TradingView is a charting platform with a flexible indicator system that is familiar and better for today’s traders. Users can easily use additional available technical indicators or install other external indicators on the TradingView chart. The following article shows you how to add an indicator to your TradingView chart quickly and easily.
What are technical indicators?
Technical analysis is useful for traders to find suitable trading opportunities in any market, including commodities, stocks, currencies, cryptocurrencies… A practical tool that helps traders do technical analysis are technical indicators. Technical indicators consist of calculations and presented as charts on a price chart, assisting traders in identifying trends or confirming trading signals.
There are several types of technical indicators. However, it is often divided into trend indicators and momentum indicators. Trend indicators are quick indicators that signal that you predict future price movements. Meanwhile, the lag indicator usually looks at past trends and shows the market momentum for the trader to make appropriate trading decisions.
Benefits of using technical indicators on TradingView.
The technical indicators on TradingView are rich, flexible and performing. The technical indicators on TradingView help traders easily control the market and trading opportunities through any internet-connected device. Users can set price alerts or view trading signals sent via email, text messages or pop-up notifications.
Since it is easy to enable multiple indicators on TradingView and use it, the use of indicators on TradingView is becoming increasingly popular. Using more technical indicators when monitoring charts and helping traders in the short or long term can help improve trading results.
Using technical indicators to detect trading signals helps traders see trading signals without being affected by emotions when making decisions. The use of technical indicators also allows the trader to identify different trading opportunities to maximize and provide more stable profits.
Currently, trading professionals depend mainly on data analysis and technical analysis. In addition, most traders using technical analysis also use technical indicators. They believe that using technical indicators on TradingView helps users to be more confident and increase the success rate in the trading process.
How to add indicators to Tradingview charts?
How to get TradingView Pro for free?
To add an available indicator to the TradingView chart, users must log in to their accounts. Select the Chart tab and open the chart you want to monitor on the toolbar at the top of the screen, select Indicator.
Choose the right type of indicator (technical, financial or community-written indicator or create your own new indicator). Then, select the technical indicator that you want to use. Immediately the selected technical indicator is displayed on the chart.
There is an easier way, and users can type the name of the indicator they want to use in the search box to search and activate the appropriate indicator.
Open the chart and double-click the added technical indicator to adjust the specifications. Then click OK to confirm.
Each free TradingView account can add up to 4 indicators per chart.
Conclusion
TradingView is famous for its stock of technical indicators available with over 100 famous and popular technical analysis indicators. In addition, the easy use of over 5,000 available indicators shared by the community makes TradingView even more powerful thanks to its extensive archive of technical indicators. In addition, users can also create their own indicators when using the Pine programming language. Technical indicators help users quickly recognize buy and sell signals. Technical indicators help traders make more accessible and accurate trading decisions without being affected by emotions. Therefore, the technical indicator on TradingView is prevalent and often used by traders when setting up a trading system.