TradingView live charts simplify the complex world of trading, by allowing you to access market trends, technical indicators, drawing tools and much more. These charts can help you make informed decisions, increase the potential for profit and overall complement your trading strategies. In this article, we will discover how you can use TradingView live charts for trading success.
1. Leverage Customization
The customisation feature on TradingView live charts empowers you to modify the charts to your requirements, thereby amplifying your trading strategy. It allows the setting of custom alerts for price levels and the integration of specific indicators that can complement your strategy.
For instance, if you are trading options using the Relative Strength Index (RSI) as a key indicator, customising your charts to highlight the RSI ranges can enhance your decision-making process. By visually customising this oscillator, you can receive alerts about increasing bullish momentum when the RSI crosses 80 or detect bearish momentum signals below 20.
Using TradingView, you can also colour-code each part of your candlestick pattern, change the information display, and include trackers like the day’s highest and lowest prices.
2. Compare Securities
Making informed decisions is crucial for successful trading, and live charts provide a powerful tool for comparing securities.
With just a click on the “plus” icon, you can access a whole bunch of charts and compare multiple securities side by side. These charts help you assess market trends, spot correlations, and even measure how your chosen securities perform against benchmarks like the NIFTY 50.
These charts give you the power to spot patterns and uncover opportunities. With this knowledge, you can fine-tune your trading strategies and make more profits.
3. Analyse Price Movements
Identifying price movements is central to improving your trading strategy, and TradingView charts offer exceptional tools for this purpose. A closer look at the charts allows you to spot crucial points of resistance and support. Such insights facilitate informed decision-making, helping increase the chances of profitable trades while mitigating potential losses.
Another important aspect of price movement analysis is historical patterns. TradingView charts effectively provide a retrospective look at these patterns, offering valuable insights.
4. Utilize Indicators
Indicators give you unique signals that help enhance your online trading in share market. Combining different indicators like average crossover and momentum can help you identify the trend reversals.
TradingView lets you go even further by creating your very own custom indicators using their Pine Script. So you can fine-tune your strategy to fit your style.
The most popular indicators include RSI, MA, MACD, StochRSI, and BB. However, the best indicators may vary from trader to trader, but using them can definitely level up your trading game.
Using TradingView, you can ‘rewind’ market events, and test different indicators based on your strategy to get a better understanding.
Conclusion
TradingView Live Charts is a powerful tool for online trading in share market, offering customization, comparison tools, and indicators. Take advantage of these features to tailor your charts, spot patterns, and fine-tune your trading strategies for improved performance in the market.
If you want to use this platform without any cost, you can also open an account with Dhan. Dhan has integration with TradingView and allows its users to trade directly on TradingView with ease.
