For traders who love technical analysis, robust charting tools are essential. TradingView is one option for both amateur and experienced traders. It offers numerous trading and charting tools and also a free membership option. Let’s face it... not everyone has the money or need for a Bloomberg terminal subscription.
If you’ve been trading on any crypto exchange – centralized or decentralized – you might have already noticed TradingView’s tools available on many of these exchanges. But without understanding them, it can look a little intimidating. There’s a huge amount to try, but where’s the best place to begin? Read on to find out what TradingView offers and for traders wondering how much is TradingView Pro.
What Does TradingView Do?
TradingView is a platform that lets you customize technical indicators, create charts, and analyze financial assets. These indicators are patterns, lines, and shapes that millions of traders use every day. TradingView is entirely browser-based, with no need to download a client. You can also download an app for iOS and Android if you prefer a mobile experience.
TradingView was launched in Westerville, Ohio, in 2011 and now boasts a large user base, with eight million accounts created in 2020 alone. Users can chart and analyze various stocks, commodities, and cryptocurrencies like Bitcoin with either a free or paid account. Once you’ve created strategies and templates, you can publish your findings to the community. This way, you can build your skills with feedback from other TradingView members.
How Much is TradingView Pro?
Although TradingView is free for anyone to use, there are also paid subscriptions that increase the number of indicators and charts you can view simultaneously. The Pro-Versions cost between $14.95 and $29.95 per month. Traders who want to screen even more markets can use TradingView Premium for $59.95 per month. The yearly subscription comes with a -16% discount.
The best way to start, of course, is the free version. For beginners, a free account with one chart and three indicators is a good start. You’ll also have to put up with adverts, but they aren’t too intrusive.
Tradingview Pros and Cons
TradingView is just one choice out of many when it comes to asset screeners. Most offer a similar set of charting and trading tools, but let’s take a look at the main aspects. TradingView certainly does some things very well, but there is also room for improvement.
Pros
- HTML5 charting: Any device with an internet browser can access TradingView. You don’t need to install any software and can view your charts anywhere.
- Free membership: Anyone can access the majority of features available.
- Server-side alerting system: If you set an alert, TradingView will keep track of this on their servers. You don’t need to have TradingView open to receive alert notifications.
- Scripts: More advanced users can create custom indicators saved to TradingView’s servers. This feature is powered using Pine Script, TradingView’s custom coding language that is simple to use.
- Asset selection: There’s a considerable amount of equities, securities, commodities, and forex info available to chart. We’re not just limited to cryptocurrencies here!
- Backtesting: Once you’ve developed a strategy, it’s simple to backtest using the inbuilt feature.
Cons
- Community issues: While the Streams and Ideas tab concept is interesting, the quality of what you’ll find varies greatly. A lot of advice given is highly speculative and not very helpful for new users. The comments section also has occasional trolling.
- Customer support: The TradingView community commonly reports problems with TradingView’s customer support. Only paying customers can raise issues, and free users receive no support.
- Brokerage integration: TradingView has incorporated some brokers and trading platforms, but the options are still quite limited.
- Cboe BZX data: TradingView’s prices for U.S. stocks don’t come directly from their associated stock markets. NASDAQ stocks, for example, get their price from the Cboe BZX exchange, which can differ slightly from the actual price. Real-time data from an exchange is available for a fee.
Closing Thoughts
For anyone looking for a free solution with a significant amount of tools to use, TradingView is a solid option to explore. Technical analysis is a deep topic, and you'll have more than enough to explore with just a free account. And for those who are willing to pay for more features, we hope this piece has answered your query on how much is TradingView Pro.
TradingView is worth trying for its chart tools alone and is a great place to backtest trading strategies. Their educational material is also free to access and easily covers the basics of charting and technical indicators in detail.
