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The document provides an overview of the tools available on the TradingView platform for technical analysis and trading. It describes the core price chart functionality, as well as tools for indicators, trend lines, pitchforks, Gann squares, Fibonacci retracements, geometric shapes, annotations, and patterns. These tools can be used to identify levels of support and resistance, predict potential price movements, place trades, and annotate charts for sharing or future reference.

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21 views

Text

The document provides an overview of the tools available on the TradingView platform for technical analysis and trading. It describes the core price chart functionality, as well as tools for indicators, trend lines, pitchforks, Gann squares, Fibonacci retracements, geometric shapes, annotations, and patterns. These tools can be used to identify levels of support and resistance, predict potential price movements, place trades, and annotate charts for sharing or future reference.

Uploaded by

odaroclarry
Copyright
© © All Rights Reserved
Available Formats
Download as TXT, PDF, TXT or read online on Scribd
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Overview of the TradingView platform

In the centre of TradingView is your price chart. The horizontal navigation bar in
the top left shows the current instrument (in this case EUR/USD). To the right are
buttons that allow you to change the timeframe and chart type. For our example,
we’ll stick with the pre-set one day timeframe and candlestick chart.
You can also overlay additional instruments and indicators with ease using the
Compare and Indicators buttons. The red Sell and blue Buy buttons allow you to
place orders and set trade alerts. The leftmost vertical navigation bar contains
all the customisable indicators and tools we’ll cover in this guide.
Cursors
The first button is the cursor button. It allows you to change your cursor between
a cross (shown above), a dot and an arrow. You can also access an eraser to remove
other marks you’ve made.
Trend line tools
Trend lines are some of the most used tools by technical analysis traders.
Generally, a trend line is drawn to visually demarcate levels of support and
resistance. A basic trend line is most often drawn at a diagonal. An uptrend line
will either connect two or more lower lowers or higher highs, and a downtrend line
will connect two or more lower highs or lower lows. Sometimes a market will trend
sideways, in which case trendlines can be drawn above and below the price action to
indicate the bounded range.
The info line is drawn similarly to the trend line tool, but it will generate an
informational window that displays data like the distance of the line and percent
change between two points. Below that are several pre-formatted variations of the
trend line tool to help you quickly draw more exact lines. The last three tools
allow you to draw exact channels to identify bounded ranges.
Identifying these levels of support and resistance, and placing trades when the
price nears either line, is a popular trend trading strategy.
Pitchfork, Gann and Fibonacci tools
These tools are some of the oldest indicators in technical analysis, but don’t let
that intimidate you. With TradingView you can throw the complex indicators across
your price chart to quickly glean new insights about potential price directions.
Pitchforks
Pitchforks are created by drawing a single trend line and two additional lines set
by a standard deviation above and below. These additional lines, which create the
pitchfork formation, outline a trend channel. Pitchforks on TradingView can have up
to nine additional sets of standard deviation lines, creating more channels to
segment the degree of each movement.
Gann Squares
Gann Squares are based on theories of time and price symmetry. They’re an advanced
tool of technical analysis used to predict future price movements. The angles
created by Gann Squares are often compared to trend lines, but unlike the former,
Gann Squares predict future movements instead of defining a current bounded range.
The idea behind Gann Squares and angles is that when the price breaks through one
angle, the support or resistance it represents will move to the next angle. This is
known as the ‘rule of all angles.’
Fibonacci retracements
Fibonacci retracements are based on the famous Fibonacci sequence, a pattern of
expanding or contracting numbers that form a golden ratio. Fibonacci retracements
use the mathematical sequence to predict possible future levels of support and
resistance. The Fibonacci tool calculates these possibilities based on previous up
or downtrend.
Geometric shapes
Geometric shapes in TradingView are used to indicate points of interest on the
price chart. The brush tool lets you draw directly over the price chart, and tools
like Curve allow you to create more exact curved lines. These tools won’t help you
trade per say, but they’re useful to highlight significant moments – especially if
you intend to share your modified charts with others for review. You can change the
colour, fill and weight of these shapes.
Annotation tools
Annotation tools include text, word bubbles and various arrows. Like the geometric
shapes tool, these are best for marking areas of interest and inserting notes. This
toolset is completely different from the complex technical analysis pre-sets like
Gann Squares and Fibonacci retracements. However, it is still valuable for tracking
and studying your trades. TradingView saves your annotations in every chart, so the
more annotations you make, the better record of price analysis you’ll have.
Patterns
The patterns tool has a range of common chart formations you can drop and fit to
the price chart instead of drawing yourself line-by-line. They can be separated
into harmonic patterns and Elliot waves.

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