If you’re serious about trading, one of the most important tools in your arsenal should be TradingView Premium. This platform offers traders everything from advanced charting features to real-time data, making it a favorite among professionals and beginners alike. In this guide, we’ll explore how to use TradingView Premium effectively to enhance your trading strategies.
What Is TradingView Premium?
Before diving into how to use TradingView Premium, it’s important to understand what it is and why traders prefer it. TradingView is a cloud-based charting platform that provides real-time data, technical indicators, and social networking features, all designed to assist traders in making informed decisions. While TradingView offers free and Pro versions, the Premium plan unlocks the most advanced features, enabling traders to elevate their strategies with higher efficiency and precision.
TradingView Premium includes:
- Real-time data from multiple exchanges
- Advanced charting tools with numerous custom indicators
- Up to 25 chart layouts in a single workspace
- Exclusive time frames and indicators
- Priority customer support
Now, let’s break down how to make the most out of these features.
Setting Up Your Workspace
The first step in understanding how to use TradingView Premium is mastering your workspace. TradingView’s interface is highly customizable, allowing you to set up a workspace tailored to your trading style.
1. Multiple Chart Layouts
With TradingView Premium, you can use up to 25 charts in a single layout. This is particularly helpful for traders who want to monitor multiple assets or use different time frames simultaneously.
- To add multiple charts, simply click on the Layout button (the square icon at the top) and select your preferred grid arrangement. You can arrange charts horizontally or vertically.
- Each chart within the layout can have its own indicators, timeframes, and assets, allowing you to track the market holistically.
This multi-chart functionality helps you spot trends and make decisions faster by comparing asset performance across different timeframes or markets.
2. Customize Time Frames
While the free version limits you to predefined time frames, TradingView Premium lets you create custom intervals like 2-hour, 7-minute, or even 25-second charts. This is crucial for day traders or those relying on specific trading strategies that need non-standard intervals.
To use custom time frames:
- Go to the time frame selector at the top of the chart.
- Scroll to the “Custom” option, where you can input your desired time frame.
These flexible intervals allow you to see market moves with greater clarity, helping you spot patterns and trends that might go unnoticed in standard time frames.
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Technical Analysis Tools
Technical analysis is at the heart of trading, and TradingView Premium comes packed with advanced tools that can give you a competitive edge. Here’s how to use them effectively:
1. Indicators and Drawing Tools
TradingView Premium allows you to apply up to 25 indicators per chart. These range from basic tools like moving averages and RSI, to more complex indicators like Ichimoku clouds and Bollinger Bands.
To add indicators:
- Click the “Indicators” button at the top of the chart.
- Browse through the extensive list of built-in indicators, or import custom ones from the TradingView community.
In addition to indicators, TradingView offers a variety of drawing tools such as trend lines, Fibonacci retracements, and pitchforks. These tools help traders plot support and resistance levels, identify patterns, and predict price movements.
2. Alerts and Notifications
One of the standout features in TradingView Premium is its advanced alerts system. With the premium plan, you can set 400 alerts that notify you of market conditions like price movements, indicator signals, or even custom conditions based on your scripts.
To set alerts:
- Right-click on the chart and select “Add Alert”.
- Choose from various alert conditions, such as “crossing”, “entering channel”, or “moving up by x%”.
- Customize the alert frequency and delivery method (email, SMS, or in-platform notification).
These alerts ensure that you never miss important trading opportunities, even if you’re away from your computer.
Using TradingView’s Social and Research Features
Part of mastering how to use TradingView Premium involves leveraging its social and community features. Trading is not only about individual analysis; it’s about staying connected to market trends and opinions from other traders.
1. Public Ideas and Scripts
TradingView allows users to publish their trading ideas and custom scripts. As a TradingView Premium subscriber, you gain access to an exclusive set of advanced ideas and tools shared by top traders in the community.
To find trading ideas:
- Go to the “Ideas” section from the main menu.
- Browse through published ideas for the asset or strategy you are trading.
- You can filter these ideas by time frame, asset class, and even trading style (scalping, swing trading, etc.).
By analyzing the strategies of others, you can learn new techniques and see how professional traders are interpreting market conditions.
2. Custom Scripts and Pine Editor
For traders who rely on algorithmic trading or need highly customized indicators, TradingView Premium provides access to Pine Script, a powerful programming language used to create custom scripts and strategies.
To create a custom script:
- Open the Pine Editor at the bottom of the chart.
- Write or import your script, and then apply it directly to your chart to test its effectiveness.
With Pine Script, the possibilities are endless, as you can create complex strategies that are completely tailored to your trading style.
Data Access and Market Coverage
One of the main reasons traders choose TradingView Premium is for its unparalleled access to real-time data and extensive market coverage.
1. Real-Time Data and Market Depth
TradingView Premium provides real-time data from multiple global exchanges, which is crucial for traders who rely on fast execution and accuracy. In addition, premium users get access to Level II Market Depth, which shows the full order book for assets, giving insight into market liquidity and potential price movements.
To activate market depth:
- Open your asset chart and look for the DOM (Depth of Market) option. This will display the active buy and sell orders at different price levels, giving you a clearer picture of market sentiment.
This detailed data is invaluable for high-frequency traders or those working with larger position sizes, as it provides transparency into where the big players are positioning their orders.
2. Exporting Data and Reports
If you like to analyze data outside of the platform, TradingView Premium allows you to export chart data for further analysis. You can download historical price data or your custom analysis and integrate it with external tools such as Excel or other trading software.
To export:
- Click the three dots (menu) next to your chart, and select Export Chart Data.
This feature is particularly useful for professional traders who need to backtest their strategies or review their trades after market hours.
Conclusion
Learning how to use TradingView Premium can significantly improve your trading experience by offering access to advanced charting tools, real-time data, and customizable features that free users can only dream of. Whether you’re a day trader looking for precise time frames or a swing trader using multiple charts and indicators, TradingView Premium gives you the flexibility and power to make better trading decisions.
With its wide array of features—from custom scripts and alerts to multi-chart layouts and market depth analysis—TradingView Premium is the perfect tool for both seasoned professionals and traders just getting started. Start using TradingView Premium today and take your trading strategies to the next level.
By mastering how to use TradingView Premium, you equip yourself with the best tools available, ensuring that you stay ahead of the market and make informed, data-driven decisions that will benefit your trading success.
Additional Resources for TradingView Premium Users
To further enhance your understanding and use of TradingView Premium, we’ve compiled a list of valuable external resources that offer tutorials, community insights, and trading strategies:
- TradingView Official Website
Explore the full range of TradingView features, sign up for a premium account, and access a wealth of information directly from the source. - TradingView Help Center
If you have questions or need assistance, the TradingView Help Center is an excellent resource for troubleshooting and learning more about specific functionalities. - TradingView Community Ideas
Dive into a vibrant community of traders who share their strategies and analyses. This section allows you to learn from others and apply successful techniques to your trading. - TradingView Blog
Stay updated with the latest features, tips, and trading strategies through the official TradingView blog, which regularly posts informative articles. - Pine Script Reference
For those looking to create custom indicators and strategies, the Pine Script reference guide offers detailed documentation and examples. - Investopedia Trading Strategies
Enhance your trading knowledge with various trading strategies outlined by Investopedia, providing context and techniques to complement your use of TradingView. - YouTube TradingView Tutorials
Visual learners can benefit from YouTube tutorials that walk you through using TradingView’s features step by step, helping you to understand complex functionalities more easily.
By utilizing these resources, you can deepen your understanding of how to use TradingView Premium and maximize its potential in your trading endeavors.
