Some of the BinaryScore team have used TradingView for charting for years and we frequently recommend them throughout the site. TradingView has been around for a couple years and is an online cloud based charting software package. We even know a number of professional traders who have given up paying $2000-3000 per month for their Bloomberg and Thompson Reuters terminals to use TradingView.
TradingView Software Features
Available in multiple languages, TradingView offers a wide selection of chart types (bar, candle, line, point & figure etc.), various asset classes including forex, stocks and futures, indicators and advanced charting tools. While there is a Pro Version, most of the charting features for forex are available when you signup for free.
TradingView has become so much more than just a charting package, it is now an active online community with over 700,000 traders posting ideas, trade setups and market analysis 24/7. With a very large number of forex and short term traders in the community, having too many trading ideas is often the problem.
TradingView: Community trade ideas 24/7
One feature we frequently use is the price alerts. You can set these up to receive an email notification whenever the price moves through a certain level or breaks through a trend line you have set.
Part time traders or those trading for a hobby will find this most useful as it allows them to do their preparation in advance and only be notified when they need to place the trade.
And with most of the binary option brokers having smartphone apps, never again will you miss a trade because you were at the gym or even out on a romantic date!
The side toolbar also features a news and data release calendar which covers the most important events (and opportunities) in markets each week.
For those who are more sophisticated or just want to experiment, there is a library of 100s of technical indicators (MACD, RSI, Moving Average, Momentum etc.) which you can add to your charts.
TradingView: Library of Technical Indicators
TradingView Chart Strategy Example
Although there a hundreds of indicators and studies available to help you plan your trading, we stick to the basics and trade simple short term chart patterns. To give an example, below you can see the 5 minute chart in Gold, there are three common trades we will often make in this instance:
- Sell up near resistance (fakeout level)
- Sell the retest after a breakdown or breakout
- Trade the momentum on the breakout
Trading Gold short term with binary options
The PRO version of TradingView costs $19.95 a month but most of the features are available when you sign up for a free account.
Also, if you haven’t yet chosen a binary options broker, you can read detailed reviews and see our most recommended brokers here.