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tradingview

TradingView –Complete Guide and Full Explanation

TradingView: the ULTIMATE guide! As a novice or experienced crypto trader you are looking for the best support you can get. And when you take yourself and your crypto trading seriously, you simply cannot escape technical analysis. A technical analysis provides focus, peace of mind and helps you set up your own crypto trading strategy.

A successful crypto trading strategy ensures that you move away from luck and bad luck and focus much more on a sustainable approach that will help you to become a successful crypto trader. In today’s article we will tell you more about the concepts of crypto trading , technical analysis , support & † resistance , trends and many more important items.

And where does this all come together? You guessed it: in TradingView! TradingView is your hope in anxious days. Your lee in the storm. Your light in the dark. Without TradingView no technical analysis. No trading strategy without technical analysis. Without a trading strategy there is no focus and plan. And without focus and plan no (sustainable) success in crypto trading.

You see, everything is closely connected. And therefore – to help you on your way – this ultimate guide to TradingView and some tips on crypto trading.

Important: This article is only intended to inform you about the existence and possibilities of TradingView. It is entirely up to you whether and how you decide to trade cryptocurrency. We are not financial advisors.

When you want to start trading, you will have to deal with prices rising and prices falling. But how exactly do these exchange rate changes occur? The video below will give you more insight into supply and demand and their impact on the economy and, indirectly, on stock prices. This insight helps you to get a firmer foundation for the moment when you decide to get into crypto trading.

What exactly is Crypto trading?

It’s time! After much deliberation, you have taken the step. You bought your first Bitcoin ! Or well, maybe a piece of a Bitcoin. You can then do various things with it.

One of the options you have is to do nothing with it at all. You can simply place it on a paper wallet , software wallet or hardware wallet and then wait and see what happens. Your Bitcoin may become worth more on its own. But of course the opposite can also be worth it. The price of cryptocurrencies (including Bitcoin) can change drastically.

Another option is that you use your crypto to make payments. There are increasing numbers of webshops available where you can pay with Bitcoin (or altcoins such as Litecoin or Ripple ). As soon as you are in possession of Bitcoin, you also have the option for yourself to make payments with it.

The last – and perhaps the most fun and exciting – option is that you can start trading with your cryptocurrencies. This trading in cryptocurrencies is therefore called crypto trading. The goal of crypto trading is to buy crypto at a good time (when the price is low) and sell it again when the price has reached a top. By being successful at this, you can become wickedly rich. But, if you don’t handle this properly, you run the risk of losing (a part of) your bet.

The way to go from an amateur to a professional is to use technical analysis in crypto trading. What is technical analysis? Well, this…

What is ‘ Technical Analysis ‘ (TA)?

Technical Analysis – also often abbreviated as TA – is analyzing historical prices in an attempt to predict what a future price will do. That may sound a bit like looking at coffee grounds – and sometimes it is – but in practice there is a significant difference between crypto traders who do use technical analysis and crypto traders who do not. The first group is significantly more successful than the group ‘groping in the dark’.

Technical analysis is very much about trends. It is now known that prices can rise and fall, but even the rises and falls usually happen through certain trends. When you can recognize these trends, you can anticipate them in advance by buying or selling your crypto, before a trend will change.

It should be clear that if you can successfully predict when a price will rise (and you buy nicely) and if you can successfully predict when a price will fall (and you sell everything), you can profit enormously from this within a considerable time. It is not for nothing that people who are successful traders in the long term, practically all use in-depth technical analysis.

That’s not to say you can’t get wickedly rich without technical analysis. Everyone has a lot of luck with a trade once in a while. But happiness is rarely a lasting solution and it is often a matter of waiting for the happiness to stop. Do you want to assure yourself of a sustainable trading strategy? Then you cannot avoid technical analyses. And where do you do such a technical analysis? On a platform like TradingView!

So what is TradingView?

It’s time for the real deal! After the introduction, we dive into TradingView. TradingView is an online tool that is extremely suitable for performing technical analyses. When you take a look at the TradingView website for the first time, you will notice that there are immediately a lot of numbers at the top.

Everything flickers, jumps across your screen in red and green colors. But don’t panic, this is how it should be! 😉The figures shown are (depending on your settings) probably mainly about stock exchanges such as S&P 500, NASDAQ, gold price, oil price, et cetera. Not something that will immediately make you slide off your chair as a crypto trader.

But still no reason to worry, everything will be fine. TradingView is used for much more than cryptocurrencies. It is in fact an all-round tool where traders in every market around the world gratefully use TradingView as technical analysis.

TradingView offers an extensive range of information, insights, historical data, videos and whatever you can think of that a platform can offer to support you to build an ultimate crypto trading strategy yourself. The most prominent parts of TradingView (in our opinion) are Ideas, Markets and Charts. We briefly discuss them in the next section.

What can you do with TradingView?

The moment you open TradingView, the ‘meta title’ of TradingView will be displayed. This reads as follows:

“Free Stock Charts, Stock Quotes and Trade Ideas — TradingView”

This is exactly what you can do with TradingView. TradingView is mainly aimed at providing information about trade, stock prices and free (!!) charts about countless prices with which you can perform technical analyses. We briefly summarize the Ideas, Markets and Charts sections. But before we do that, take a look at this video to get a feel for the different options TradingView has to offer.

Ideas

On TradingView Ideas you will come across the qualitative information in the field of content. Experts in their field share the latest news, trends and ideas they have about market developments at the meta, macro and micro level. There is an Ideas segment for different markets.

The following market segments are available in Ideas:

  • cryptocurrencies
  • Currencies (fiat)
  • Stocks (Shares)
  • Indices (Indices)
  • futures
  • Bonds (Bonds)
  • CFDs

For you, the Cryptocurrency Ideas section is probably the most relevant to read.

Markets

Markets is the part where TradingView keeps track of market developments at product level. It is of course about all different types of stocks, bonds, commodities (such as oil, silver and gold), but (of course) also cryptocurrencies!

When you look at the Cryptocurrency Market section , you will see more than 200 different cryptocurrencies, containing all the statistical data you can imagine. Not only do you see things like market caps, trading volumes and trends, but you can also click through on things like ‘performance’, ‘Oscillators’ and ‘Trends’. But it’s done with the fumbling and sitting back passively. It’s time to take action yourself. It’s time… for Charts…!

charts

Charts is the part where you can (finally!) start doing your own technical analysis! It is the place where all prices of all cryptocurrencies can be found. And not just cryptocurrencies. You can also find all indices, bonds, shares, commodities and other prices under Charts.

In addition, you will not only find the current price (for example, Bitcoin), but you also get the option between countless ‘trading pairs’, which you can choose from. Not only do you have the option of BTCUSD (the price of Bitcoin in relation to the US dollar), but also, for example:

  • The price of Bitcoin against the Euro (BTCEUR)
  • The price of Bitcoin versus the US Dollar Coin (BTCUSDC)
  • The price of Bitcoin versus the Russian Ruble (BTCRUB)
  • And countless other variants

At Charts you have the option to choose from hundreds of cryptocurrencies and thousands of pairs and can view prices from the last day, week, month, half year, year, 5 years or ‘all time’. But first let’s start with setting up TradingView, so that it all becomes a bit clear and clear for you.

TradingView settings

The first time you open TradingView Charts, you may be a bit overwhelmed by the many optical stimuli. Everything flickers, there are countless numbers, lines and buttons. This can be overwhelming, especially for a first time.

Let’s reassure you: in a few days or weeks you will be able to read the screen as if you were looking at a shopping list. It does help to set it all up in a way that works for you. We will take you through the settings that we use ourselves, but we are also fully aware that preferred settings are very subjective and can differ (strongly) for each trader.

When you open TradingView Charts for the first time, it will probably look something like this:

In the end, for now, at least, we’re going to make it something like this:

There is a good chance that TradingView will open with the price of ‘AAPL’, in other words: Apple. If you’re planning to invest hardcore in Apple, this may of course be the right choice, but we assume you’re looking for a different course. At the top left you can click on the letters AAPL and you can specify which course (and pairs) you want to see. For now we choose the most logical standard: BTCUSD .

candles

Setting the graphical settings starts with selecting ‘Candles’ instead of a graph line. A candle gives a much more transparent picture of the development, but also of the minimum and maximum prices during a timeframe. You simply select the ‘Candles’ at the top:

Color Theme

When you need it, you can change the background color to a light or a dark variant. You do this by right-clicking on the chart and clicking on ‘Color Theme’. Here you can choose ‘Light’ or ‘Dark’.

Settings & Appearance

By right-clicking on the chart and selecting ‘Settings’ at the bottom, a screen with settings opens. On the ‘Appearance’ tab you will find the colors of your background and those of the grid lines. Click on the colors of both grid lines and set the opacity (at the bottom) all the way to 0%. You will see that the grid lines are now gone. This immediately gives off a ‘quieter’ image.

Set favorite ‘tools’

It is also important that you add a number of options that you will use more often as favorites and it is useful to activate the magnet in your left sidebar. We use these favorites ourselves:

  • trend line
  • horizontal line
  • horizontal ray
  • Rectangle
  • Long position
  • Price Range

You can set your favorites by clicking in the left sidebar on the small arrow next to the menu option and then choosing the correct option and activating the favorites star to the right of it:

Were you able to find all six? Nice! Then you can start building your own charts!

Using TradingView as a Boss

Now that the foundation has been laid for actually using TradingView, you can finally get started with your technical analysis. The nice thing about TradingView is that the settings that you have set just as bloody are saved on a next visit. It is therefore a one-time investment of time that you have just made and you do not have to do this every time.

With that positive news in your pocket, let’s focus on ‘building’ your own charts. By building your own charts we mean analyzing the price of a cryptocurrency and based on that determine which support and resistance levels you can discover that you can include in your strategy.

Let’s set the chart to a candle of a week. You can easily set this to set the ticker to ‘ 1 week ‘ to the right of the ‘BTCUSD’ . You can then make the time window (the period you are viewing) larger or smaller by scrolling. Your screen will then look something like this:

Draw support lines and resistance lines

When you look at a price, you generally see some kind of rocking movement. Sometimes a price goes up, other times it goes down again. Within crypto trading, the terms ‘support’ and ‘resistance’ are often used for price levels that determine a price.

Support refers to a lower limit of a price level, where the price will not fall below that level quickly.

Resistance refers to an upper limit of a price level, where the price will not quickly rise above that level.

As soon as a support or resistance level is broken, interesting developments often arise. The price could be in an apparent free fall, or could reach sky-high heights. So you understand that the concepts of support and resistance are two important ones. But how do you determine a support and a resistance level? Let’s go back to your chart for a moment and study it a little more closely.

In this image you see a red line and a green line. You can make these yourself with your tool ‘Horizontal line’. The red line is the resistance line. The green line is the support line. The red arrows indicate the moments when you see that the price encounters the resistance line as a kind of ceiling. At the same time, you also see that the green line acts as a kind of concrete foundation at the moments of the green arrows. The price of Bitcoin does not or barely breaks through that lower limit.

Why are support & resistance so important?

It is important to have a clear idea of ​​what current support & resistance levels are, because this also gives you a bit of an idea of ​​the potential that there is in a certain upward or downward trend. Just imagine the following scenario:

There is a support level for Bitcoin at $6,000. There is a resistance level at €9,000. The price of Bitcoin currently stands at $6,342. It is a favorable time to buy Bitcoin as the downward range (from $342 to the support line) is narrower than the upward range (from $2.658) to the resistance line. The chance is therefore relatively high that you can earn money by buying Bitcoin at that point.

However, this is not a certainty, because – as always – support levels or resistance levels can also be broken.

Support & resistance lines broken

As mentioned, support and resistance levels can also be broken. In this case, the downward or upward trend is so strong that it can break through a level and fall sharply through or rise above it. It is therefore important to realize that as soon as this happens the following situation usually arises:

  • When a negative trend breaks a support line, the old support line usually becomes a new resistance line .
  • When a resistance line is broken by a positive trend, the old resistance line usually becomes a new support line .

Support & resistance zones

It is quite easy to draw a line, but in practice support and resistance usually work more in a certain zone than on an exact amount. Let’s take a closer look at the last image:

You can see here that the candles in the place of the arrows do not all exactly match the drawn line. This has everything to do with the fact that the support and resistance are usually more in a certain zone, than that people decide that no more Bitcoin can be bought or sold at a certain amount. In TradingView it is best to draw these zones around your support and resistance lines. You can do this with the Rectangle Tool.

In this way you have a clear view at a glance in which zones the support and resistance lie and based on this you can form the first ideas about when you should buy or sell. But there are (a lot of) other tools at your disposal! Let’s take a quick look at those too. A brief introduction to trading indicators!

Trading Indicators

In addition to drawing lines and zones, you can also use TradingView excellently to use certain trading indicators. Trading indicators come in all different shapes and sizes, but they all aim to provide a certain insight into trends and buy signals.

One of the better known trading indicators is MA Cross. Let’s take a look at these in TradingView, then you have done that right away. Click on ‘ Indicators’ at the top of the menu bar . And then type in ‘ MA Cross’ . Select the indicator with the most ‘likes’ or ‘favorites’. You will then receive a chart similar to the one shown below.

You see that in addition to the support and resistance lines drawn by yourself and the support and resistance zones drawn by yourself, even more red and green areas now appear. When the bottom and top lines of these zones intersect, the plane changes color.

So: When the lines in the green area come so close that they intersect, a red area is created. When the lines in the red area come so close that they intersect, a green area is created.

If there is an intersection from which a green area arises , then that is a buy signal.

If there is an intersection from which a red area arises , then that is a sell signal.

See the image below for the buy signals (green arrows) and sell signals (red arrows) to identify the moments when you should have bought or sold according to the MA Cross indicator:

Keep in mind that the MA Cross (like other trading indicators) is only an indication. So it is not by definition the truth or the holy grail, but it provides an insight into the trend and into the strength of the trend. You usually combine the MA Cross (or MACD ) with the RSI or the Bollinger Band or Elliot Waves indicators, before you definitively go for the signals.

Using TradingView to trade

You have now acquired quite a bit of knowledge of how prices work, of concepts such as support and resistance and even of trading indicators. Well, at least you’ve been introduced to the MA Cross trading indicator!

Now it is of course time to put the whole party into practice. Because with that Bitcoin (or parts of Bitcoin) that you have bought, you naturally want to conquer the whole world. When you start trading Bitcoin (or start trading crypto at all), Bitcoin is no longer a means of payment, but a means of trading. So also see it as a thing or product that you have bought for X euros and want to sell for Y euros.

And after you do that? Precisely! Then you go for it again to buy at a favorable time and then sell again when the prices have risen. And so on, and so on. Until you have paid off your villa in Ibiza and Ferrari.

So you want to put into practice everything you have learned today and you do that by taking a trading position on a cryptocurrency exchange (trading platform) such as Binance .

Determine stop-loss position

When you take a position on a trading platform, you indicate when you want to buy or sell Bitcoin (or something else). We also call this a buy order or sell order .

These orders can be differentiated into a limit order or a market order . A limit order is an order that is executed at a certain limit. A buy limit order of €8,000 therefore comes into effect as soon as someone wants to sell for €8,000. A market order works slightly differently. This is because it is based on the most favorable price to make a purchase or sale immediately at that moment. A limit order therefore waits until a pre-set prte ice level. Not a market order.

So you want to determine – with the help of your technical analysis – when is a good or favorable moment to place a buy order and also to determine what a nice profit margin and moment is to sell that Bitcoin again, before the profit decreases or is even turned into a loss.

We also call this establishing a stop-loss position and we do this in TradingView using the Long position tool .

You can set the levels yourself and it makes sense to use a ratio of 2 or higher. This gives you some leeway to be wrong if the reality turns out differently than hoped. In this case (in the example) you see a target of about € 12,000 and a stop-loss of about € 7,300.

So if you put this into practice, if you already have Bitcoin, you would sell them the moment the price either taps the € 7,300 (you make a loss, but limits the loss somewhat) or the € 12,000 (you make big fat gain). It doesn’t hurt to remember that these levels (just like the support & resistance levels) are not set in stone and are and will always be subject to change.

A crucial part of the technical analysis is therefore ‘rinse & repeat’:

  • Think of a strategy.
  • Apply him.
  • Adjust your strategy where necessary.
  • Apply him.
  • Readjust your strategy.
  • And so forth ..

What plans does TradingView offer?

Uh, memberships? How so? Is TradingView not free then…?

Yes, take a deep breath. You can use TradingView for free. However, there are also subscriptions or memberships that are paid and that can significantly expand the number of possibilities or unique charts. Everything we have discussed so far in this article can be done for free and for nothing. As often as you want. At most, you click away an advertising message now and then, but otherwise you will not be bothered by it.

It gets a bit ‘trickier’ when you decide you actually want to set up a few different charts. Then you will soon reach the limit of the free membership of TradingView.

Today TradingView offers the following memberships:

( HERE COMES THE MEMBERSHIPS)

We won’t discuss every plan in detail, the table above shows you exactly what you’ll be offered for each different option. In fact, with the basic membership you come a long way. The biggest difference is in the number of indicators you can use in one chart, the number of charts you can put next to each other and the number of charts you can use at all.

At the beginning you can get along fine with a Basic membership. If you want to use Tradingview more and more or if you want to compare different cryptos or trading strategies, then a Pro or Pro+ variant could definitely offer you a solution. And let’s face it.. What is 15 or 30 dollars in a million in Bitcoin profit?😉

Conclusion

This brings us to the end of our ULTIMATE guide to TradingView! Of course we hope that you have learned a lot from it, but above all we hope that you will now feel extra motivated to do some trades. From now on you have the luxury of knowledge and insight, so that you no longer buy a crypto because the name sounds so funny (like POLY) or because everyone already has that coin (Bitcoin or Litecoin).

You can now make an informed choice:

  • Which coin you want to invest in
  • When you want to invest in it
  • How much you want to invest in it
  • When you want to sell it again

No more ‘unfounded guesses’, but only trade based on insight, trend lines, support and resistance levels, trading indicators and your own growing expertise. Go for gold! Or well… Go for Bitcoin!😉

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