As an investor or a trader, know-how of reading and interpreting stock charts is very important as it can be intimidating at first.
So, when you invest in best stock charting platforms like TradingView, it keeps you updated on the latest price, helps you track the patterns formed and enhances your technical analysis.
What is TradingView and for what it is used?
Founded in 2011, TradingView is a stock charting platform which offers both free and subscription based options.
You can view charts of a wide range of asset classes including commodities, stocks, currency pairs, cryptocurrencies, bonds and futures for various financial markets.
TradingView has a large active trader community where you can share your ideas as well as learn from others. Statistics from the official website says there are 11,413,229 investors, 5,188,097 published ideas, and 27,739,374 charts created.
Real-time data and no installations needed to get started acts as cherry on the top.
TradingView Features to Look for
Some of the attractive points to look in this platform are:
1. HTML 5 Charts
Simple charts can be created according to your needs for tracking one or two particular stocks. You can also create multiple dynamic charts to track different markets. Flexibility to draw over charts is very helpful.
2. Server-Side Alerts
You can set several conditions for alerts if they go outside your specified criteria. TradingView provides 12 different conditions for alert which you can apply to drawing tools or indicators to pop-up notifications on your desktop or mobile phone.
3. Stock Screener
Stock Screener is a very useful tool to filter stocks based on the criteria you want. So, you can sort and filter stocks based on technical analysis or fundamentals.
4. Pine Script
Pine Script, a programming language popular among advanced traders, is offered by TradingView so that you can create your own charts and indicators from the very start.
5. Paper Trading
You can test various strategies of yours without risking real money as Paper Trading is also offered by TradingView.
6. Access to Global Markets
TradingView offers access to 50+ stock exchanges with real-time data, 30+ crypto exchanges, and 20,000 historical bars available on chart. It also offers extended trading hours.
7. Social Community for Active Traders
This stock charting software has a huge social community where you can see what other traders are doing, gather trading ideas, share your ideas, and collaborate with the community.
8. Extensive Knowledge Base
TradingView has hover-over information pods all over the website which helps you in case you are new to something. It also provides a wiki page if you want to learn more about the tools and their working.
Pricing & Plans of TradingView Stock Charting Tool
Here we represent the pricing of different plans offered by TradingView:
1. Basic Plan: $0.00
You will get access to global market data, 100k+ technical indicators, 50+ drawing tools, 12 chart types, and backtesting.
2. Pro Plan: $14.95 /month or $155 /year
With Pro plan, you get access to 5 indicators per chart, 10 server-side alerts, 2 charts in one window, volume profit indicators, bar replay on intraday bars, and add-free experience.
3. Pro+ Plan: $29.95 /month or $299 /year
With Pro+ plan, you get access to 10 indicators per chart, 30 server-side alerts, 4 charts in one layout, chart data export, intraday exotic charts, indicators on indicators, and charts based on custom formulas.
4. Premium Plan: $59.95 /month or $599 /year
With Premium plan, you get access to 25 indicators per chart, 400 server-side alerts, 8 charts in one layout, 4x more data on charts, second-based intervals, and a lot more.
TradingView Pros and Cons
Some of these are listed below:
Pros of Using TradingView:
• TradingView provides a free trial for 30-days for all the paid plan options.
• If you subscribe to an annual plan, it will start accepting Bitcoin payments also.
• You can publish ideas for future users and others can not see them.
• Access to real-time market news from leading sources is excellent.
• You can draw and write anything over charts with the text note tool so that you can preserve your thoughts.
• TradingView reports financial statements, earnings, share splits, bonus, distribution of dividends, buyback of shares, and other important events so that you make informed decisions.
• It shows you an economic calendar with the upcoming key events with all relevant financial and global economic data so that volatility does not fear you.
• You can access the library of indicators produced by the TradingView community.
• You can access the list of top 20 gainers and losers in real-time.
• Traders can also chart trade with selected brokers.
• Plenty of great tools like backtesting and huge charting options are available for your customization.
Cons to be aware of:
• The premium plans are pricey.
• Even if you pay for a premium plan, you do not get the level 2 data which day traders need a lot.
• Very limited support of the broker.
Who can use TradingView Software?
TradingView’s free account is perfect for most of the traders, especially casual traders. But the large user-base of TradingView is professional and advanced traders who are into technical based swing trading or intraday swing trading.
Best Stock Charting Software & App
TradingView is a great charting platform which offers a whole lot of features free of cost as compared to the industry.
The platform ranks high amongst the best in stock screeners. If you have technical analysis and charting as your priority, TradingView could be a perfect choice.