An inexperienced trader relies more on intuition and superficial analysis and does not understand that it is impossible to see the full picture of trading without quality charting software. If you use only the liquidity provider’s chart to assess the situation, you can burn out very quickly and, being disappointed in this business, not even make further attempts to start trading. To prevent this from happening, you need to work with data from third-party services such as Tradingview.
Tradingview is a site where you will find online charts of quotes movement, additional useful information and can communicate with other traders on a thematic social platform.
Tradingview charts have extensive settings functionality with their help you can track the change in the value of any assets (stocks, bonds, futures, fiat money, cryptocurrency, etc.). The importance of an independent source of information can hardly be overstated.
The simplified version is available without registration, but only a small percentage of the platform’s functions will be available to you. Only after registration will you be able to:
The first algorithm that you may find interesting is called SuperTrend V1.0. In fact, this is a simplified version of the Donchian channel, i.e. it monitors the dynamics of local extremums and uses them to determine the direction of the trend.
If the price breaks through the local maximum, an up arrow appears on the chart, and the indicator line itself moves under the actual quotes. In the opposite situation, when the market renews the minimum after the growth, SuperTrend notifies us of the appearance of a sell entry point.
Another best TradingView indicator for finding a trend is called TrendTraderStrategy. It performs a similar function, but is calculated according to a different principle.
Please note that if SuperTrend is tied strictly to the local High / Low of the market, then the TrendTraderStrategy dynamics are no longer so discrete. As practice shows, under certain conditions, both indicators are useful (much depends on the timeframe and the selected asset).
The next interesting instrument is listed on the TradingView platform under the name CM_Pivot Points Daily To Intraday.
From the name it is already clear that it marks pivot levels, which are usually used to calculate intraday take profit and stop loss.
And the last useful TradingView indicator that was listed in a database called Candlesticks Patterns identified. You may like this indicator because it marks candlestick patterns by itself. Perhaps some readers have heard about them for the first time, but more experienced traders are well aware of the main drawback of such patterns – they are difficult to look for on a chart. Candlesticks Patterns Identifined, by virtue of its capabilities, solves this problem.
Bollinger Bands – help technical analysts identify breakout prices for stocks and more accurately define trading ranges. They also help identify volatility.
The bands include the standard deviation for plotting the upper and lower lines on either side of the moving average of the stock. Several indicators have been created for working with Bollinger Bands to help draw further conclusions about trend reversals and price breakouts. Some of the most common indicators used by traders are BandWidth,% b and BBTrend were all created by John Bollinger.
If the listed indicators seem outdated, trivial, or simply not suitable for solving certain problems, they can always be replaced with alternative options, since hundreds of algorithms are publicly available on TradingView.