How to Open and Use TradingView Chart on Cryptocurrency Trading Platforms?

TradingView is a powerful charting and technical analysis platform integrated into many cryptocurrency trading interfaces. It provides traders with comprehensive tools for market analysis, including candlestick charts, depth charts, various time intervals, drawing tools, and technical indicators. This guide will help you understand how to open a TradingView chart and effectively utilize its features on crypto trading platforms to enhance your trading analysis and decision-making process.

How to open a TradingView chart?

Opening a TradingView chart on cryptocurrency trading platforms is straightforward and can be done through multiple interface versions. The platform typically offers Classic, Advanced, and Full-Screen versions, each providing different customizable layouts that can be switched between at any time according to your preferences.

To open a TradingView chart, first log in to your cryptocurrency trading account and navigate to the Trade menu option. Click on Spot trading to enter the trading interface. Once there, locate and click the TradingView button positioned above the chart area to gain full access to all available trading tools and candlestick charts.

Upon opening the TradingView chart, you will notice that moving averages are often pre-configured and displayed on the chart. These moving averages typically include MA 7 (shown in orange), MA 25 (displayed in purple), and MA 99 (presented in cyan). Each moving average is calculated based on the specified time frame you select. For instance, if you're viewing a 1-hour chart, MA 7 represents the moving average over seven hours; if you're using a 1-day chart, it represents seven days. These settings are customizable through the Settings icon, allowing you to adjust them according to your trading strategy.

Additionally, the Depth feature provides a visual representation of unfilled buy and sell orders on the order book, giving you insights into market liquidity and potential support and resistance levels.

Candlestick charts

Candlestick charts serve as the foundation of technical analysis on TradingView. They provide a graphical representation of price movements for any asset over a specified period. Each candlestick contains critical information including the opening price, closing price, highest price, and lowest price during that period.

To customize your candlestick chart, double-click on any candle within the TradingView interface. This action will open the settings menu with several customization options. The Symbol section allows you to change the color scheme of your candlesticks and adjust precision and timezone settings. The Status line section provides advanced options such as OHLC (Open, High, Low, Close) values, bar change values, volume indicators, and background chart color intensity adjustments.

The Scales section offers numerous options for integrating various labels into your chart, including symbol name labels, high and low price labels, indicator name labels, indicator value labels, and date format preferences. Finally, the Appearance section enables you to edit the background color and line segment colors to create a visual environment that suits your preferences and reduces eye strain during extended trading sessions.

Candlestick intervals

The flexibility to adjust timeframes is essential for comprehensive market analysis. TradingView on cryptocurrency trading platforms allows you to modify the timeframe represented by each candlestick through several default options displayed above the graph. These intervals can range from minutes to days, weeks, or even months, depending on your trading strategy and analysis requirements.

For additional interval options beyond the default selections, click the downward-facing arrow located on the right-hand side of the interval selector. This will reveal more timeframe options. If you need even more customization, click the Edit button to add specific intervals to your default options list, ensuring quick access to your most frequently used timeframes.

Drawing tools

The drawing tools available on the left-hand side of the TradingView chart are essential for conducting detailed technical analysis. These tools enable you to mark important price levels, identify patterns, and plan potential trading strategies directly on your chart. Right-clicking on each tool reveals variations of its primary function, providing additional flexibility in your analysis approach.

Popular basic tools

TradingView offers several popular basic tools that are particularly useful for traders. These tools help simulate trading scenarios, identify trends, and implement technical indicators for comprehensive market analysis.

Long/short position

The long or short position tool is invaluable for tracking or simulating trading positions before executing actual trades. This tool allows you to manually adjust your Entry Price, Take Profit level, and Stop-Loss level, automatically calculating and displaying the corresponding risk/reward ratio.

To use this tool, first select either the Long Position or Short Position option depending on your trading direction. Click on the graph at your desired entry point to create the position visualization. The green shaded area represents your target potential profit zone, while the red area indicates your stop-loss potential loss zone. At the center of this visualization, you can see the risk/reward ratio calculation.

You can drag the borders of the box to dynamically adjust your Risk/Reward Ratio. The Target shows the price difference between your Entry Price and Take Profit level, while the Stop displays the price difference between your Entry Price and Stop-Loss level. Double-clicking on the Long Position or Short Position chart opens additional settings where you can modify the investment amount, risk percentage, Take Profit, Entry Price, and Stop Level under the Inputs section. The Style section allows color and price label customization, while the Visibility section lets you customize time-related settings.

Trend Line

Trend lines are fundamental tools in technical analysis, helping traders identify and follow price trends. TradingView makes it easy to add trend lines to your chart by simply clicking the Trend Line tool and selecting the beginning and ending points for your trend line.

Once created, you can customize the trend line's thickness, color, and other features using the floating toolbox that appears. This flexibility allows you to create multiple trend lines with different visual characteristics to distinguish between various analytical elements on your chart.

Technical Indicators

Technical indicators such as Moving Averages, Bollinger Bands, RSI, MACD, and many others are readily available in TradingView. To add a technical indicator, click the Technical Indicator icon to access a comprehensive list of all available options.

Once you've selected and added a technical indicator, it becomes visible on the candlestick chart, either as an overlay on the price action or in a separate panel below the main chart, depending on the indicator type. You can add multiple indicators simultaneously to conduct multi-faceted analysis.

How to reset the chart?

Maintaining a clean and organized chart is important for effective analysis. To remove individual technical indicators, simply click on the indicator to bring up the floating toolbox, then click the bin icon to delete it.

If you want to reset the entire chart to its default state and remove all customizations, right-click anywhere on the chart area and select Reset Chart from the context menu. Alternatively, you can press Alt + R on your keyboard for quick access to this function. This feature is particularly useful when you want to start fresh with your analysis or if your chart becomes cluttered with too many elements.

How to view charts in other timezones?

TradingView on cryptocurrency trading platforms supports timezone customization, which is particularly useful for traders operating in different geographical locations or tracking markets across multiple time zones. To change the timezone, click the clock icon located at the bottom of the chart interface.

After changing your timezone, the chart will automatically display the asset's performance in 24-hour format. It's important to note that while the date and time display will change according to your selected timezone, the statistical calculations remain the same as they are all based on UTC+0. For example, if you're viewing BTC/USDT performance and change to UTC+1, you'll see the 24-hour performance data adjusted to that timezone while the actual performance metrics remain consistent with the UTC+0 calculation.

Please be aware that all chart settings, customizations, and preferences will revert to their default state if you clear your browser cache or reinstall the trading application. Therefore, it's advisable to take note of your preferred settings for quick reconfiguration if needed.

Conclusion

TradingView on cryptocurrency trading platforms provides a comprehensive suite of tools for technical analysis and market visualization. From opening a TradingView chart to utilizing customizable candlestick charts and multiple timeframe options, advanced drawing tools and technical indicators, the platform offers everything needed for thorough market analysis. The ability to simulate positions with the long/short position tool, create trend lines, and customize your viewing timezone ensures that traders have the flexibility to analyze markets according to their specific strategies and preferences. By mastering how to open and use TradingView charts and their features, traders can enhance their analytical capabilities and make more informed trading decisions. Remember to regularly save your preferred settings and familiarize yourself with keyboard shortcuts for efficient chart management.