What are some alternatives to TradingView
TradingView chart software: instructions and tips
Tradingview is a popular software for traders and investors. In this article you will learn step by step how to create chart analyzes, generate trade ideas and get real-time prices.
While charts of stocks, currencies, etc. can be a bit intimidating at first, knowing how to read and interpret them is very important for any trader or investor.
There is no getting around serious and understandable chart software. Not only does it keep you up to date on prices, but it can also help you make precise decisions about trading or investing.
Here you can also find a short video tutorial on TradingView:
TradingView is a cloud-based chart and analysis platform with countless functions and possibilities.
It was founded in September 2011 by Stan Bokov and a group of vendors and software developers. TradingView is extremely popular and can be used with all common web browsers, or even mobile, via an app.
The focus is mainly on private traders and investors. The choice of financial markets and asset classes is huge. So you can Stocks, currencies, indices, futures, commodities, cryptocurrencies etc. analyze and act. In addition, there is a community of its own. There are analyzes and trade ideas from members from all over the world.
In the following, I'll give you one Step by step instructions for TradingView and point out useful tips.
First of all, it is advisable to create an account with TradingView. Some of the functions can be used free of charge. However, for certain market data or customization options, paid subscriptions are required. There are a few differences here, which I will discuss in more detail below.
Market data from CFDs and currencies are free and available in real time.
Stocks and futures are shown with a time delay. The However, real-time data can be booked for affordable prices. Markets from all over the world are available.
You can choose between monthly and annual billing. Personally, I use the real-time data from the NYSE and NASDAQ for just $ 4 a month.
- Basic plan
TradingView's free account offers limited functions. It includes individual server-side notifications, three indicators per chart, stock screeners, pre-engineered technical analysis and the publication of private ideas.
In addition, at least one saved chart layout as well as over 50 drawing tools and real-time messages are available to users free of charge.
- Per plan
Compared to the free plan, this subscription offers two charts per layout, at least 10 server-side alarms, 5 saved chart layouts and indicators per chart, an unlimited number of watch lists, and a greater selection of real-time data. In addition, members benefit from the fastest data connection, backup data feed, no advertisements and volume profile indicators.
- Pro + plan
The Pro + Plan offers numerous advanced features, including 4 charts per layout, 30 server-side alarms, up to 10 indicators per chart, 10 saved chart layouts, fast customer support and the ability to use two devices at the same time.
4. Premium plan
The most expensive subscription offers up to 8 charts per layout, 25 indicators per chart, over 100 server-side alarms, priority customer support, SMS alerts, extended trading hours and intraday spread charts. In addition, members enjoy an unlimited number of saved chart layouts and the ability to use five devices at the same time, as well as all of the other benefits of the Pro + plan.
Payment is made by credit card, PayPal or Bitcoin.
- Chart analysis in Trading View
The next step is to personalize your chart. In the upper menu bar, there are various optical customization options. I always use the candle chart here by default. Furthermore, you can add different time units as favorites and so easily "switch" back and forth.
Indicators can be added via the "fx" tab in the top bar. The majority of the known and most frequently used indicators can be called up directly via Trading View. In addition, there is the possibility of accessing the “public library” and adding indicators from other traders in the community.
To the current Save chart layout, or to call up saved layouts, select the arrow pointing downwards in the upper bar next to the "Chart - Settings". The automatic saving of the chart should already be preset. In addition, you can rename the layout as you like.
Another useful tool is the simulation of historical courses. For example, you can backtest your strategies and later act with increased self-confidence.
To use it, select the "Replay button" (playback) in the top bar. Now you can select any point in time in the chart and then play the whole thing using the “Play button”. You can also adjust the speed.
There is a toolbar on the right menu bar. There you have the opportunity to access news, create alarms or read in the chat of the trading community. Personally, I use the watchlist most often.
How do you create a watchlist in Tradingview?
Creating a watchlist is relatively simple.
First you click on the tab at the top right and you can select a watchlist there or create your own. The individual values in the watch list can also be marked in color and sorted according to certain criteria.
You can also see the pre-market prices of stocks display. To do this, select the three dots to the left of “Symbol” in the watch list and check the “Extended trading hours” box.
In addition, further information on the individual values can be displayed in the watchlist. For stocks, for example, the traded volume can be important. Fundamental data can also be found in some cases.
In addition, there is the possibility Alarms to create. To do this, select the “alarm clock symbol” in the right-hand bar directly below the watch list function. For example, users can set alarms for categories like price levels, indicators, custom conditions, and even drawing tools.
The warning messages are then received via e-mail, audio signals or pop-ups on the screen.
The choice of Drawing tools and indicators leaves little to be desired. The drawing tools are listed and accessible on the left sidebar.
It is also practical to create a toolbar for drawing tools. To do this, select the "star symbol" at the bottom left. To add favorites, click on the star next to the respective tool on the right.
As an example for the whole thing, I have included a ready-made DAX chart analysis.
Demo account: The "paper trading" function of Trading View
There are innumerable brokers who offer a demo account. However, these are usually limited and cannot be used to their full extent. In addition, you are often tied to the in-house chart and trading software. In addition, the stock exchange prices are not displayed in real time for the majority of the demo accounts.
TradingView has successfully solved this problem.
With the so-called "paper trading" function you can choose any starting capital and execute trades directly in TradingView. It is practical because the prices are displayed here in real time and because chart analysis and trading are combined in one software.
To use the function, you can select the "Paper Trading" tab in the lower bar. Further settings can now be made here.
To do this, simply click on the “gear wheel symbol” on the right. If you want to reset your account, you can do a any starting capital choose. The default is $ 100,000. It is also possible to set any value for the trade fees. So you can almost simulate trading with a real money account.
For trading, it is recommended to call up the "Order panels"To place trades using the desired order type. There you can choose between “Market Order”, “Limit Order” and “Stop Order”. Furthermore, it is possible to adjust take profit and stop loss.
If the “order panel” is too big for you, you can also activate the “buy / sell buttons”. These then appear directly in the chart and also show the spread.
If you now execute a trade, entry and entry are marked in the form of arrows in the chart. If you have already placed several trades, this can look a bit confusing in the chart. In order to deactivate the function, navigate to the "Trading Settings" and remove the check mark next to "Show executions".
Trading View Community
Whether a beginner or a professional, for every trader and investor, the exchange and discussion with like-minded people is very important and provides significant added value.
In the ever-growing community of Trading View, you can get in touch with traders from all over the world.
A separate training area is made available in which trading strategies and techniques can be shared. This improves your learning process and allows you to expand your knowledge.
You can also post your own ideas. In this way, you can receive approvals or suggestions for improvement.
In addition, as a professional trader, you can share your knowledge and approaches and improve your reach through likes and followers.
If you want to publish an idea, it must first be created in the chart. To do this, select the blue banner "Publish" in the upper right corner. Then you can decide whether this will be shared privately or publicly. A new window will now open in which you can add a title and description. You can also link to other related ideas.
The ideas can be divided into two types: training and tutorial. The strategy must then also be determined: long, neutral or short. As soon as an idea has been published, it can be edited or deleted within 10 minutes.
The TradingView app
TradingView also offers an easy-to-use app that can be downloaded for free.
Traders can view charts and even perform their technical analysis right from their mobile devices. While it is not advisable to trade exclusively on your smartphone, the app allows you to keep track of the trade, especially when you are not at your desk.
Stock screener in Tradingview
The stock screener is an extremely useful search tool for both active traders and investors as it allows them to filter stocks based on specific criteria. The TradingView screener has more than 100 search fields and provides access to real-time data from financial markets around the world.
Traders can find and sort stocks based on fundamentals, technical indicators, or both. By and large, it's a handy tool that needs some tweaking, such as the ability to save the scans for future use.
TradingView Compatible Brokers
As soon as you have decided to trade with real money, you still need the right broker. If you want to trade directly via TradingView, as with the "Paper Trading" function, there is currently only a small selection of compatible brokers.
These brokers are provided:
- Modal corn
Customer support at Tradingview
If you don't know what to do next or if you feel lost with all the functions, there is a help center. Answers to many questions can be found at tradingview.com/support/. For a quick navigation, the questions are divided into several categories. In addition, the answers are often provided with pictures that help with the explanations.
If these preset answers don't answer your questions, you can submit a support ticket for personal assistance. This assumes that you have a subscription. Free users only get the list of FAQs. In addition, TradingView states that Premium and Pro + customers receive preferential customer care.
TradingView does not currently offer telephone support or online chat.
Alternative to TradingView?
A well-known alternative to TradingView is the Metatrader. The Metatrader is an external program, not web-based and must be downloaded. It is often offered as trading software by brokers. Here, too, there are many different functions and options. Personally, I don't like the layout and the clarity of the Metatrader that much. Nevertheless, I would rate it as the best alternative.
Another option is to use the Guidants platform from BörseGo AG.
Is TradingView worth the money?
We think it's well worth the money as it has almost all of the tools traders and investors need for technical analysis. Whether you are a beginner and just want to learn the basics, or if you are an experienced trader looking to improve your trading skills, TradingView is ideal for doing these things.
In addition, you don't have to worry about risking money as you can also access the platform for free. Of course, the free plan has limited functionality, but it will help you get a good look at how TradingView works.
In addition, there is an option to take advantage of the free 30-day trial to find out if any of the plans are worth the money. And if it's not worth it, you can cancel the subscription at any time and do not make any negative business.
A great advantage of using web-based chart software is that you can monitor different prices at any time, from anywhere, in real time and with mobile devices. And TradingView promises just that and more.
Regardless of whether you want access to technical indicators, watch lists, stock screeners, your own community or simulated trading, TradingView offers numerous great tools, some of which are free.
Also, the platform is well organized and clear, which makes for an excellent user experience. Like any other chart software, TradingView enjoys a fair share of advantages and disadvantages. When you weigh both, the benefits outweigh the benefits.
We ourselves have been using TradingView for a long time and are very satisfied. We therefore give a clear recommendation.
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