TradingView is a fantastic platform for charting and trading.

…and yes, you can trade on the TradingView mobile app. 

However, it can be a little confusing to figure out how to enter a trade on the mobile app.

It took me some time to figure it out, so I want to save you the headache and give you the answer right now.

The great thing about the mobile version of TradingView is that it is almost the same as the desktop version.

That means you have access to the same features that you get on your desktop computer.

Alright, here's how to place your first trade.

If you prefer the text version, it's provided below.

Download the App

First download the app from you favorite app store. It's available for both Android and iOS.

Then login to the app and purchase a paid plan.

Technically, you can trade on the free plan, at the time that this is being written.

But you don't get priority support and you'll always see ads on your charts.

If you're serious about trading, then you want the fastest support possible and ads will distract you from trading. 

So I feel that a paid account is mandatory.

Login to Your Broker

If you want to try this, you can create a demo account in TradingView.

Otherwise, if you have a broker that works with TradingView, follow these steps.

Once you're logged in, go to:

1. Menu in upper left corner (3 lines)
2. Products
3. Supercharts
4. Icon in upper left corner
5. Connect to Broker

Select your broker, then login.

You're now ready to trade.

Place Your First Trade

When you go back to your charts, there will now be buttons on the chart that allow you to place buy and sell trades.

Tap the button for the trade that you want to make.

The order entry screen will pop up and you can enter a trade. 

Be sure to scroll down a bit to make sure that you've entered all of the important information for your trade. 

You should also see information about the trade like margin used, trade value and more. 

The information you see and the options you have will depend a lot on your broker and the version of TradingView you're using. 

So use the screenshot below as more of a guideline and contact TradingView support if you have any questions. 

Once everything looks good, tap the Buy or Sell button at the bottom of the screen. 

You have now placed your first trade. 

To get more details on entering trades, be sure to watch the video at the top of this page. 

Final Tips

Remember that technology can change quickly.

I will do my best to update this tutorial periodically, but the way TradingView mobile works can change over time.

However, I have found that the basic idea is usually the same with newer versions, just the position of the buttons change.

But TradingView is the best charting and trading platform for so many reasons that I go over here.

The most useful feature is that you get the same charts on your mobile and desktop.

Have fun!

The post How to Trade on TradingView Mobile appeared first on Trading Heroes.

In this tutorial, I'll show you how to use the backtesting function in TradingView and give you the benefits and downsides of this platform, based on my personal experience.

This powerful tool allows traders to test the effectiveness of any trading strategy, whether it's one they have developed themselves, or one created by a member of the TradingView Community.

Key Takeaways

• TradingView's backtesting function allows traders to quickly test a wide selection of trading strategies across a huge collection of worldwide trading markets.
• The platform offers a variety of strategies created by Community members, as well as the ability to create your own.
• While there can be limitations to TradingView's backtesting platform, there are also solutions.

Benefits of TradingView Backtesting

Here are some of the benefits of using TradingView's backtesting platform:

• Fast results: The backtesting system is fast, and you can see the results right away. This allows you to iterate quickly and adjust your strategy accordingly.
• Community scripts: You can use other traders' strategies that are available in the Community. This saves you time and effort in developing your own strategy.
• Historical Data: TradingView has a Deep Backtesting feature that provides all the historical data you need to conduct a thorough backtest.
• Easy to use: The backtesting function is simple, no complex setups required.
• Access tons of worldwide markets: TradingView gives traders access to a wide range of markets from around the world. It could be the largest collection of publicly available data feeds in the world.
• Browser based: Available on almost any operating system.
• Create your own strategies: Make and test your own strategies quickly with Pine Script.

Now that you know a little about the platform, here's how to start using it.

How to Access Strategy Tester on TradingView

First make sure that you're logged into a paid account.

To access the backtesting function, first click the Strategy Tester tab at the bottom of the screen.

From there, click on the Load Your Strategy button.

This can either be a strategy that you've created or one that's been developed by a Community member within TradingView.

To find a strategy, search by name or browse through the available community scripts.

Be sure to use the menu on the left of the window to see other types of strategies.

Select Personal to see the strategies you've created.

Yeah, there are a TON of strategies available and it can be a little overwhelming.

So start with something that you understand and test all the related strategies.

For example, when I search for a Bollinger Bands trading strategy, here's what comes up.

The number on the right of each strategy indicates the number of people currently using it.

Usually, the most popular ones are at the top.

But not always.

So scroll through the strategies to see them all.

Once I click on a strategy, TradingView will add it to my chart, run the backtest on the current market/timeframe and give me the results.

You can see the trades it took and get a performance summary report below the chart.

Pretty slick!

How to Run the Backtest on Other Markets and Timeframes

Once you've selected a strategy to backtest, it's super easy to run the test on any market and timeframe available on TradingView.

To run the test on another timeframe, simply click one of the available timeframes on the top of the current chart.

You can even set your own custom timeframe by clicking on the down arrow and selecting “Add custom interval”.

The results of the backtest on that timeframe will appear on the bottom of your screen, just like with the first backtest.

You'll see the results almost instantly, making this a very efficient way to backtest.

To test the strategy on other markets, click on the watchlist icon in the upper right corner, then click on the market you want to backtest.

You can also click on the current market ticker in the upper left corner of the screen and search for a new market to test.

Again, as soon as you select the market, you'll see the backtesting results in the bottom panel.

Remove a Trading Strategy

To remove a strategy from your chart, click on the Object Tree icon on right side of the screen, then click the Delete icon next to the trading strategy.

Once you've deleted a strategy, you can a new one, or go back to using TradingView as just a charting platform.

Evaluating Backtesting Results

Now it's important to talk about what a “good” backtesting result is.

Many new traders think that they need to have a fantastic result on the first try, or the backtest is a failure.

That's not how it works.

In reality, it's best to look for strategies that have potential.

So here are some things to look for:

• The strategy is near breakeven: The strategy could be optimized
• There are huge winners, which get slowly get taken out by small losers: The number of losers could possibly be reduced
• Conversely, there are consistent small winners, but a few big losers: The size of the losing trades could be reduced
• Strategies that perform well in some markets but not others: Only trade it in markets where it performs well

But that's just the tip of the iceberg.

To get a complete guide on how to judge and potentially improve backtesting results, read my article on good backtesting results.

Selecting a Trading Strategy the Smart Way

When it comes to selecting strategies to test, there are a couple of ways to approach it.

First, you can browse the available strategies that you can use for free, as I mentioned above.

Sort the strategies by popularity and backtest each one.

This is a decent method if you don't know where to start.

But you'll quickly learn that most of the free strategies don't work.

Yeah, you generally get what you pay for.

And there are so many strategies out there that it would take forever to test them all.

So once you get tired of looking for random ass strategies, it's time to get smarter.

A better way to approach this proess is to start by asking yourself what type of strategy you're looking for:

• Do you prefer trend strategies?
• Do you want to trade a RSI strategy?
• Do you want to day trade?

Then take a look at all of the strategies that fall into your chosen category.

Search keywords related to the type of strategy you want to find. 

Backtest them and see how they perform.

Again, chances are very good that they won't work.

But they might.

Worst case scenario, they will give you a good starting point and ideas for your own strategy.

This is a huge benefit of the TradingView Community.

How to Create Your Own Strategy

Since many of the trading strategies on TradingView are free and open source, you can use them to help build your own strategy quickly.

First find a free strategy that you want to build on.

Then create your own Pine Script project by clicking on the Pine Editor tab at the bottom of the screen.

Copy and paste an existing strategy into the Pine Script tab and start making adjustments.

Save the strategy, then run a backtest.

Yes, you need to learn Pine Script.

But most programming tutorials can be very boring.

When you know what you want and you have a starting template to get there, learning becomes much more fun and you'll usually see results faster.

Focus on the parts of the current script that you want to change and go from there.

To sign up for TradingView, go here.

Considerations of Historical Data Availability

When using the backtesting function in TradingView, it is important to understand how much historical data is being tested in each test.

Data availability will vary by market and timeframe.

Higher timeframe charts like the daily, weekly and monthly charts will usually have enough data to do valid tests.

But on lower timeframes, such as the 4-hour chart and below, the historical data is very limited.

You may only have access to two or three years of data, which is never sufficient to do a thorough backtest.

Be sure to read more about how to how many trades you need to have confidence in a trading strategy.

If you require the entire data set for a particular market, you'll need to subscribe to the Deep Backtesting feature, which is only available on the higher tier paid plans.

This is a big downside of the platform.

If you don't want to pay the higher TradingView monthly fee, there are other solutions such as Naked Markets, which usually provides much more historical data than TradingView and free ongoing data updates, for just a one-time investment.

Limitations and Downsides

Here are the limitations of TradingView to be aware of:

• The backtesting function is only available on TradingView paid plans.
• TradingView lacks sufficient historical trading data on the lower tier plans. It can be enough data on the higher timeframes, such as the daily chart. As you move down to lower time frames like the 4-hour or 1-hour chart, you may only get two or three years of data, which is not enough. You have to pay more for Deep Backtesting to get more comprehensive data.
• There's no way to upload your own historical data.
• You can only backtest one market, strategy and timeframe at a time. There is currently no way to backtest multiple variables simultaneously.
• No offline testing.
• The reporting metrics are decent, but still limited. I would like to see more detailed backtesting statistics.
• Although TradingView's backtesting function is useful, it is not a substitute for live trading. You should still exercise caution and not rely solely on backtesting results. Be sure to implement Forward Testing before risking real money on a strategy.

While TradingView's backtesting function has its limitations and costs, it can be a valuable tool for testing trading strategies quickly.

Conclusion

Based on my experience with the backtesting function in TradingView, it's not for everyone.

It only really makes sense if you can do 2 things:

1. Code in Pine Script
2. Subscribe to a paid plan that has Deep Backtesting capability

One big benefit of the backtesting feature is that you can test community-created trading strategies and scripts.

Unfortunately, most of them are useless. That's no different than any other platform.

But they can be an excellent starting point to give you ideas for your own strategy.

If you want to backtest manually, TradingView also has a Bar Replay function that will eliminate the need to learn Pine Script.

So at the end of the day, backtesting in TradingView can make sense for some traders, but it's not for everyone.

That said, I strongly feel that TradingView is the best charting platform available and I highly recommend it for that.

The post The Ultimate Guide to TradingView Backtesting appeared first on Trading Heroes.

TradingView is a fantastic platform for charting and trading.

But if you're new to the website, it can be a bit overwhelming.

So in this tutorial, I'll focus in on one of the most important functions of the platform, entering trades. Yes, you can enter trades directly in TradingView.

It also has some very useful order entry features that are not available on other trading platforms.

In this video, I'll show you how to enter your first trade and use the features in the order entry screen. I'll also provide further explanations after the video.

Alright, let's get into it…

The TradingView Trading Panel

This is what the trading panel looks like.

It may change a bit in the future, but the basic layout and functions have remained pretty similar throughout the entire time that I've used it.

If you don't have TradingView yet, and you're finding the order entry functions useful, sign up for an account.

Now that you have a feel for what the screen looks like, let's get into how to enter your first trade.

I'll use Forex as an example, but it will be similar for any other market.

Also keep in mind that the options you have available can vary by broker.

Order Entry Type

Starting at the top, we have the order entry type and buy and sell selectors.

I've never used the DOM function and I don't think most people will have a use for it.

So stick with the Order option.

Then select buy or sell.

The number in between the buttons is the current spread.

You pay the spread to the broker and that's how they make their money.

Order Type and Lot Size

Next is the order type, market, limit or stop. 

To summarize the order types:

• Market: Open an order at the next available price
• Limit: Limit the entry price to the level you set or better
• Stop: Once price hits this level, execute a market order

Then enter the number of units that you want to trade.

This would be the number of shares in the stock market, or the number of micro lots in Forex.

If you're unsure about what unit size is being referred to, contact TradingView support before placing trades. 

You could be in for a surprise if the lot size is a lot bigger than you anticipated.

Stop Loss and Take Profit

Now this is where TradingView really shines, when it comes to order entry. 

You can set your take profit and stop loss by number of pips (in Forex), price or percent of account. 

If you change one of the 3 numbers in each column, the other 2 numbers in that column will change.

So you can use the one that makes the most sense to you, for each trade.

It's the most useful way I've found to enter the stop loss and take profit.

Then click the Buy/Sell button once you're ready to enter your trade.

Margin Information

The final section will tell you how much margin you're going to use on this trade, if you're trading a market that uses margin. 

Very helpful so you don't get a margin call. 

More Benefits of TradingView

The biggest benefit of TradingView is that it's web based.

So you can use it on any computer and you don't have to install special software.

Historically, trading software has been Windows based, which excluded Mac and Linux users.

But TradingView breaks through that barrier and its fantastic charts are available on any desktop platform with a web browser.

Another big benefit of the platform is the community.

Other traders in the community provide education, trading strategies and custom indicators that you can use on your own charts.

Finally, the charts are easy to use and very smooth.

Much better than other platforms.

Frequently Asked Questions About TradingView

How do I integrate TradingView with my brokerage account?

If your broker has an agreement with TradingView, setting up the connection is easy.

1. Sign up for a TradingView account: If you haven't already, go to the TradingView website and sign up for an account. Live trading is only available with a paid account.
2. Choose a compatible broker: TradingView supports integration with several brokerage platforms. Before proceeding, ensure that your preferred broker is compatible with TradingView. You can check the list of supported brokers on the TradingView website.
3. Link your TradingView account with your broker: Once you have both a TradingView account and a brokerage account, you can link them together. Here's how to do it:a. Log in to your TradingView account.b. Navigate to the “Trade Panel” section at the bottom of the screen when you have a chart open. You can also setup a connection by going into the “Broker Integration” section of your account. This can usually be found in the settings or account settings menu.
   

   c. Select your broker from the list of supported brokers.

   
   

   d. Follow the prompts to authorize the integration between TradingView and your brokerage account. This may involve logging in to your brokerage account from within TradingView or providing authorization through the broker's website.

   
   

   e. Once the integration is complete, you should see a confirmation message indicating that your TradingView account is now connected to your brokerage account.

4. Verify the connection: After linking your accounts, it's a good idea to verify that the connection is working correctly. You can do this by placing a test trade from TradingView and ensuring that it reflects in your brokerage account.
5. Start trading from TradingView: With your accounts connected, you can now use TradingView's charting tools, technical indicators, and other features to analyze markets and execute trades directly from the platform. Simply select your desired trading instrument, set up your trade parameters, and place your order.

That's it!

If you have multiple brokerage accounts that you want to use with TradingView, you can only be logged into one account at a time.

To trade through another account, simply log out of your current brokerage account and follow the instructions above to login to your second account.

Can I paper trade?

Yes, TradingView has their own paper trading account that you can use to test your ideas and skills.

It's totally free and is a great way to get familiar with the platform before you sign up with a real broker.

Is TradingView mobile-friendly?

There is a mobile app available for both iOS and Android.

It allows you to use many of the same functions that are available on the desktop version.

Learn how enter a trade on TradingView mobile.

The mobile version of TradingView is much more useful than the mobile version of other platforms like MetaTrader 4.

Is TradingView free?

There is a free version of TradingView, but it has a lot of annoying popups.

So it's much better to sign up for the paid version.

But if you don't want to pay for it right now, the free version is a great way to get familiar with the platform.

Just know that what you can do will be very limited.

What markets can I analyze on TradingView?

Most trading markets are available on TradingView.

The number of markets it has is truly staggering.

Some of the markets available are:

• Forex
• Individual stocks
• Crypto
• Futures
• Indexes
• Metals
• Foreign markets
• And more!

Even if you don't trade a market, it's good to know that you can analyze it in TradingView.

Conclusion

So that's how to enter trades on TradingView.

This is just one of the many great features of the platform.

If you're tired of platforms that feel like they are stuck in the 1990s, then I would highly recommend giving TradingView a try.

I'm glad I did.

The post How to Enter a Trade on TradingView Desktop appeared first on Trading Heroes.

RSI Divergence can be a great way to spot potential trading opportunties.

But it can also be easy to miss these opportunties because you're working or just busy with everyday life.

It can also be hard to spot these opportunties on the chart, if you're distracted.

So I'll show you how TradingView makes it super easy to spot these opportunties with their free built-in indicator.

TradingView is a fantastic trading and charting platform and you can find out more about why I switched to TradingView here.

What is RSI Divergence?

Divergence is a term that refers to when the Relative Strength Index (RSI) indicator has a reading that's different (divergent) from price action.

Here's an example where the second and third price highs are higher than the first high, but the highs on RSI are lower.

This is a bearish signal, as shown on the bottom of the chart.

As you can see, this trade ended up working out well.

Sometimes it can be difficult to spot these divergences, even if you know what to look for. That's where an indicator can help a lot.

Before I get into the indicator, to learn all of the details about RSI Divergence and see more examples, read this guide.

How to Add the Indicator to Your Chart

Adding the indicator to your chart is easy.

Simply click on the Indicators button at the top of the screen in TradingView. Then in the search box, type in: “rsi divergence“.

This will bring up a list of indicators and trading strategies that help with RSI Divergence.

Select the first indicator on the list.

This is the official indicator developed by TradingView.

Once you click on the link, the indicator will be added to your chart.

How to Set Up the Indicator

The indicator has simple settings that you can use to fine tune your signals.

I like when there are only a few settings.

Many times, developers nerd out and create dozens of settings that aren't necessary.

To change the settings, right-click on the indicator and select Settings.

The next window will allow you to change the settings. The first 2 settings are the standard RSI settings.

Change those settings according what you use.

The settings that may be a little confusing are explained here:

• Pivot lookback right: The number of candles to look to the right for a pivot (peak or valley), from a pivot, to be used as a point for divergence. I guess that would technically be a look forward, not a back.
• Pivot lookback left: The number of candles to look to the left for a pivot (peak or valley), from a pivot, to be used as a point for divergence
• Max of lookback range: The maximum number of candles to include in a divergence
• Min of lookback range: The minimum number of candles to include in a divergence

From there, you can select which divergences you want to see on your chart.

Click the OK button when you're done.

Add a RSI Divergence Alert to Get Notifications on Your Phone

Another fantastic thing about TradingView is that you can setup alerts on most indicators.

That means you can get notifications on the mobile app, or via email.

To setup alerts on the indicator, right-click anywhere on the indicator. Then select Add alert…

At the top of the alert window, select the type of divergence you want to get alerts for.

In this example, I'm setting up alerts for Regular Bearish Divergence.

Create a separate alert for each type of divergence you want to be notified about.

Other RSI Divergence Tools in TradingView

The great thing about TradingView is that you can use free indicators and trading strategies that other people on the platform have developed.

This can help you improve your strategy or test out new ideas.

To see all of the available RSI Divergence indicators and strategies, go through the same steps above to add the RSI Divergence indicator to your chart.

But instead of adding the default indicator under Technicals, look below that in the Community Scripts section.

This is where you can try out other indicators and trading strategies.

In many cases, the user-created scripts aren't great. Just like in the MetaTrader Code Base, most are half-baked.

But once in awhile, you'll find an awesome one that's super useful.

You can also quickly backtest the trading strategies in the Strategy Tester, which gives you instant feedback on how good the strategy is.

So even if you don't see something useful right now, keep checking back because the community is adding new scripts all the time.

Does RSI Divergence Actually Work?

There are different ways to trade RSI Divergence.

You can learn many RSI Divergence trading methods on blogs or on YouTube.

I've posted some of my backtesting results here. My test was profitable, but it needs some optimization.

It's a good starting point though, and you can test out some optimizations for yourself.

The most important thing to understand if you want to be successful with RSI Divergence, is that you have to develop a trading strategy that works for YOU.

That means that you have to backtest your RSI trading strategy. You can get started with this tutorial.

If you want to learn the complete process, then take my StrategyEVO Backtesting Course.

Conclusion

So if you like TradingView for charting like I do, then this indicator makes it super easy to see divergence and get an alert when it happens.

The best part is that this handy indicator comes with TradingView and you don't have to pay anything extra.

To get a free trial of TradingView, go here.

The post How to Use the RSI Divergence Indicator in TradingView appeared first on Trading Heroes.

But as time went by, competitors started to pop up, and TradingView is one of them.

Is TradingView better than MT4?

Well, that just depends on what you need.

This article will give you all the facts so you can figure out which one is best for you.

TradingView Overview

What TradingView is famous for is finally creating web charts that work exceptionally well. 

Previous versions of online charts were clunky and would often crash.

TradingView charts are smooth and have tons of features, just as many, if not more than traditional downloadable platforms.

It is a trading and charting platform that will run on most browsers and mobile devices.

This means that Mac and Linux users can also use the full version of TradingView.

Since the majority of functions run on the TradingView servers, there is nothing for traders to download.

Everything is stored on TradingView's servers and accessible through most browsers on most desktops or laptops.

The biggest benefit of this infrastructure is that you can save alerts on the TradingView servers and your computer does not have to stay online for you to receive them.

Another big breakthrough with TradingView is that you can run a very similar app on desktop and mobile. Other trading platforms have very limited mobile offerings.

The only real potential downside is that it's a paid app. But I see that as a benefit because it ensures that they will have the income to continue to improve the platform.

But how does it compare to MT4?

Keep reading and I'll break it down for you…

MetaTrader 4 (MT4) Overview

MT4 is a downloadable program that you can run on desktops, in browsers and on mobile devices.

Only the desktop version is fully featured however, and the mobile and browser versions are only capable of doing very basic functions.

There are ways to install MT4 on Mac or Linux, but they are not always reliable. I've found that custom indicators and EAs might not work perfectly with these installations, so it's best to stick with Windows.

In my experience, the biggest headache with MT4 happens when you want to use multiple computers and keep your settings between the computers.

This method can help a little, but it's not ideal. You will get the best results if you run MetaTrader on just one primary desktop or laptop.

MT4 Web runs on almost any browser, but again you cannot install custom indicators or EAs.

Therefore, the web version is only good for managing trades, or if you don't need custom EAs or indicators.

The mobile app version of MT4 is primarily for managing trades on the go and receiving alerts from the desktop version of MT4. Custom indicators and EAs also cannot be installed on this platform.

When it comes to automated trading programs or “bots,” MetaTrader has long been the gold standard, with a fantastic combination of a powerful programming language and a large codebase of examples to help beginners get started. 

You can create almost any automated trading program that can be programmed into a computer with the MT4 programming language MQL4.

So if you want to get into automated trading, MT4 or MT5 is the best place to start. A good place to begin learning is this course.

Now let's get into more details on the features in each platform so you can understand which one would be the best one for you.

Summary Comparison

Here's a side-by-side comparison of the important features of each software.

TradingView vs MT4: How to Choose the Best One For You

The best platform for you is going to depend mainly on which features you need and how much money you want to spend.

If you're concerned about price, then MT4 is the way to go. You can start with MT4 for free and you can upgrade to TradingView later, after you become consistently profitable.

On the other hand, if money is not a concern, then I would suggest going with TradingView.

It's a lot more convenient because everything is hosted in the cloud, so you don't have to worry about your computer crashing, or not being able to use multiple computers.

MT4 is the best choice for automated traders.

The MQL4 programming language is more proven and can do pretty much any complex function you can think of. There is also a very large selection of example code available.

Pine Script in TradingView is still developing and is not reliable enough to use with real money.

For automated backtesting, MT4 wins, hands down. It has more historical data available and the programming language can do more things.

If you're doing manual backtesting, then these are not good options. I would recommend using this instead.

In terms of ease of use, MT4 is not bad, but TradingView is significantly easier to use.

MetaTrader hasn't changed much since I first started using it and it's starting to show its age.

So take inventory of what you are looking for in a trading/charting platform and get started!

Frequently Asked Questions

If you're still having trouble deciding which platform is better, here's a list of FAQs that can help you figure it out.

Can I Add Custom Alerts to MT4 Mobile or Web?

No, MT4 web and mobile are only for simple functions like using built-in indicators and placing trades.

You cannot add custom EAs and indicators to these versions.

Which Platform is Better For Getting Alerts?

TradingView is much better because you can add alerts to almost any indicator and your computer does not have to be on for you to get alerts on your mobile device.

With MetaTrader 4, your computer has to be on, or you have to pay for a Virtual Private Server (VPS). In addition, not all indicators have alert capabilities and you usually have to get an alert indicator custom programmed because it's not available out of the box.

Is TradingView or MT4 Better For Automated Trading?

As this is being written, MT4 is a better platform for automated trading. The reason is that MQL4 is a more mature programming language and can do complex functions.

However, Pine Script inside TradingView is constantly being improved and I'm very confident that at some point, it will be just as good, if not better than MQL4.

Conclusion

That's everything you need to know about TradingView vs MT4 and how to choose the best one for you.

Even though both of them are trading and charting platforms, what they offer is actually quite a bit different.

The best way to choose the one you want to use is to try them out. 

Download MT4 from your favorite broker and setup a demo account.

Then sign up for a free TradingView trial and sign up for a paper trading account.

Place a few demo trades and see which one you like better.

Disclaimer: Some links on this page are affiliate links. We do make a commission if you purchase through these links, but it does not cost you anything extra and we only promote products and services that we wholeheartedly believe in. TradingHeroes.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com.

The post TradingView vs MT4: The Ultimate Comparison appeared first on Trading Heroes.

You don't need to spend extra money on a trading journal if you already have TradingView.

It can be used as a great visual trading journal and it has a few key benefits over other solutions.

This tutorial will show you the benefits and how to do it.

Advantages of Using TradingView

The biggest advantage of using TradingView is that you can see the before and after charts of your trades. 

This is extremely helpful because a chart may look great in hindsight, but can look a lot less appealing when the trade was first entered.

Another benefit of TradingView is that will store all of your charts in one convenient place that you can access from any computer that has an internet connection.

If you use another method of journaling your trades, like Microsoft Word or something similar, then it can be easy to lose those documents.

TradingView solves this problem.

Create a Journal Entry (Step-By-Step)

The written instructions are provided after the video.

Get a free trial to TradingView here.

To create your first journal entry, open the chart of the symbol that you're going to trade.

Add your favorite indicators and drawings. Be sure to add anything to the chart that is part of your analysis because you'll want to see that information later.

It also helps to mark the profit target/stop loss on the chart, so it's easier to see the results of the trade. 

Document this information before you take a trade.

Once your chart is all set up, click the Publish button in the upper right corner of the screen.

From there, select Publish Idea.

The next screen is for your information only, so do not worry about filling it out “correctly.”

Fill it out in a way that makes sense to you and will make it easy for you to read later.

Write in things like:

• Why you took the trade
• Your confidence in the trade
• Any reservations you have about the trade
• Anything else you can think of

Once you're done, hit the Continue button.

On the next screen, click on Private on the Privacy settings. This will keep your journal entries private so that only you can see them.

You are able to delete private posts, so don't worry about messing things up.

Under Type, select Analysis.

Then select Long or Short under Investment Strategy.

It's helpful to add tags to your journal entry to help you find it later. I suggest using the trading strategy as a tag.

That way, you can simply filter all of the trades in your TradingView journal by simply clicking on the tag link in your profile.

Check the box at the bottom of the window, then click the Publish private idea button.

That's it!

Reviewing Your Trading Journal

To see your saved charts, go into your profile by clicking the icon in the upper left corner of the screen, then go to Profile.

From there, you'll see all of your journal entries.

Click on one of the entries and you'll see a chart.

This is the chart at the time that you decided to take the trade. Analyze the chart before you move on.

Then click the Play button on the right side of the screen to see how the trade played out.

Review all of your trades regularly to monitor how well you are trading and find out if there is any room for improvement.

Conclusion

As you can see, this feature of TradingView is fantastic for journaling trades because you can see the before and after results of all your trades.

In addition, TradingView keeps all of your journal entries in one place, so you don't lose them.

If you want more of my TradingView tutorials, go here.

Get started with a free trial of TradingView here.

You can also trade on the go with the TradingView mobile app. 

The post How to Use TradingView as a Trading Journal appeared first on Trading Heroes.

But that's also one of the biggest challenges with using TradingView. You can spend a lot of time searching through all of the indicators, only to not find what you're looking for.

It can be frustrating. 

To make things more challenging, some indicator creators publish fantastic indicators, but give their indicators weird names, so they are hard to find.

So to save you some time, I'll give you the must-have TradingView indicators for Forex day traders.

Previous Day High Low Indicator

There are quite a few previous day high/low indicators, but most of them are distracting.

I want the minimum amount of information on my chart and this indicator fits the description.

The best part is that you can also mark weekly, monthly highs and lows on one chart.

In the example above, I've marked the daily high/low of the past 2 days. That's the most useful information to me for day trading.

Notice how price respects those levels.

To find this indicator, search for: DWM HL in TradingView.

It's one of those cases where the creator gave it a weird name, so it's hard to find.

But now that you know how to find it, you can start using this handy indicator.

Here's a look at the settings for the indicator.

Forex Market Session Boxes

If you prefer to see the market highs/lows and open/closes in a box, then this indicator is for you.

It's called the FX Market Sessions indicator.

It marks the start/end of each session and makes it easy to see the high/low of each session.

The default design isn't the greatest, in my opinion. But if you change the dashed lines, remove the colors and hide the session names, this indicator works great.

You can show or hide each of the 3 major sessions, depending on the session(s) that you like to trade.

A nice touch that's been added to this indicator is the ability to send you alerts. 

Never forget to get to your computer in time for your favorite session to start.

These notifications will also alert you to price breakouts.

Market Session Times

This is the only indicator that I could find that accurately shows the overlap of the London and New York sessions behind the chart.

There were a couple of similar indicators, but they were either annoying to look at, or not accurate.

Seeing the sessions on your chart will remind you when volume could increase or decrease.

To find this indicator, search for: Forex Session Overlap.

I use the indicator to mark the London and New York sessions, but you can also mark the Tokyo and Australian sessions.

There are also options to mark market sessions during the summer time change.

Visual Range Volume Profile

Volume profile can be a great way to predict potential support and resistance points on a chart.

It shows you the price levels that had the most volume, which is very helpful in understanding key prices on a chart.

There are several similar indicators out there, but I like this one best.

This indicator is slightly easier to use because it will show you the volume profile of all of the candles in the current view.

So to see the volume profile of a particular move, simply scroll and zoom your chart.

To find this indicator, search for: VRVP.

The settings are also very simple and there are only a few settings.

Session Separators

It's important to know exactly when the Forex trading day ends.

Sometimes, in the heat of managing multiple positions, you can forget that you're heading into the interbank period.

The final indicator that Forex day traders should use is the built-in period separator in TradingView.

It's not in the indicators list, but you can find it in the settings.

Right-click on your chart and select Settings at the bottom of the menu.

Then go to: Appearance > Session breaks

Check the box and change the color, line thickness and line type to something that works for you.

Click the OK button at the bottom and you're good to go.

Now you can easily see when the trading day ends and you can avoid wide spreads and illiquid markets.

Final Thoughts

Those are the best TradingView indicators that I've found for day trading Forex.

I hope that saves you a ton of time and frustration.

TradingView is my favorite charting and trading platform. You can find out why I switched to TradingView here.

If you liked this post, share it with someone you think would find it useful.

Are there are any other Forex day trading indicators that you think should be on this list?

Feel free to contact us and let us know.

Happy trading!

The post Best TradingView Indicators for Day Trading Forex appeared first on Trading Heroes.

Traders have come up with creative and profitable ways to use this indicator and it's available on every trading platform.

However, what's not available on every platform is the ability to get alerts when RSI hits signal levels.

Luckily, there's a great solution.

TradingView provides RSI alerts standard on their trading/charting platform.

In this tutorial, you'll learn the benefits of using these alerts, how to set them up and a great RSI alerts alternative if you prefer to use another platform. 

Benefits of Using TradingView for RSI Alerts

The biggest benefit to using TradingView is that your alerts are hosted on their server, so you don't have to keep your computer on all day.

Even if you did use your own computer, it could go to sleep, your internet connection might go down, and there could be a power outage.

With TradingView, you don't have to worry about any of those things.

When your money is on the line, you want to be sure that you're aware of every single trading opportunity.

How to Setup TradingView to Send RSI Alerts

Start by opening a chart and clicking on the Indicators button.

Search for the Relative Strength Index indicator and select it.

You will now see the indicator on your chart.

Then right-click on the RSI line and click on the Add alert on RSI menu option.

You'll then see the alert settings window.

Set the alert as follows.

If you use 2 alert lines, like the 70/30 or the 80/20, then you'll have to setup 2 alerts.

Here's how to setup an alert on the 30 line.

Check the boxes next to the alerts that you want to receive.

That's it!

You will now get RSI alerts via the methods that you selected in the settings.

It's best to download the mobile app to your phone or tablet, and use the Notify on app option.

That way, you can get alerts anywhere.

TradingView RSI Alerts Alternative

TradingView is a paid platform and may not be within the budget of all traders.

So if you don't want to pay for TradingView, then luckily there are some alternatives.

My favorite alternative is MetaTrader.

It's free to download and it's a solid piece of software.

The downside is that you cannot get RSI alerts on the stock version of MetaTrader.

However, we have created custom indicators that will send RSI alerts to your phone, email or your computer. 

You only have to pay a small price for them once, unlike the monthly recurring charge of TradingView. The only downside is that you have to leave your computer on all the time to get alerts.

If that works for you, then see our MetaTrader RSI alert indicators here.

Trading Strategies that Use RSI

There are several strategies that use the RSI indicator as it's primary indicator.

You may have your favorite already, but here are some ideas that you may want to explore in backtesting.

• RSI divergence
• 50 line crossover
• RSI overbought/oversold 
• Connors RSI 2

Final Thoughts

With our busy lives, it can be easy to miss trading signals on the RSI.

Setting up an alert in TradingView will ensure that you don't miss any of them.

If you want to learn the specifics of RSI, read this post.

The post How to Setup RSI Alerts on TradingView appeared first on Trading Heroes.

I've been using TradingView for awhile now and I love it. Watch this video to learn why I think it's so much better than MT4.

One of the features that I use a lot is TradingView flagged symbols. They are those little colored tags that you can add next to the symbols in your watchlist.

I'm going to be using it with Forex pairs in this post, but you can do the same thing with stocks, futures, CFDs, cryptocurrencies indexes and economic indicators.

If you don't want to watch the video, the text version is provided below.

Color Code and Meanings

Here's what I use the colors for. They make it very easy to see which pairs I have to check, journal and trade.

I can see the status of my whole list, at a glance.

• Red: Trades I missed. You can learn why I feel it's important to journal missed trades here.
• Orange: Trades that are close to setting up
• Green: Open trades
• Purple: Trades I'm watching, but aren't close to setting up yet
• Blue: Trades that should be journaled

Obviously you can use the colors in any way you see fit, but I just wanted to give you some ideas. You might only need to use 3 colors and that's great too.

Using the Filters

TradingView also makes it easy to filter your watchlist by flag color.

For example, if I only want to watch the pairs in which I'm close to executing a trade, I'll filter my watchlist to only see the orange flags.

When I sit down to journal, I'll filter the blue and red flags and add those trades to my trading journal.

Conclusion

So that's how you use TradingView Flagged Symbols.

They are an easy way to see the status of each of your charts, at a glance. TradingView does a really good job of making their platform super user friendly and this is a perfect example of how they listen to their users and implement elegant solutions.

The post How to Optimize TradingView Flagged Symbols appeared first on Trading Heroes.

MetaTrader and TradingView have made it easy to create alerts based on price levels, indicators or trading strategies.

But there is one problem with these alert systems…

They can only send an alert to one app or email address at a time.

This doesn't help if you want to get your alerts on multiple devices or if you want to send the same alert to multiple traders.

Luckily there is an easy way to do this. In this post, I'll show you exactly how to send an alert to multiple devices that run:

• macOS
• Windows
• iOS
• Android
• Linux

You can send an alert to as many traders as you want and you can control who gets the alerts.

…and the best part is that this can be done for free.

Who This Method is For

This method could be for you if you need to send your trading alerts to multiple devices, multiple traders or a device that is not covered by Metatrader or TradingView.

Downsides of This Method

Since this method has several moving parts, there's always the possibility of failure at one of the steps.

In my experience, this method has been very robust. But services do occasionally go down.

In addition, since you are relaying trading signals, there could be a delay in the signal. I've found that the signal speed is often very good.

But it may not be suitable for daytrading or scalping strategies.

How to Setup this Alert Distribution Method

You will need to sign up for 4 services, all of them can be used for free:

1. Metatrader or TradingView
2. Gmail
3. IFTTT
4. Slack

You will probably want to sign up for a new Gmail account so you don't have tons of emails in your personal account.

On top of that, it's not a good idea to give too many services access to your personal email account.

Step 1: Install Your Alerts

Start by installing the software that will send your alerts. This could be an Expert Advisor (EA), or alert indicator…whatever works best for you.

You can see all of our trading alert products here.

Step 2: Setup Alerts in Metatrader or TradingView

Now you will need to setup Metatrader or TradingView to send email alerts to your Gmail account. It's much easier to setup TradingView alerts, so I would recommend using TradingView.

The only downside is with TradingView is that there aren't as many alert indicators and EAs available.

Metatrader has many more free and paid alert indicators available, so if you cannot get a TradingView alert solution, then you will have to go with Metatrader.

• You can get the instructions for setting up TradingView alerts here.
• The Metatrader alert setup instructions are here.

Step 3: Setup Labels in Gmail

Next, login to your Gmail account and create new labels. This will help you separate each of your trading alerts.

If you only have one alert, then you can skip this step.

Create a new label for each of the alerts that you use.

Then create a filter to label each of the alert emails. The filter that you create will depend on the information that your alert sends you.

Most of the time, the easiest way to label each email is by filtering by keywords in the email subject line.

I recommend using Gmail because it is the fastest and most reliable.

Email providers like Yahoo are notorious for delays and sometimes losing emails altogether.

Step 4: Use an IFTTT Applet to Bridge Gmail and Slack

Then connect your Gmail account and Slack channel to IFTTT.

Use this applet to send an email from Gmail to the Slack channel of your choice.

I recommend setting up a new Slack channel for each type of alert. Doing this makes it easier to reference alerts later.

Step 5: Login to Slack via Browser or Mobile App

Finally, login to Slack on the device of your choice.

You can login on a browser and activate browser alerts on a laptop or desktop computer.

Download the Slack app on Android or iOS if you want to get the same alerts on your mobile devices.

That's it!

You can now add people to your Slack channel if you want them to get your alerts.

Conclusion

Before you decide to use this method in a live trading environment, be sure to test it for at least a couple of weeks.

It takes a bit of time to set it up and test it, but once you get it running, I have found it to be very reliable.

The post How to Broadcast Alerts to Multiple Traders From MT4, MT5 and TradingView appeared first on Trading Heroes.

If you prefer the text version, it's provided below the video.

Getting Started with Volume Profile

What's up traders, this is Hugh and in this video I'm going to show you how to put Volume Profile onto your charts and why you might want to use it.

Okay, so this is TradingView. I'm looking at the other screen, so forgive me if I'm not looking directly at you. Here is my Volume Profile indicator and this comes with TradingView. I think it's only available with the paid version, but it's a really handy tool because you can see where the most volume has occurred on a chart.

And that's important information because you want to know where you might run into some issues if you're looking at the charts, what price points you're going to run into those issues and where the buying or the selling pressure might be coming from.

Volume Profile vs Regular Volume

So let's take a look at some examples. First of all, I've put the regular volume down here at the bottom. As you can see, it can be a little tough to read this because you have to go candle by candle and you have to really dig into what each candle is telling you.

Whereas Volume Profile is just one line and you can also make it multiple lines, like some people do. So you can show Volume Profile like this and this will show you the levels at which there was the most volume.

So I haven't set it so that it shows me the volume on the candles that are only on the candles that are displayed right now. So as you can see, there's a bunch of volume here and this is the highest volume level.

There's a bunch of here. And then down here around this level is where you're going to see the most volume in this area. So this is really useful information. I only look at the highest volume level because I don't want my charts cluttered up with all this other stuff.

But it's useful to see the volume at all levels. And as you can see, this level is the second highest volume level on this chart. So there's a good chance that there's going to be a turning point.

How Do You Use Volume Profile to Trade?

I don't use it as a rule specifically per se, but I do use it as a guideline to show me where price might turn or where the profit targets might be. So for example, with this Volume Profile right now, I'm actually looking for a short here.

If I do end up taking a short, then I'm going to look for this Volume Profile level as the, as well a little bit above it. But I'm going to sit that as my limit as to how far price could go.

So I'll probably set my take profit a little bit higher than that. And if you are looking for something that's above the level or below level, let's see if I have an example here. So for example, if I move this chart backwards, it will show me the change in Volume Profile level.

Okay, so here, there's a big Volume Profile level here. So if, if you were looking for a long right here, it really helps to know that there was a lot of volume below your level. So you have some confidence to take the trade because a lot of trades have happened here, so there's a good chance that it'll push it out. Right? On the flip side, if you see a volume level really, really close to where you want to take a trade, for example, let's see if we can find one here. Let's scroll back and see, okay, here's a, I think this is a good example right here.

If the Volume Profile is exactly at your level or maybe a little bit below, then you might be in trouble. If you wanted to take a short here and if you had the highest Volume Profile level right there, then that might tell you, maybe you shouldn't be taking that trade because you're going to run into a bunch of volume and you never know what's going to happen at that point.

So if we put the profile back on there, we can see that yes, that is the highest volume level followed by this level down here. It might not be a good trade level, but again, it's just a guidelines. So it's up to you if you want to actually take the trade or not.

If I scroll back a little bit more, like I said, does it help? It helps to zoom out so you can also see the key levels around price and when you zoom in and out like this, you can get a good idea of where the big volume is and you can trade accordingly.

Conclusion

So try it out, backtest it with Bar Replay and see how it works for you. I just use it as a guideline, but maybe you can use it as a specific training program or a trading system.

All right, thanks for watching.

To learn more about TradingView's Volume Profile indicator go here.

Disclaimer: Some links on this page are affiliate links. We do make a commission if you purchase through these links, but it does not cost you anything extra and we only promote products and services that we wholeheartedly believe in. TradingHeroes.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com.

The post How to Setup and Trade with Volume Profile appeared first on Trading Heroes.

I'll admit it…

I'm not a fan of trading trendlines. I'll consider them, but I never make a trading decision based solely on them.

They are a little too arbitrary for my taste. Maybe I just haven't tested them enough.

However, many professional traders use trendline breaks as a way to enter trades.

If you trade them too, then this post will show you how to get an alert if price breaks a trendline.

This may seem like it should be simple to do, but it's not a standard feature on older platforms.

So in this post, I'll show you where to find them, how to set them up and how professional traders trade them successfully.

MetaTrader 5

In MT5, you just have to plug in the right indicator. The TrendLine Touch Alert by Ahmed Soliman is the best option out there, at the time this post was written.

MetaTrader 4

It's a similar deal in MT4. The Multi-Trendlines Breakout indicator is your best bet right now.

NinjaTrader

I cringe when I hear the word NinjaTrader. It's the jankiest-ass trading platform I have ever seen. I would not trust it to give me the correct time of day, much less use it to trade real money.

But that's my personal bias.

…and of course, your skills determine your success, not your trading platform.

Professional traders swear by it, so it must work fine. It's also nice that they have a manual backtesting feature built in.

In my research, I found that you just have to add this indicator to get trendline alerts.

TradeStation

TradeStation has been one of the best trading platforms out there, for a long time.

I remember a time when I used to dream about the day that I could afford the TradeStation monthly fee. I even learned a little EasyLanguage.

True to form, TradeStation has a built-in way to add alerts to different chart objects.

You can find the instructions here.

TradingView

TradingView allows you to set trendline break alerts as a standard feature. This is one of the many reasons why I stopped using MetaTrader for Forex trading and switched to TradingView.

Getting alerts with TradingView is easy.

First, draw a trendline on your chart. Then click on the alert icon in the toolbar.

Then set your preferences and click Create.

No plugins to install, no email relays to setup.

It just works.

Try it out here.

Trendline Break Trading Strategies

Getting an alert when price breaks your trendline is great, but how do you actually trade it?

There are probably a hundred possible ways to trade them, but these are the most common ways that I've seen them work in live trading.

Straight Breakout

The first method is to enter a trade as soon as price breaks the trendline.

When you enter right away, you will be able to take advantage of big moves that don't retrace. On the downside, you might have a big stop loss and not be able to get your minimum R-multiple out of the trade.

Breakout Retouch

If you need a little more confirmation, then wait for a retouch of the trendline.

This is one of Betatrader's bread and butter setups. It has helped him go from beginner to money manager…all from home.

Walter also uses this setup. He has many different entries, but this is one that he looks for frequently.

The advantage of this entry is that you get a bit more confirmation and you can possibly set a tighter stop loss. Of course, the downside is that some trades may leave the station without you.

Conclusion

As always, remember to backtest any trendline break strategy. Never take my word for it that it works.

When you find a strategy that works for you, then setting up trendline break alerts can prevent you from missing good trades. Using these tools allows you to step away from the charts and not worry about missing trades.

Do you have any alternatives to the solutions above? Leave a comment below and let us know…

Disclaimer: Some links on this page are affiliate links. We do make a commission if you purchase through these links, but it does not cost you anything extra and we only promote products and services that we wholeheartedly believe in. TradingHeroes.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com.

The post How to Get Trendline Break Alerts appeared first on Trading Heroes.