Widely considered the best charting software available, TradingView is definitely worth a review. Here’s our unbiased analysis of it.
One of the most unpredictable fields that you may ever venture into is the stock market. If you make one wrong move, you may end up with astronomical losses, thus becoming a case study as to why nobody should ever venture into the stock market.
The trick to beating this issue of being caught by surprise is conducting sufficient research before diving in the field. In such a case, a charting platform would be handy as it would help you observe trends and analysis of the product that you have an interest in.
There are many charting platforms available, and most of them are quite pricey. However, there is one that is affordable and would still give you access to features that are similar or close to those in pricier platforms.
So, our article is going to tell you all there is about TradingView and why we think it is a charting platform that any serious trader ought to consider investing in.
What is TradingView? A Review
This is a stock charting and analysis software that allows you as a trader to view price charts of a variety of financial markets. On top of that, besides stocks, you also get to see different products such as currency pairs, bonds, cryptocurrencies, and other items.
The specific assets that users can view from this platform include Euro-Dollar currency pair, crude oil features, bitcoin and gold.
Then, the platform boasts of a social media integration feature that gives traders and investors space to share ideas with other like-minded individuals from across the globe. On top of that is cloud technology through which you can access the site from your smartphone, tablet or computer.
A major advantage of TradingView is that you do not have to remain stuck on your desktop the entire day if you want to view the charts or conduct your technical analysis.
We can attribute this to the downloadable app that gives you the flexibility to access these features and tools from anywhere else but home. How convenient is that?
Key Features of TradingView
Once you subscribe to this platform, you are going to get access to several features. Keep in mind that the things to access will depend on the subscription package you are in (more on that later).
In this section, we are going to do an extensive analysis of the features on offer.
Have a read.
The main benefit of a screener is that it enables you to filter stocks based on specific criteria. In this way, you can easily find the stock that suits your preferences.
The filtering can be based on technical indicators, fundamentals or both.
With the TradingView screener, it has search fields exceeding 100 plus you also get access to real-time alerts in the US and foreign markets.
Also, you can search for every instrument available via this screener plus you have the option of adding your own filters.
The charting aspect is one of the outstanding qualities that is associated with TradingView. Whichever pricing plan that you subscribe to, you are going to get access to 50 intelligent charting tools that are also very easy to use.
With these tools, you can observe the price trends as well as other chart patterns that have an impact on the stock’s price.
One thing we liked about the charts is that they are customizable. So, you can change the colors to the one that you feel gives you a clearer visual representation of the markets. On top of that, you can use different types of charts such as histograms, bars, lines, candlesticks, mountain, and so on.
And, if you feel it is necessary, you can add whichever technical indicator that you like to help you with your technical analysis.
The alert feature is meant to keep you up to speed with various happenings in the stock market. It is especially useful for day traders, and they get notifications when there are certain changes in the market.
Some of the conditions to be met before an alert is sent include price levels, drawing tools, and indicators.
We like the flexibility of these alerts, and you have a minimum of 10 alert conditions in the above categories for you to set the alerts.
Anytime a criterion is met, you are going to receive the alerts via text message, email, audio signals and screen popups.
4. Paper Trading Simulator
If you are a new investor or trader who has not yet grasped how the stock market works, the Paper Trading is just for you. As the name suggests, this is a simulated environment that allows you to try out your strategies without putting yourself at risk of a loss.
On top of that, you can paper trade any of the assets that are available on the website. These include cryptocurrencies, futures and stocks.
As you can see, this simulator aims to help you become a professional without incurring losses. Once you acquire the confidence and consistency required, you can then open an account and seek the services of the brokers linked with the platform.
5. Pine Script
This is one of the customizable options that TradingView has for you. The tool allows you to create your own indicators from scratch so that you can conduct a more detailed analysis of the different stock markets.
On top of that, with this tool, you can edit and customize the codes of various technical indicators embedded charts and other technical indicators.
Another thing is that you can backtest your own strategies plus you can use some of the scripts already existing on the platform for trading.
In case you are not up to creating your script, there over 100 pre-built scripts that you could use and they are going to provide you with an in-depth technical analysis experience.
If what the platform says is to be believed, none of the customizations is bound to bring about any complications.
6. Trading Courses
Whether you are a novice or a pro, there is always something you can learn from the courses offered by TradingView.
If you make use of them to the fullest, you can avoid some of the common mistakes made by traders all over the world.
There are free courses on the platform where the only requirement is for you to enroll for it. Additionally, there are premium courses whose prices range from $249 to $4,999.
As you can see, the pricing is a bit steep. However, the content is very rich and prepared by financial experts with varying degrees of experience in stock trading.
7. Watch Lists
This is simply a compilation of all the stocks that you want to keep close tabs on. To add a particular stock on to the list, all you have to do is add the symbol and then hit the ‘Enter’ button.
The other useful bit about TradingView is that the platform gives you access to recent news courtesy of Yahoo Finance. The significance of the news is that you get to understand how some factors can push the market in a particular direction.
However, there is a word of caution. As a trader, you should not make any move in the market as a result of only what you have seen on the news. Instead, do thorough research before putting your money into stocks or forex.
The main reason for this is that you may easily be misled since news is often based on past results. So, your own technical analysis would put you on the right path.
One last thing about the news is that the loading is a bit slow.
9. Chat Room
The chat room is the platform where you can post and share any relevant tips and ideas with other traders. It works just like social media sites such as Twitter where you can follow any trader or investor whom you feel may be resourceful to you.
However, you should be careful about the advice that you follow. Some traders may suggest strategies that they themselves never implement, and this put you at risk of making losses.
10. iOS and Android App
These apps are available on the App and Play Store for free. Their significance is that they give you the freedom of monitoring the live prices of your stocks without being stuck on your laptop or desktop computer.
On top of that, you can access the chat room to interact with other traders. The apps also allow you to access any saved charts, with the only necessity being an internet connection.
And if you do not want to use the app, there is a mobile website that gives you access to the features on the go.
11. Data Analysis
The TradingView platform has done an extended analysis of the US stock market, global indices, the leading currency pairs, and over 30 cryptocurrency exchange platforms all over the world.
You can stream all this data in real-time via a computer, smartphone or tablet.
The fact that this data is powered through a commercial feed means that all the information available is picked from different exchanges including futures, forex, indices and bonds.
From this data, you can get useful information on the price, history and volume of the stock in different exchanges.
12. User-Friendly Interface
Last but not least is the user-friendly interface that makes everything about this platform to be very easy and straightforward.
It makes navigating through the site to be very easy while accessing the features poses no complications at all.
Another notable benefit of this platform is that you have the option of narrowing down your searches. All you need to do is choose the category in which your search belongs. The various categories of interest include scripts, trading ideas and educational.
How You Can Benefit
This is a platform with all the tools you need to execute your trading strategy. With these tools, you are going to discover just how useful technical analysis and charting can be in your stock trading activities.
We should also touch on the broker integration that allows you to buy and sell securities on the platform.
There is also the cloud technology that allows you to access the site from anywhere on the globe. The only thing that you need is internet connectivity on your mobile device or computer.
Pricing Plans of TradingView Subscription
With TradingView, you have four subscription plans to choose from. We have discussed them below in detail.
I) Free Plan
The free plan would be perfect for you if you are on a budget and still coming to terms with fundamentals of trading techniques.
As expected, you get access to limited features, including enhanced watch lists, stock screener, one chart per layout, three indicators per chart, and so on.
You also have the option of linking your account with Facebook or Google.
II) Pro Plan
At $9.95 per month billed every two years, $12.95 per month billed annually and $14.95 billed monthly, you get access to more features than the free plan.
Some of the features you get include two charts per layout, 10 server-side alerts, unlimited watch lists and more real-time data choices.
On top of that, the data flow is fast, there are no ads, while there is twice as much data as on charts.
III) Pro+ Plan
The Pro+ Plan costs $19.95 per month if billed every two years, $24.95 per month when billed once a year, and $29.95 per month when billed monthly.
In addition to all the features in the Free and Pro Plans, this plan is packed with up to 10 indicators per chart, 4 charts per layout, 10 saved chart layouts, 4 charts per layout and reliable customer support.
Most of all, there are no ads with this plan.
IV) Premium Plan
As expected, this is the most expensive package, and it has some outstanding features. The pricing is $39.95 per month if you are billed every two years and $59.95 per month if you go for monthly billing.
Some of the features include 8 charts per layout, can use up to 5 different devices at the same time, 25 different indicators per chart, unlimited saved chart layout and watch list with indicator templates.
You will receive your notifications via SMS while the customer support in this plan is nothing short of excellent.
Is It Worth The Investment?
From what we have seen, this platform is worth every cent. It is one of the best charting software in the world and has everything that an investor or trader could ask for.
It is suited for both beginners and veteran traders, and it gives you the opportunity to upgrade your technical analysis skills.
Most of all, all the subscription plans have a 30-day trial period to give you a feel on what the software is all about. In case you are not pleased with the software, you could always cancel your subscription within this period.
Pros and Cons
TradingView is an excellent program with both benefits and drawbacks. We are going to look at both categories briefly.
- Offers several customizable options
- All payment plans have a 30-day trial period
- You can use bitcoins in subscribing to the annual plan
- You can access real-time news on the stock market
- The platform connects you with selected brokers
- You can view the company’s earnings reports, and dividend issues for decision-making
- The software features vital events that may cause volatility in the market
- The premium plan is quite pricey
- The news feed system could do with some improvement
- Access to level 2 data would have been a useful feature for day traders
Frequently Asked Questions
You probably have a few mindboggling questions about this service right now. And we’re here to answer some of them.
How good is TradingView? (Solved)
A: Although it has its fair share of downsides, TradeView provides one of the best charting platforms we’ve ever come across. We’d give them a 5-star rating for that.
Is it in real-time? (Solved)
A: Not only are the Trading-View charts good looking but also they provide you with real-time market data. Plus, you can easily integrate your favorite indicators so you’re alerted on the ideal entry and exit points.
Is the premium plan worth it? (Solved)
A: The premium version of TradingView is worth paying but only if you’re looking for the high-end features it offers. Fortunately, there’s a 30-day free trial in place. You can use that to test-drive the system before committing your hard-earned cash.
The premium plan enables you to load up to 25 indicators per chart. In our view, you don’t need too many indicators to catch good trading opportunities.
The only reasons why we’d opt-in for this package is if we wanted to take advantage of the invite-only indicators. We all know how important good indicators can be for successful trading.
But if you have a good stock-screener like Trade Ideas already, chances are that you’ll find $59.95 monthly subscription charge unnecessary.
If you have been wondering how you can monitor stock prices from anywhere across the world, TradingView platform has the answer for you.
It is well organized while the user-interface contributes to a pleasant user experience. The premium plans may be a bit pricey, but there are plenty of tools that you get at no cost at all. Let’s not forget the 30-day trial that allows you to decide whether or not the software is for you.
So, if you want to have an easy-going in the stock market, why don’t you try out TradingView? We can assure you that you won’t regret it.