How to use tradingview for cryptocurrency
You can create multiple lists, for example, for day trading, a watchlist, one for your swing trading, or a HODL portfolio. You can also set and manage the alerts that you might set if, for example, your favorite cryptocurrency is breaking resistance levels. You can define how you want to be alert and your alert message. You can also choose how to be notified; options are notifications via app, pop-up, email, webhook URL, buy playing a sound, or SMS.
You can also scan the latest news related to a trading pair, check the economic calendar, write down trading ideas, chat with other platform users, check the idea stream or live trading streams of another user, etc. Be careful with picking up trading ideas from others, always backtest ideas, and do your own research.
If you want to learn and improve your skills, sharing your ideas and picking up ideas, and getting feedback is for sure a great idea to do so. You can also directly chat with other users with the onboard chat functionality. How to use Tradingview It can be overwhelming, but I will run you through how you could get started with setting up your first chart.
I wrote an article What is bitcoin? The next step is to choose a timeframe; as you see indicated by number 2, we are using the daily timeframe. I am using higher timeframes to get an idea of the current trend and for swing trading. For day trading or scalping, I am using smaller timeframes, for example, the 5min, 15min, or 1h timeframe. I try not to trade against the trend, and the trend can be confirmed in the higher timeframes.
In the next step 3 , I choose to change the price action in the chat window from the line chart to Candles or Heikin Ashi to get more detailed price information. If you want to change the general setting of your chart, you can click anywhere on the blank space in the chart window, right-click and select settings. How to draw trend lines, support, resistance, and set alerts If you are a more experienced trader, you will also have more advanced charts and would like to draw support and resistance levels in your chart.
We will do that, and also we will be setting some alarms. You will see your lines and boxes also if you switch between timeframes. If you switch to another asset, you obviously have to draw your lines again. It's really easy to set an alarm, right-click on the chart, edit the price if needed and define a message.
You can also choose how you want to be notified via app notification, as a pop-up, sound, email message, or webhook. In this example, I want to be notified when we are coming closer to the bottom line of the support box to see if we are breaking further down or also when we are entering the resistance zone. If we break out of the resistance zone and it is confirmed, it will turn into our new support zone.
Obviously, you can do more things here, but for us, that's all we need for now. Let's have a look at indicators. How to insert technical indicators I wrote a whole article on Crypto Indicators and Metrics , have a look there if you want to learn more.
We will add the 50 and moving average to our chart just for educational purposes. The moving averages are very straightforward tools in Technical Analysis. The 50 MA represents the average price over the last 50 units of time. If you are in the daily timeframe, the 50 MA is the average price for the last 50 days. A predefined set of indicators and the public library of There is just a limitation on how many indicators per chart you can add. Press the indicator button, type in the moving average, and choose your technical indicator.
Image Credit:tradingview. Now you are ready to go. The next step is to add your favorite assets to your own personal watchlist. How to Create Your Own Watchlist Now we want to choose our favorite cryptocurrencies that we want to analyze. That we do not have to look them up over and over again, we will create our first custom watchlist. Just press the plus sign and choose your favorite asset. You can create as many lists as you want and add as many cryptocurrencies to each of those lists.
That's it; you are ready to dig deeper. This is particularly useful for those who like to do more than just TA before entering a position. For trend traders, it opens up the opportunity to see whether the sentiment in the most recent news is in line with the price action.
However, keep in mind that this works best for larger cryptos and the news coverage for smaller coins and tokens might not be up to date. TradingView offers news from various sources. The next two things do not offer much for crypto traders since the first one is just a data window with a few simple things like highs, lows, and volume.
Yes, these are important numbers but they can also be found from the chart. The thing below that is the hotlist. This would be useful if it were to feature cryptocurrencies. Below the hotlist, you can find a calendar. You can filter from the top so that it only shows the most important events. Here you can enter public chat groups and search for ideas from others and also share your own ideas.
Just remember not to listen to all the expert traders that are trying to convince you to pump a certain coin. Do your own research and invest according to that. Additionally to the public chats, you can also create private chats if you have a friend who is also interested in analysing and trading cryptocurrency. Be aware of scammers that are trying to rip you off. Another fun tool is the streaming tool, which is still in its BETA mode. Here you can watch other people do trades and analyse certain assets.
This might be something you can use to find those next tradable assets, but as with chats, be aware of scammers. The more someone is talking about something pumping the less you should listen to them. Crypto Screener Before you get to analysing a cryptocurrency you need to know which one to pick. For this, TradingView offers the perfect opportunity. You can change that to a crypto screener which then gives you all the cryptocurrencies TradingView offers.
With this tool, you can then filter all the options with numerous different metrics. This consists of several indicators that show whether an asset has strong momentum or not. This could prove to be particularly useful for trend traders, so be sure to have a look at it. Then when you find a few cryptocurrencies which you like you can start analysing them by comparing their charts. Another useful comparison could be with Bitcoin to see in which phases of the Bitcoin cyclethat particular crypto tends to soar.
This feature can be found in the top left of your screen. This too is a powerful tool to find those big money trades. To test whether the TradingView rating or your analysis is any good you can use TradingView paper trading. This means that you trade with fake money but with real prices.
This is perfect for those who want to practice and maybe try some new TA. In comparison to many other paper trading tools, TradingView offers the most up to date prices and it also offers the opportunity to, for example, use stop losses.
TradingView supports brokers like Gemini. Paid Plans As mentioned earlier in this article, TradingView offers paid plans. For beginners, I would suggest you start with the free plan. The benefits you get from paying are simply that you have more storage and a few additional tools.
The paid plans allow you to view more charts at the same time, save more templates, and use more indicators at the same time. See which one suites you the best. Conclusion Hopefully, you now have a better understanding of how TradingView works and how you can use it to potentially find the next big trade.
Just remember that the platform itself does not make you a pro-trader, but rather your knowledge does. To even dream about using all the fancy features TradingView has to offer you need to be very familiar with TA. Therefore make sure to educate yourself on TA and with that, you will learn how to use the platform and get the most benefit out of it.
Therefore I suggest you head on to Youtube where there are videos about small tips and tricks along with videos that show you how to use different features and indicators. And also, as multiple times encouraged, play around. The best way for you to truly see what something does is to just try it.
CRYPTOCURRENCIES DOWN 70 FROM PEAK
Because there are a ton of different options available, and you might not know what they all do, I suggest you start playing around. Press whatever you like and see which lines and colors pop up from each option, try to find a good look and set-up for you. As already mentioned, TradingView is highly useful for those who want to do technical analysis.
When using TradingView there are essentially two ways of doing TA. You can either draw your own lines and indicators, or you can use the pre-built tools like Bollinger Bands and moving averages and form your TA analysis based on them. Now in this section will go through what you can find from the left side of your screen. Here you can find everything from a simple line all the way to something called a polyline. By drawing these you can also find bigger patterns which you then can analyse more thoroughly with other tools.
These tools will be the ones you use the most, so make sure to know how to use them. Ffrom the next icon, below the line, things will get more complicated. Essentially though, these are all indicators you can use to discover patterns from various price points.
Again I suggest, even for those who know TA, that you play around with these and see what they do. Sometimes the most basic analysis works the best. You can find this from the smiley face symbol. You can look at the risk-reward for both long positions and short positions. There are both indicators built-in by TradingView along with a public library. The public library is excellent for those who follow someone via youtube or other places , who likes to make their own indicators.
Again, as with anything in TradingView, there are a lot of options to choose from. Their own built-in ones are the most commonly used and you will find some familiar and useful ones there. The public library on the other hand is endless. Learn how to use these, they are powerful tools.
The last you can do here is to create your own custom indicators. However, those who do trading seriously might find some indicators which can be modified to work even better, and therefore you might be interested in the opportunity to use this feature. Other Features As already mentioned, TradingView is so much more than just a price chart platform. This offers the opportunity to conduct a much more thorough analysis.
Watchlist and Alerts First, from the top you can find your watchlist. Simply pick the cryptos you like and add them to the watchlist. One thing which is good to remember is that when you type in Bitcoin, for example, it offers numerous trading pairs for it, therefore make sure to pick the one you want to use, and also the right exchange.
If you pick the wrong trading pair or the wrong exchange, it can vastly impact your analysis and trades. The second symbol from the top shows your alerts. These alerts are price alerts that you can put for certain price levels. There are a few ways to set up these price alerts. These will open up a menu where you can set up which price you want to be notified about and how you want to be notified. The other way is to use your pre-drawn lines.
This is extremely useful for both doing trading and for beginners to test their hypothesis. This is particularly useful for those who like to do more than just TA before entering a position. For trend traders, it opens up the opportunity to see whether the sentiment in the most recent news is in line with the price action.
However, keep in mind that this works best for larger cryptos and the news coverage for smaller coins and tokens might not be up to date. TradingView offers news from various sources. The next two things do not offer much for crypto traders since the first one is just a data window with a few simple things like highs, lows, and volume.
Yes, these are important numbers but they can also be found from the chart. The thing below that is the hotlist. This would be useful if it were to feature cryptocurrencies. Below the hotlist, you can find a calendar. You can filter from the top so that it only shows the most important events.
Here you can enter public chat groups and search for ideas from others and also share your own ideas. There are a few ways to set up these price alerts. These will open up a menu where you can set up which price you want to be notified about and how you want to be notified.
The other way is to use your pre-drawn lines. This is extremely useful for both doing trading and for beginners to test their hypothesis. This is particularly useful for those who like to do more than just TA before entering a position. For trend traders, it opens up the opportunity to see whether the sentiment in the most recent news is in line with the price action.
However, keep in mind that this works best for larger cryptos and the news coverage for smaller coins and tokens might not be up to date. TradingView offers news from various sources. The next two things do not offer much for crypto traders since the first one is just a data window with a few simple things like highs, lows, and volume. Yes, these are important numbers but they can also be found from the chart.
The thing below that is the hotlist. This would be useful if it were to feature cryptocurrencies. Below the hotlist, you can find a calendar. You can filter from the top so that it only shows the most important events. Here you can enter public chat groups and search for ideas from others and also share your own ideas. Just remember not to listen to all the expert traders that are trying to convince you to pump a certain coin.
Do your own research and invest according to that. Additionally to the public chats, you can also create private chats if you have a friend who is also interested in analysing and trading cryptocurrency. Be aware of scammers that are trying to rip you off. Another fun tool is the streaming tool, which is still in its BETA mode. Here you can watch other people do trades and analyse certain assets.
This might be something you can use to find those next tradable assets, but as with chats, be aware of scammers. The more someone is talking about something pumping the less you should listen to them. Crypto Screener Before you get to analysing a cryptocurrency you need to know which one to pick. For this, TradingView offers the perfect opportunity. You can change that to a crypto screener which then gives you all the cryptocurrencies TradingView offers.
With this tool, you can then filter all the options with numerous different metrics. This consists of several indicators that show whether an asset has strong momentum or not. This could prove to be particularly useful for trend traders, so be sure to have a look at it.
Then when you find a few cryptocurrencies which you like you can start analysing them by comparing their charts. Another useful comparison could be with Bitcoin to see in which phases of the Bitcoin cyclethat particular crypto tends to soar. This feature can be found in the top left of your screen.
This too is a powerful tool to find those big money trades. To test whether the TradingView rating or your analysis is any good you can use TradingView paper trading. This means that you trade with fake money but with real prices. This is perfect for those who want to practice and maybe try some new TA.
In comparison to many other paper trading tools, TradingView offers the most up to date prices and it also offers the opportunity to, for example, use stop losses. TradingView supports brokers like Gemini. Paid Plans As mentioned earlier in this article, TradingView offers paid plans. For beginners, I would suggest you start with the free plan. The benefits you get from paying are simply that you have more storage and a few additional tools. The paid plans allow you to view more charts at the same time, save more templates, and use more indicators at the same time.
See which one suites you the best. Conclusion Hopefully, you now have a better understanding of how TradingView works and how you can use it to potentially find the next big trade. Just remember that the platform itself does not make you a pro-trader, but rather your knowledge does. To even dream about using all the fancy features TradingView has to offer you need to be very familiar with TA.
Arashirisar