TradingView indicators are a great way to inform trading decisions and analyze the trading markets. However, are you using it in an effective way? If you do not know the vital techniques for using trading view indicators effectively, this article is for you.
Moreover, TradingView is a popular online platform that provides advanced charting and analysis tools for various financial markets, including stocks, cryptocurrencies, forex, and commodities. The platform allows users to customize and apply a wide range of technical indicators to price charts. There are a lot of free indicators on TradingView that you can leverage.
This article will discuss some of the important Tradingview indicators and how to use them effectively. Without further ado, let’s dive into it.
Best Way to Use Technical TradingView Indicators
Do Multiple Time Frames Analysis
It is indispensable for every trade to do multiple time frame analyses before taking any indicator into use. Furthermore, analyzing preferred indicators on different time frames, such as 15 mins, 30 mins, 45 mins, 1 hour, and more, will give you a wider perspective of your trade. It will help you to make informed trading decisions.
Don’t your Chart Hefty
There is a popular myth in traders’ minds that if they overload their trading chart, it will give them better price prediction of the market. However, that’s not the right way to use TradingView indicators effectively.
Select only two or three indicators before technical analysis on your chart. It will make your chart clean and make it easy to make price predictions of any market. Gemscode has the best free and premium indicators, which we will discuss later in this article.
Customize your Indicator Settings
If you have chosen your desired indicator, you need to adjust its settings. You can adjust the parameters of indicators to better suit the specific market or timeframe you are trading.
Experiment with different settings to find the optimal configuration for market conditions. This will give you a better idea of your indicator.
Volume analysis is an integral part of validating a price move’s strength. Implementing volume alongside indicators provides better insights into the sustainability of a trend. High volume during a trend reinforces its legitimacy, while low volume indicates weakening momentum. This will help you effectively set your indicators.
Capture What Indicator Shows
It is important for your indicator to show you. Implementing indicators is great, but you must understand what they tell you. Gemscode indicators are easy to understand and leverage on Tradingview.
Furthermore, it is also vital for every trader to learn the basic algorithm behind indicators. This way, you will understand your desired indicator well.
Top Indicators on TradingView
TradingView has hundreds of pre-built indicators. However, if you are not satisfied with them, you can also code and develop your own indicator using Pine Script Programming language. Here is a list of the best technical indicators on TradingView:
It is a premium indicator from Gemscode. If you are fed up with a lot of technical analysis and want to save time, then Gemscode 4.01 is for you. This indicator shows different arrows on your chart, which helps you figure out where to open buy and sell orders.
Gemscode Spike Pro – Premium Indicator
Are you having trouble identifying the momentum of a market? If that’s the case, Gemscode Spike Pro is an ideal indicator to check the market momentum.
The Gemscode Spike Indicator stands out as a specialized technical tool designed to gauge momentum in trading. This indicator operates on the principles of momentum analysis, effectively identifying the direction of momentum, spotting potential reversals, and specifically highlighting instances of significant momentum spikes.
Combined Moving Averages + Squeeze & Volume Spikes
It’s a free technical Indicator available, a combination of moving averages, such as SMA, EMA, RMA, WMA, HMA, and VWMA. Moving averages are one of the indicators used most by traders; therefore, incorporating them into one would give a better price reaction to the market. It looks like this:
Numbers such as 10, 50, and 100 are default lengths used by most traders. It is a free indication available on TradingView.
1-Minute Scalping Indicator
It is one of the premium trading view indicators. It is effective across various timeframes, but its primary design is geared towards swiftly entering and exiting positions within one 1-minute.
This indicator consists of Scalp and Swing modes. It helps traders to analyze bullish markets by showing up a green arrow and a red arrow for bearish price action.
There are a lot of indicators on trading, but using them effectively is vital. Making your full of indicators and not learning the background algorithm of an indicator will not allow you to make the right trading decisions. We have described some of the best indicators from Gemscode in the above article. Make sure you check them out!