In this blog post, we will be doing a thorough review of TradingView.
TradingView is a powerful charting system for traders and investors of all experience levels. On top of that, it has a social network where people share ideas, custom scripts to enhance charts, and set up topic-based chats to discuss their views.
With a professional commercial data feed, it is possible to analyze prices, volume, and historic asset prices with ease. Furthermore, company fundamentals’ data is also available, allowing us to screen through them and follow companies that match our criteria.
TradingView is a powerful technical analysis tool for both novice and experienced investors and traders. It is reliable, comprehensive, and has most of what you need day-to-day when trading. Despite the few issues highlighted below, its relatively low price makes it a no-brainer.
Superior charting system in HTML5
Cross-platform (web, iOS, and Android)
Server-side alerting system
Supports a large number of markets and exchanges
Supports many asset classes
Backtesting trading strategies
Quality of some authors, some misleading ideas, trolling
Profiling of some asset classes like ETFs is of low quality
Perceived customer support (as per Trustpilot)
In this review, you will learn about the most important features in TradingView. Here is the table of contents to guide you through the blog post.
In this post:
Charting can be intimidating. When I first started looking into charts, I was overwhelmed… It took me a while to understand what all the different bits meant and how to make use of those. I needed something that would get me started, and would allow me to improve my skills as I improved.
TradingView acted exactly like that.
Who Is It For?
I see TradingView as a useful tool for both novice and experienced traders. It supports a wide range of asset classes, from stocks to crypto, amongst others.
Long-term investors often dismiss technical analysis and therefore might be of the opinion that tools like TradingView won’t be helpful to them. However, I think it’s still worth considering using it since you could take advantage of some degree of technical analysis in order to:
- Choose a good entry point for your investment, since it can really make a difference in your returns in the future;
- Choose appropriate stop-loss amounts for your investment, in line with your risk appetite;
- Understand the long-term trends of each asset you’re thinking of buying, to make sure you’re not investing in a business that has been declining heavily for a number of years.
Those 3 points alone will make you a better investor and therefore avoid basic mistakes.
What Do I Get With TradingView?
TradingView is packed with features. I’m highlighting only the top features on offer, but check out more details on their website.
This is where you will spend most of your time. At first glance, TradingView’s charts look simple. Don’t let that fool you. Once you input a specific asset name or ticker into their search bar and select it, the initial graph is just a quick overview. You need to click on their “Full-featured chart” button in order to get access to all its features.
Here is what it looks like:
There is a lot to unpack here. The default graph is a candles’ graph. It comes with the trading volume at the bottom by default, though you can add more indicators to it.
The free plan only allows one indicator, but with the other plans, you can add more. Check out their pricing to find out more.
At the top, we can pick the type of graph we want to see, the time intervals, indicators, alerts, and financial data. These are the basic tools for us to analyze the graph. Furthermore, I would like to highlight their indicators’ functionality, though. Besides the dozens of built-in indicators, you can also access indicators created by the community, and see the underlying scripts. This community aspect is a great way to learn how other more experienced traders have created their indicators, and what they are good for.
Now back to the previous image above. On the left-hand side are tools you can use to enhance a graph with annotations. That could be a trend line, a text note, a Fibonacci retracement, etc. There are dozens of useful annotations you can use, depending on how familiar you are with those.
On the right-hand side, we can build and access a watch list of assets, set up alerts, see the raw data, and community features such as ideas shared by others, public and private chats, etc. There is also real-time news on each of the selected tickers, and a preview of its fundamentals and technical analysis.
Finally, at the bottom, we can access the stock screener, test trading strategies, and connect our broker account with TradingView, so that we can buy/sell assets from it.
Sometimes, though, we want to see more than one chart at the same time. It might be because we want to look at different timeframes or compare charts of different assets.
Having separate tabs isn’t really practical, and it’s somewhat discouraged by TradingView since they limit the number of allowed tabs open. But fear not, TradingView allows a split-screen with up to 8 charts in one window. However, that might not make sense if your screen size is small, but with a large enough external monitor, it can be handy to keep an eye on several charts at the same time.
It took me a while to discover this feature, but it’s definitely a bit plus for me.
We all know a few stocks or cryptocurrencies by hard, right? In TradingView, we can manually look for them, but ultimately we need a tool to filter through the thousands of assets out there based on our criteria. This is what screeners do.
TradingView comes with 3 screeners: stocks, forex, and cryptocurrencies. The stock filter also allows us to choose ETFs on top of common and preferred stocks, which not all screeners do.
There are endless filtering options. The top-level filter is the country, which impacts the exchanges we use. Then, besides the traditional filters on fundamental data, like market capitalization, for example, there are filters based on technical indicators too. We could filter stocks with an oversold RSI indicator, as an example, if we’re looking for a sign of a potential rebound.
Screeners also include TradingView’s rating, which varies from strong sell to strong buy. Those ratings are measured based on a number of technical indicators and are very prominent in the technical details section of individual stocks. More on this in the technical analysis section below.
Finally, we can also choose from dozens and dozens of column types, which again enhances the data with pretty much every information we need. It’s possible to either use their table interface or alternatively download the resulting screener data as a CSV.
Overall, I find the screeners quite powerful, especially when combined with the chart view for quick access.
So now you’re following a bunch of assets, like stocks. That’s great but equally stressful. How do we keep track of all those support and resistance levels? What if we turn around and miss a good buy opportunity?
TradingView solves this with server-side alerts. With this feature, we can set up price alerts on individual assets and get notified on any of their platforms when the current price hits that defined amount.
Each alert is highly configurable. We can:
- Setup on-off alerts or recurring ones;
- Choose a specific price or a % move;
- Set up a webhook and have an external application act on it too, but that might require some development effort.
I use alerts all the time, in particular when I identified specific entry or exit points.
However, be mindful that all plans have a hard limit on the number of alerts you can set up, and until when they will last.
Ideas and Community
Did you ever feel like you would like to double-check your assumptions with someone more experienced, in order to validate them? Or check what others are using in their technical analysis?
The best way to improve is by learning with others. TradingView allows us to do that via their Ideas feature. It is a way for us to share our assumptions with other traders, and get feedback from them. We can also explore literally thousands of ideas from other traders and investors, and learn from them. If their ideas are consistently playing out as they expect, you got yourself a mentor you can learn from.
This was key when I started trading. I read books and did some rudimentary analysis, but I missed a lot of nuances that made my trades less successful. The practical aspect of it was important, and to see what others did too. I needed a community of traders to learn from.
Besides technical analysis, ideas in TradingView can be used for other purposes. It’s possible to create ideas around risk management, trading plans, short/long positions, and so on. Each asset has top authors and top ideas associated with them, which makes it easier to choose whom to follow for the best content. Here is an example:
Despite this being a great tool, it has its drawbacks as well. On one hand, it’s great to have access to millions of other traders and investors and learn from their ideas and chats. But on the other hand, the curation is not quite up-to-scratch, meaning you’ll find a few trolls along the way.
This is actually an aspect I think TradingView should improve because it can be such a powerful tool for people to learn how to use technical analysis in their favor. So far, I have managed to ignore trolls and other users that actively mislead with their ideas, but it takes some knowledge to be able to differentiate between a genuine idea and one that’s not worth looking into.
The default indicators are not enough for you, you say? Then, this feature is for you. TradingView developed its own scripting language, called Pine Script, that allows us to create custom indicators and plot them in our charts.
Since TradingView focuses on the social aspect of trading, you can also share your custom-built indicators with the community and get feedback on them. When looking for indicators in the full-featured chart page, you will see both the built-in ones and the ones created by the community, in the public library.
I haven’t tried this feature myself, but have had used custom-built indicators by other traders.
With TradingView, we have access to a broad set of market data on stocks, futures, commodities, forex, CFDs, and cryptocurrencies such as bitcoin. Most of the major indices are covered and there are over 50+ exchanges and data feeds available for us to slice into custom time intervals as needed. On top of that, TradingView also exposes fundamental and economic data, which is quite useful to investors.
Here is an example widget that shows data on several different markets and indexes:
The market data is pretty comprehensive and I haven’t seen anything glaringly missing.
Be mindful that TradingView is not a trading platform per se. They do support a number of brokers that you can connect to it in order to perform buy/sell orders, but if your broker is not supported, you might not be able to perform live trading on the platform.
As of September 2021, the brokers supported are:
- CQG FCMs (full list)
- Saxo Group
- WH Selfinvest
- Tiger Brokers
- Global Prime.
Even though TradingView is more geared towards technical analysis, it also includes a number of features and data on company fundamentals.
Their data enables insights into how companies are doing beyond just their stock price.
It is also possible to plot fundamental data on any chart, which allows investors to chart relevant financial data against stock prices and do their analysis. In practical terms, that means it’s possible to see, in a chart, the correlation between metrics like revenue and stock price.
Technical Indicator Gauge
Technical analysis is at the core of what TradingView offers. For every ticker, they keep track of several oscillators, moving averages, and pivots. That, together with timeframes, allows them to offer a quick preview of each company’s stock price.
They are then able to display real-time ratings for the selected timeframes for each asset. Those ratings are Strong Sell, Sell, Neutral, Buy, and Strong Buy.
They use several moving averages, both simple and exponential, and oscillators such as Relative Strength Index (RSI), MACD, Stochastic %K, amongst others.
A Look Into TradingView’s Competitors
There are lots of competitor charting tools out there, probably starting with your broker’s systems. But not all charting tools are created equal.
Most competitors fall into two categories: application-based tools and web-based tools. I have split them into two because their feature set and pricing models differ quite substantially, and it’s easier to understand the differences this way.
In this category, most competitors are not web-based, meaning they require the user to install an application on the computer in order to trade. Here is how they compare:
|Worden TC200 |
|Platform||All (web-based)||Windows only||Natively on Windows||Windows only|
|Data included?||Yes, included in the price||At extra cost||At extra cost||At extra cost|
|Pricing Model||Subscription||Subscription and one-off fee||Subscription||Subscription|
|Training||Via blog and ideas||Paid-for only||Free and paid-for||Free videos only|
|Broker||Via integration only||Via integration only||Provides brokerage solution||Via integration only|
|Real-time news||Via Kiplinger and other sources||Via Reuters||Paid-for||Paid-for|
Unless you’re trading something very specific like FOREX, or have any special needs that TradingView doesn’t support, I would recommend you choose TradingView. The cost of the other systems can be orders of magnitude higher than TradingView.
In the list below, I’m comparing web-based applications with TradingView. This is a more like-for-like comparison:
|Platform||All (web-based)||All (web-based)||All (web-based)||All (web-based)|
|Data included?||Yes, included in the price||US data for free, the rest is paid for||Yes, included in the price||US data only|
|Pricing Model||Subscription||Subscription with add-ons||Subscription||Subscription|
|Charts||Excellent||Good (no trend lines available)||Great||Excellent (with AI included)|
|Training||Via blog and ideas||Via articles, academy, and videos||Not available||Via videos, webinars, 1-1 training, and blog|
|Broker||Via integration only||Not available||Not available||Not available|
|Real-time news||Via Kiplinger and other sources||Via authors||Via several sources||Not available|
If you want to learn more about Finviz, here is our comprehensive review.
Also worth mentioning is Yahoo! Finance, which is free for the most part, and includes lots of information on fundamentals, but equally an advanced chart for technical analysis. It’s a good way to get started, but definitely not as feature-rich as its competitors.
While the basic features of TradingView are free to use, they do offer three upgrade plans for advanced users: Pro, Pro+, and Premium.
It’s great that they have a free version. It allows people to look around and see what their product can offer. However, it’s quite limited and I wouldn’t be able to use it for any serious trading.
Then, the two pro plans: Pro and Pro+. The main difference between those is the number of things you can use. For example, with Pro+, you can use TradingView on more devices, save more chart layouts, use more indicators per chart, more alerts, etc.
Finally, the Premium plan includes absolutely everything. Up to 25 indicators per chart, up to 8 charts in one window, 400 server-side alerts, second-based intervals, and much more.
The annual fee is cheaper than the monthly fee, which is pretty standard, and both the pro and pro+ look very reasonably priced given what the tool enables us to do.
Final Thoughts on TradingView
TradingView has been an essential tool in my toolbox. I don’t trade via it, because my broker isn’t supported, but its superior features allow me to do all my analysis before I execute orders on my broker’s website. It is reliable, comprehensive, and has most of what I need day-to-day when trading.
Given the relatively low price, I think this is a no-brainer, despite the few issues I highlighted above.
Here are a number of FAQs that summarize some of the points made throughout this article.
TradingView is a powerful charting system for traders and investors of all experience levels. On top of that, it has a social network where people share ideas, scripts, and set up topic-based chats to discuss their views.
With a professional commercial data feed, it is possible to analyze prices, volume and historic asset prices with ease. Furthermore, company fundamentals’ data is also available, allowing us to screen through them and follow companies that match our criteria.
TradingView is a useful tool for both novice and experienced traders. It’s extremely simple to use for those getting started in technical analysis, and at the same time, it includes most indicators and technical analysis tools an experienced trader needs.
The most important features of TradingView are:
– a powerful charting system;
– a comprehensive screener for stocks and cryptocurrencies;
– server-slide alerting so you’re notified of price changes;
– a strong community that shares trading and investment ideas;
– customizable scripts to create custom indicators;
– broker integration supporting more than 10 brokers;
– access to many different markets around the world.
TradingView is by far the best tool when compared with application-based competitors, and it’s still one of the best tools when compared with web-based tools.
There are 4 pricing options on TradingView. It’s great that they have a free version. It allows people to look around and see what their product can offer. It’s very limited and I wouldn’t be able to use it for any serious trading. Their Pro plan costs around $150 a year, pro+ costs less than $300 a year, and the premium plan costs less than $600 a year.
TradingView has a free plan, which allows users to browse the platform and understand what it can do for them. However, you shouldn’t rely on the free version for technical analysis as it’s fairly limited in terms of functionality.
Yes, with TradingView you get direct access to all major stock exchanges, global currency pairs, worldwide indexes, crypto exchanges, and more. From any device, anywhere, and in real-time.
Open an account with FXCM and get TradingView Pro for free for one year.
Do you have any questions about TradingView? Let us know in the comments below!