TradingView: Institutional level trading app for retail traders
Use Cases and Deployment Scope
Trading made simple. As a retail trader TradingView gives me a wide range of tools both fundamental and technical to analyze the markets I trade in. The technical tools, which are the ones I use the most, are vast and customizable. I would say you get all of the pre-established tools such as Fibonacci, MACD, RSI, Ichimoku Kinko Hyo and so on. But you also get a large selection of community generated indicators that you can use for free. All of the techincal indicators are backtestable. And even on the free plan you an exceptional tool. By purchasing a subscription you get to unlock some features, most importantly you are are not restricted to only 3 indicators on the same chart at one time. You can also save multiple chart template layouts, free version only has one. You will also be able to split your screen into multiple charts running concurrently. The platform has also linked up with a number of online brokers so you can trade directly from the TradingView platform oinstead of using the broker's app or MT4. Overall I believe this is a great app.
Pros
- Charts in several types including candles, Heiken Ashi, Renko, point & Firgure and more.
- Has teamed up with a number of brokers so you can trade directly from the TradingView platform.
- Vast number of pre-built and community built indicators and a large number of tools, both fundamental and technical.
- Economic calendar directly on the platform.
- Dividend and eranings calendar directly on the stock chart.
Cons
- nothing I can think of so far
Likelihood to Recommend
This platform is suited for retail traders that use discretionary trading strategies and automated strategies alike. As far as HFT goes I cannot say as I haven't developed any strategies of that kind. So, i can't determine its appropriateness. For forex and stock trading I would say it has everything you need. I also can't vouch for how well it performs for options traders, I would imagine it may not be the go to app as I don't see any og the Greeks that options traders would need to monitor to make trading decisions.
