TradingView is one of the most popular and powerful web-based charting platforms designed for traders to make informed trading decisions. It offers a variety of real-time charts, technical analysis tools, and a community-driven environment to share trading ideas and techniques.
In this blog, we’ve mentioned some of the effective tips to increase the efficiency of your intraday trading. Let’s start.
5 Tips for Using TradingView Charts for Intraday Trading
Here are the five major tips for effectively using the TradingView Chart Live for intraday trading:
1. Use Multiple Time Frames
Traders can potentially use a variety of time frames to determine a comprehensive market view. In intraday trading, you can use varied time frame charts, including those mentioned below.
- 1-Minute Chart: Used to determine potential entry/exit points.
- 5-Minute Chart: Used to identify trends and determine key support/resistance levels.
- 15-Minute Chart: Used for broader trend and market context.
Using these time-frame charts allows you to make more informed trading decisions.
2. Risk Management Practices
The best thing about using TradingView Charts for intraday trading is that you can utilize certain methods to mitigate your trading risk.
- Stop-loss order: You should set up an appropriate stop-loss based on your trading strategy and risk tolerance capacity to protect your capital from facing significant losses. You should use the stop-loss order after considering the support/resistance levels of your underlying asset.
- Position Sizing: TradingView allows traders to use trailing stops to lock profits if the price moves in your favor. This simple tip will help you maximize your gains while managing the risks associated with the trades.
By using tips, you can utilize the risk management capabilities of the TradingView platform and increase the efficiency of your trades.
3. Optimize Your Trades Using Backtest Strategy
TradingView platform also has a Pine Script feature that can be used to develop and backtest your strategies based on historical data to evaluate the effectiveness of the trades.
Once you receive the backtesting results, it can help you optimize your strategies based on them and eventually improve your trading performance.
4. Leverage TradingView Community
TradingView has a community network of professional traders that you can leverage to better your trades. You can monitor the trading insights and live sessions shared by experienced traders in the community to understand their trading techniques.
Plus, you can even share your own charts and trading ideas in the community and receive valuable feedback from like-minded people.
Using this tip can help you significantly improve your intraday trading techniques and methods.
5. Utilize Right Technical Indicators and Tools
In day trading, you can utilize certain technical indicators, aligning with your strategy, to better understand the market conditions and make educated trading decisions.
- Moving Averages: You utilize short periods like 9EMA or 20 SMA to determine intraday trends.
- Relative Strength Index: The RSI indicator is used to determine an underlying asset’s overbought and oversold conditions.
- Volume Indicators: You may utilize volume indicators to gauge the strength of price movements.
- MACD: It can help you identify the crossover to identify potential trend reversals.
Moreover, you can even create a custom trading indicator based on your specific strategic requirements for intraday trading.
Conclusion
Using TradingView Charts with the combination of the given tips can significantly increase your trading efficiency and decision-making. You can implement these tips while doing intraday trading on the TradingView platform. You can even get free access to the TradingView Chart via Dhan platform.
