How to Use Tradingview As a beginner in the financial market

Before I go deep into teaching you how to use tradingview software as a professional forex trader, you must first know what tradingview is all about.

What is tradingview?

Tradingviw is an online-based trading platform where traders use all the technical analysis tools and indicators to predict the future direction of currency pairs, stocks, indices, cryptocurrencies, etc. It also allows its users to interact with other traders and share their analyses.

In this article, I will teach you how to use the tradingview software as a beginner looking for the best tool to use for your technical analysis.

Creating an account on the tradingview platform

Navigate to tradingview.com.

Click on the profile icon at the top right corner and sign in with your Google account.

Now follow the on-screen instructions to verify your google account if needed. Click on chart to access the candlesticks representation of price movements of the various assets.

Customizing your tradingview.

Customizing your tradingview can either be using dark or light mode tradingview, changing the background colour, changing the colour of the candlesticks, formatting the colour and the size of your technical analysis tools, etc. Now let's take them one by one.

To change the colour theme of your tradingview;

Computer version:

Right-click any part of the software on your computer, head over to the colour theme, and choose the theme you prefer.

Phone version:

Go to settings >> General settings >> colour theme on the phone and choose the colour theme you prefer.

 

Removing the gridline from your Tradingview chart

Click the settings button (the third to last button at the top right corner), and click appearance. Over there, you will see horizontal and vertical gridlines. Click on the boxes with the check-look interface respectively and reduce the opacity to 0%.

How to customize the colour of your candlestick

Once again, click on the settings buttons and click on symbols. To successfully change the colour of your candlestick, you have to change the colour of the body, the wick, and the borders. Let's see the meaning of these three parts of a candlestick.

Body Color: The colour of the central candlestick represents and tells traders which player (buyers and sellers) is in control.

Border Color: Border colour is the outline colour around the body of a candlestick.

Wick Color: The wick is that line located above and below the body. These three things come together to form what we call a candlestick.


When you click on the symbols button, you will see two boxes beside all candlestick parts. The one with the green color represents a bullish candlestick, and the one with the red color represents a bearish candlestick. 

Any colour you choose for the body should go for border and the wick in changing the colour.

Adding currency pairs to your tradingview.

There are two ways of getting access to the chart of various currency pairs. The first one is about clicking the watchlist button (the button at the top right corner of the tradingview). Now click on the plus (+) button within the watchlist and search for the currency pairs you wish to add.

There's one thing to note here, when you search for any currency pair, for instance, EURUSD; you will realize that many EURUSD pairs will pop up. Click on servers and use only OANDA. Now any currency pair you search will show a single result. The final thing is to search and add the currency pairs alphabetically.

The second method is to click the symbol search button, search for the currency pair you want and hit the enter key on your keyboard. The chart of the currency pair will display.

 

Understanding and Using Technical Analyses Tools

You can locate any technical analyses tool on the tradingview toolbar on your left side.

We will talk about a few in this article. The ones you need to be able to do good analyses from a technical perspective are explained below:

Trendline: Trendline is a technical analysis tool traders use to identify the market's overall direction. The market can either be in an uptrend or downtrend, and for traders to take advantage of this market structure/condition, they use the trendline tool to make good trading decisions.

Rectangular tool: This is another tool traders use for technical analyses. They use this tool to identify levels of support and resistance, demand and supply levels, order blocks, etc.


Horizontal line: Another excellent tool for technical analyses. It is best used to identify support and resistance levels across the chart.


Ellipse tool: It is a great tool when it comes to technical analyses. It can be used to identify chart patterns like the double top, double bottom, triple top, triple bottom and head and shoulders.


Price Range: It is another great tool for your analysis. Any time you want to measure the number of pips you are targeting and the number of pips you are risking per trade, then the price range is a great tool to fall back on.

With these tools explained above, you can do analyses technically from A to Z. There are many other tools out there for technical analysis as well; for instance, horizontal ray, arrow, short position tool, long position tool, curve and others.

To use these tools, pick them with a click. Then click again, drag and release your mouse.