TradingvView Tutorial For 2021
hey hey it's similarly here and in this video trading view tutorial i'm going to go over everything you need to know in order to trade successfully on trading view i'll be going over chart appearances how to set up your indicators how to use your drawing tools setting up your watch list you cannot trade without a watch list as well as setting up alerts and learn how to set up your scans to search for those stocks or coins to trade now you can help my channel grow by hitting that like button it actually helps my channel rank better drop a comment right below that also informs me of what other type of content you would like to see and without further ado let's get right into it [Music] the very first thing we want to do is we want to start customizing our screen firstly if we click on this tab here it shows the different ways in which information is presented on the charts right now it's showing this area option which looks just like what it's we're looking at right now but what we want as traders we want these candles now you do have a choice of the candles the solid candles the hollow candles the hollow candles look a bit like this and personally i prefer the solid candles so we're going to click on solid okay so we got that situated going over to this particular indicator here when we click on it it shows the different time frames that are available on trading view now the 1 second through 30 second intervals are only available for the paid version but we're working off the free version so what you want to do is your most frequently used time intervals you want to favorite them so for me that would be the 1 minute 5 minute 15 30 1 hour 4 hour and the daily so those are my most frequently used time intervals and once you've selected them as favorites it will leave those intervals up top creating their own individual buttons so it makes it easy to switch from one time interval to the other so we have the five minute there and that's the one hour and so on [Music] okay so after that the next thing i will want to highlight is this button right here this one is the indicators and the strategies so once you've now figured out what indicators you need to always show up on your charts then you click on this button for me one of my basic indicators is the the rsi so the rsi you type it in and here it shows up here so we're going to click on it and immediately it shows up at the bottom of the chart now this is a good area for it to be if you want it at the top of the chart then you click on that pane but it's just better at the bottom of the chart for now the other thing you can do is you can actually change the proportions of the sections so i would want my rsi to be a little um further down the bottom of the page so i don't really want it taking up most of the space i want most of the space to be reserved for my actual candlesticks so we'll add a few more indicators so we click on the indicator tab we'll add our moving averages i personally use the exponential moving average over the simple moving average type in the exponential moving average now i refer to the i use the moving average a lot so i'm going to favorite it so it's easier to pull it up as soon as i click on indicators so immediately it's right there i don't have to search for it so usually i'll have the two indicators so i'll click on the moving average exponential twice and once i've done that they both show up here and then i'm going to go into settings and i'm going to amend the moving average the length so the first one will be a three day moving average and then i'll go into style and change the color to something that works for me which is i tend to use this aqua color and after that if we look at the lines they're a little thin so we can increase the thickness down bottom here to i usually use this yeah okay so this looks good and then we'll take the second moving average and customize that and for my second moving average i usually will use the eight day so that's done and then if we move to style we'll change that color so you can tell the difference between your two moving averages i usually will use a type of purple and then let's increase that thickness as well and after that is done we've now got our two moving averages on the screen i will mention at this point that if you move your cursor wheel up and down it will zoom in but at the same time it moves you away from your focal point however if you want to zoom in without it moving off screen then you hold down your control key and when you hold down your control key and zoom in and out it keeps you exactly where you need to be so that's just a little tip now if you attempt to put in more of these indicators it simply won't allow you so the limit of indicators we can add on the free version of trading view is 4. once you've set up all your indicators the next thing you probably want to do is to save your layout now on the free version you only get to save one day out but you would do it up here click on the arrow save now it saves it and then we can just rename it and call it once we name it it comes up up here and the point being if you have the uh paid version you would save different layouts and when you come up here you could then load various layouts for different setups but in this case because we're only using the free version we just have that one option okay we're almost done with indicators but if we do go back into indicators um we see what we've done here up here we have the search bar to search for our various indicators once we've identified our indicators then we can favorite them so that it's easy for us to just pull them up whenever we need them um we're not going to bother with this candlestick patterns whenever you want to identify particular candlestick patterns for me for instance i usually like to have the bullish engulfing and the bearish so once i have those two patterns on the minute you turn on your candlestick patterns you immediately see that you've got little flags on your charts helping you identify whenever you come across such a pattern so here we have the the bullish engulfing pattern in the blue and then we have the bearish patterns in the red so if you want to know more about using candlestick patterns make sure you check out my video on candlestick patterns but it's always good to know that you can have these switched on whilst you're on trading view and of course this better helps you in identifying good entry and exit points in the public library the only thing you have are just user created indicators and the like and users have liked these individually customized indicators and it's open for public use i personally don't use them so all you should really concern yourself with especially as a new trader just focusing on your indicators and your candlestick patterns [Music] so here to the left we have the drawing tools the very first one here if we click on the arrow just gives you different options of cursors to use the default is the cross this cross cursor right here and if you prefer an arrow so be it then you change it i basically just work with the default settings it's much easier that way this second one right here is the trend line tools so it gives again a range of different types of trend lines we click on that the only ones i use are the first one the trend line and then the horizontal line so i use the horizontal line to draw my support and resistance lines and i use a trend line to draw the trend lines which are diagonal more diagonal in shape we'll go to trend lines tools and we click on the little arrow and then to draw the trend line we just click once where we want to start right there and simply drag it out to where we want that line to end and there is a trend line um several things we can do with this trend line if say we want to change the color the appearance or anything like that then we double click double left click and that brings up this window here and you could decide to set this up as a default to always extend your lines to the right so that's a that's a good one i would do that and then if you want to change the color then that all happens in this first box you can change that to red and you can also change the thickness down below okay going back we can now select the horizontal line and with the horizontal line of course it would create horizontal lines and i would use that to find my various support and resistance levels one click will give us the line and of course again if you want to fix it then you just double left click change again you can change the color to whatever works for you as well as can change the color as well as the thickness whatever works it's already defaulted to showing the price so wherever the line is there you have that price showing there of course if you don't want that then you unclick that box and if you want to set this up as a template then you just save as and just give it a name so each time you click on horizontal it gives you that same line now if you want to keep these drawings on your screen no matter where you move then you can use this um lock all drawings tools and once you click that then no matter whether you zoom in or out there you still have your tools right there with you under this symbol the fibonacci tools can be found now i do like to use the fibonacci every now and then and really the fibonacci is such a useful tool that's the only tool i use in this section so if we click on the fibonacci retracement the fibonacci retracements are just like a quick and automated way to get your support and resistance levels in so you simply start from wherever you want to start which usually is to the left of your chart and the lowest point so and then you extend to your swing high click again and there you have your fibonacci levels so fibonacci levels again adjust your support and resistance levels drawn based on the fibonacci number again i have another video based just on knowing how to draw and how to use fibonacci numbers under the next setting we have the geometric shapes we click on the arrow you could experiment with these the path that's a good one because it just helps you you know draw a path where you just want to get an idea of how price is moving and that's what that would do so with the highlighter you could just decide to highlight something the rectangle i use quite a bit sometimes especially when price action is ranging or consolidating and not really moving too far away from a middle point then i would draw my rectangle waiting for it to break out of that rectangle and break out upwards so in this case so in this case if i drew my rectangle like this the minute price action breaks out above this point would be a good sign for me to get into a tree so again this is just an example of how i would use the rectangular geometric shape again you can play around with these to see if any of these other options would work for your charting style this is used for identifying certain types of shapes and patterns i personally don't use this this next section is called the prediction and measurement tools and if we click on the arrow so assuming i've entered into a trader i want to look into my risk reward ratios on intranet trade then i would click on long position and if i entered at the bottom of these two candlesticks and i want to know when would be a good time to get out of the trade or i'd want to assess my risk reward ratio then i would click on the bottom which is my entry point and right here is the entry point down below here is the suggested stop loss and the green bar at the top is the suggested take profit now if you if you move the bars up and down it will change the numbers like that so if you want to make your stop loss a little tighter then that would go up that way and you can see the numbers changing the whole time so instead of your stop loss being at say eight eight point seven five percent you wanna make it tighter and you wanna make it at say 4.2 percent then you'd move that and with your take profit you could also decide to make that tighter and again you can see your numbers are changing so this means you would take your profit at seven percent increase as compared to taking your profit at a 13.42 increase and also it shows your risk reward ratio as well and that number again changes as you move up and down and so that's how that would work okay here we just have icons i don't really use these so i'm not really too sure how these would work but in the event that you wanted to use different symbols you know where to come to the ruler just shows a measure of how many bars so let's see if we click here and then we pull it to here so if we click ruler and we want to go from here [Music] to here then it tells us how many bars there are 102 bars over a period of 17 days it gives you some good information and i think this might be a 30 increase and so you would use this tool if you wanted to be exact as to how many bars have elapsed or how many days have elapsed so that could be a useful one so that's most of the tools that i personally use in the main if you want to hide all your drawings just click this and then it hides all your drawings and of course this bottom one is for deleting everything you've put on your charts and gives you again a clean clear chart [Music] so here we are on trading view and to set up a watch list is quite straightforward so first we're going to go over to the right side of the chart right at the top here where it says watch list and details click on that and this is where we begin to set up our watch list we're going to use these plus signs to add our symbols to the watch list so if you're into crypto we're going to highlight crypto and we're going to use these plus signs to add our coins to the watch list now one thing you have to bear in mind with cryptocurrency is you really only want to add the coin pair that is featured for your platform on which you plan to trade so if you trade your bitcoin on bitmap and this is the version of bitcoin usd that you want to add to your watch list and if you're on binance now binance doesn't have a u.s
bitcoin direct pair so the closest you're going to get is to use tether so we'll add tether and so if you have your us dollar on coinbase you want to pick up if you want to keep an eye on the if usd pair i'm going to click on that one and so on and so forth like you can add your index funds here if you're into trading index funds stock tesla right now i am in a tesla trade so i probably want to keep my eye on tesla i do have some neo stock i want to keep my eye on neo and so on and so forth so nice and straightforward so let's come out of this and right here we have our watch list already created for us if we highlight these three dots here it will allow us select what criteria we want to see on our watch list so we're just going to reduce the size of our chart so that way we can clearly see all the different fields that we want to see i think this is a bit busy so i'm going to remove change so i think this is a little neater once you've created your watch list and you're particularly interested in certain stocks for instance i'm interested in tesla for today then i can go to the left and bookmark tesla and you can see their different colors there let's do that again you've got to have the paid subscription in order to use the different colors but i only have the free subscription so red is just going to have to suffice so after we've created our watch list then we can easily go through our list to see what's going on on the charts as you flick through your watch list you'll see the one hour chart displayed for each of these selections [Music] we can use tradingview's inbuilt screener at the bottom left of the screen whether it's crypto currency that you're wanting to screen forex or stock then we can use the various parameters to select our coin or our stock or whatever it is we're wanting to trade based on our selection criteria if you go over here that says general you can actually select the criteria that you're looking for so if you're looking for top gainers then it shows you percentage-wise the top gainers on the day if you click on it it should pull up the charts oh yeah the charts right there if you want to see more charts than screener then you can just kind of decide how much of each you want to see if you're looking for the top losers or the 52-week high overbought oversold those outperforming the sma the 50 simple moving average whatever the criteria you're looking for is what you enter in so if you're looking for the most volatile coin or stock to trade it'll pull it up and there's a full list there so of course you can use this for stocks as well again we can go to [Music] our filters we have our screening parameters over here we have our filters also you're looking for whatever it is you're looking for whether based on the description if you're looking for stocks in any particular sector then that would be here if you're looking for stocks where over the last 60 days their average volume is greater than 50 000 but less than 50 million and of course you would work it this way up and down so between 2 million and 50 million and that's all that it will pull up you can reset that or if you are searching based on your technicals then you know you're looking for those stocks or those coins that have made a new one-month high or whatever else your technical or fundamental requirements might be [Music] and the last thing i'll talk about is how to set up your alerts once you've set up your various parameters for your screeners you're setting your filters and now once your criteria is met then you want to enable alerts do that with this button right here you can use the calendar to say how long you want that alert to be in effect for all the way to okay you want your alert to be in effect all the way to the end of february if you want it to show a pop-up if you wanted to send an email if you wanted to do more you wanted to play a sound once and then whatever specific message that you want to pop up then you enter it in right here and then you enable it so the minute your criteria is met you'll get an alert well that's all folks i hope you've learned something from this video and if you have the only thing i ask is that you hit that like button comment below because i do use your comments to better inform me of what other content to create share with your friends and family make sure you subscribe to my channel but most importantly don't forget to hit that notification bell that way you get my videos as soon as i upload them and i'll meet you in the next video [Music]
2021-02-12 01:37
