Warrior Trading Blog

TradingView Review 2020

TradingView
  • Value For Investors
  • Value For Active Traders
  • Fees
  • Platform & Tools
  • Customer Service
4.7

Summary

TradingView provides an affordable alternative to the various desktop-based charting software. with powerful tools and features. We like it as an alternative to more expensive charting software like eSignal.

Pros

  • Social networking features
  • Many tools available for free
  • Mobile apps are available on Apple and Android
  • Live video streaming of real trades
  • Free trial can temporarily unlock paid services

Cons

  • Limited trading capability
  • Best plans are pricey
  • Customer support is limited
  • No desktop software
  • Top features are reserved for paying customers

If you’re looking for a place to conduct security research, TradingView has built a platform designed just for you. Available in both free and paid modes, the company’s website offers many useful tools, including:

  • Trade ideas based on technical patterns
  • Watchlists
  • Headline news
  • Market summaries
  • Social networking with posts on recent trades
  • Screeners for equities, cryptos, and traditional currencies
  • Integrated trading capability with some brokers
  • Advanced charting

Brief Overview

TradingView is a security research firm without any trading capabilities itself. It does partner with a limited number of brokerage firms, however. And these affiliated companies do offer trading straight from the TradingView platform. Although basic services at TradingView are free, the most powerful tools carry monthly fees.

Services Offered

TradingView specializes in charting, research, and social networking via its website. As such, there is no powerful desktop platform to report on. But we did find its website quite robust and easy to navigate.

Although TradingView doesn’t specialize in actual trading, it does work with a few brokers to provide this necessary service.

Firms include: 

  • Tradovate (futures)
  • OANDA (currencies)
  • TradeStation (options, stocks, futures, and cryptocurrencies)
  • AMP Global (futures)
  • Alpaca (stocks)
  • FOREX.com (currencies)
  • Gemini (crypto) 

TradingView also is compatible with API software.

Placing Trades

To place a trade through the TradingView website, you first need to open an account with a compatible broker. As seen above, TradeStation offers the most number of tradable assets.

You can log into your brokerage account through the TradingView site. Once linked in this way, you can submit orders straight from a chart.

Day and Swing Trading With TradeStation

If you plan to day trade through TradeStation, be aware that you’ll need to maintain $25,000 in account equity. In return, you’ll get:

  • Level II quotes
  • Maker-taker fees
  • 4:1 day-trading leverage
  • 2:1 overnight leverage
  • Extended-hours trading

Pricing Schedule

Many tools on TradingView’s website are free. No account is needed to access these vital resources, which include:

  • Charting with over 50 drawing tools
  • Cryptocurrency news, trade ideas, and prices
  • Futures prices
  • Alerts with various triggers
  • Editors’ Picks, which are posts hand-selected by moderators
  • Trading videos
  • Asset screeners with many search variables

But the basic plan doesn’t offer everything, which is why TradingView offers three paid plans.

The Pro plan gets rid of ads that occasionally appear on TradingView’s free charts. It also offers enhanced watchlists and allows up to 5 indicators to be placed on a chart. With the Pro subscription, you can also display 2 charts simultaneously in a single window.

The Pro+ subscription increases the number of technical studies on a chart from 5 to 10. One layout can show up to 4 charts, and it’s possible to export chart data.

The Premium plan permits up to 20,000 bars to be shown on a graph. It also allows users to publish invite-only indicators. Premium customers get alerts that don’t expire, and they can use 25 indicators on a single chart.

Customer Support

If you ever find yourself lost in the maze of resources on TradingView’s site, there’s a Help center. Located at tradingview.com/support/, there are answers to many questions. Divided into several categories for quick navigation, answers often have pictures, which help the explanations. And finally, a search field on the Help page makes browsing through questions quick and easy.

If these pre-installed responses don’t answer your question, you can submit a help ticket for personalized assistance. This assumes you have a subscription, of course. Free users only get the list of FAQs. Moreover, TradingView states that Premium and Pro+ customers get faster response times.

TradingView does not offer phone support or online chat for any subscription at this time.

Researching Markets

TradingView provides some information on global markets, although there are many resources missing, including for paid subscribers. For example, there is no streaming business news channel. We also did not find any macroeconomic commentary, which is available elsewhere.

Resources we did find include:

  • Information on the futures market
  • Economic calendar
  • Bond market details
  • Global indexes
  • Data points on crypto and traditional currencies

The economic calendar is one of the platform’s strong points. Actual, forecast, and prior numbers can be displayed. And perhaps best of all, there is a global emphasis. A wide variety of countries can be selected. These include all of the majors plus exotics like:

  • United Arab Emirates
  • Zambia
  • Iceland
  • Saudi Arabia
  • Estonia

Researching Potential Trades

To find trade ideas on specific assets, TradingView offers a little more. An Ideas tab at the top of the site displays trade ideas, both in article and video formats. These are posts made by other TradingView users. The posts are divided into categories, based on the basic trade strategy.

Examples include:

  • Pivot points                        
  • Asset class               
  • Support and resistance                
  • Cup and handle     
  • Wave analysis

Three screeners are available (for stocks, currencies, and cryptos). During our testing, we found them very powerful with many search criteria.

These include:

  • All Time High
  • 3-Month Low
  • Average Day Range (14)
  • Number of Shareholders
  • Recent Earnings Date
  • And many more

A screener’s results can easily be sorted by any search variable. Clicking on a ticker symbol produces a profile.

Asset profiles have lots of news articles and posts (similar to tweets) from other users. But there’s not much fundamental information, such as SEC filings or stock reports. The emphasis at TradingView is on technical events and what other users are thinking.

Charting

And so naturally, we come to TradingView’s charting software. We do very much like it. There are two color themes (light and dark). And we especially like right-click trading, an unusual feature for a browser platform.

Other highlights include:

  • Lots of technical studies (some custom made)
  • Replay feature
  • Ability to take screenshots and record audio and video
  • Twelve graph styles

For lines and bars, there are several color choices. And comparisons and company events add more details.

Because many of the technical studies available at TradingView are created by other users, we don’t know how effective all of them are.

Social Networking

As we have already mentioned, TradingView is a community of traders. The social networking features include the ability to follow other traders and message them. You can like posts, comment on them, share them, and save them for later.

There is a public chat room on the TradingView site, which allows traders to connect with each other. Pro+ and Premium members can create chat rooms. It’s possible to link to a specific room and create notifications for a room.

Mobile

Although we were disappointed not to find a desktop platform at TradingView, the company does have a mobile app. Compatible with both Android and Apple tablets and phones, the app delivers:

  • Watchlists
  • Vertical and horizontal charts
  • Trending ideas from other users
  • Many discussions

During our test drive of the mobile platform, we found it to be less powerful than the website. This isn’t all that surprising, but it nevertheless succeeds in offering a good experience.

Charts still have many tools, including the ability to save layouts and take screenshots. An Ideas tab at the bottom of the screen is where you’ll find trending trade possibilities. And the Chats tab is where you can connect with other traders.

Bottom Line

TradingView offers great charting with more technical studies than you can find elsewhere. And the social networking feature is another home run. But the lack of a link to many brokers will be a turn off for many traders.

1 Comment

  • Tony

    December 2, 2017 at 12:26 pm

    I love tradingview. I also use some other useful tools. You cas see https://site-guides.com/tag/financial-tools/ to find the tools that is good for you. Finviz is famous for its screener, but their chart is also very good. If you want something like Twitter in the stock market, you can check stocktwits. stockcharts and barchart are two classic chart websites for many years. ycharts is new to the field and it is not free. If you want high quality financial content, you may go there. Quandl is a financial data viewer you may also want to check out.

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