Technical analysis is a trading discipline used to identify trading opportunities and analyse trade ideas by evaluating statistical trends like volume and price movements. It allows you to analyse trends, charts and other data to make decisions regarding buying and selling securities.
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With the rise of fintech, it has become easier for traders and investors to access tools and resources to help them with their analysis. Tradingview is one such popular resource that provides real-time data, charting tools, and other features to enable technical analysis. But can you use TradingView free for technical analysis? Let’s find out.
How to Use TradingView Free for Technical Analysis?
The answer is YES! You can use TradingView free for technical analysis without connecting it to any broker. Although, if you intend to place trades directly from TradingView, it makes sense to connect it with a supported and advanced broker like Dhan. Here is how to use TradingView for technical analysis.
1. Use Screeners
The screener is one of the most powerful tools on TradingView. It is capable of filtering symbols such as cryptos, currencies and stocks based on certain technical and fundamental concepts. This feature can help you quickly find securities that match specific criteria based on various technical indicators.
2. Monitor Trends
Monitoring market trends is an essential aspect of technical analysis, as you can mould your online intraday trading behaviour to match a certain trend. TradingView provides real-time market data that can be used to monitor price or volume-based trends to identify potential trade opportunities. You can set alerts to receive notifications when market conditions change for quick decision-making.
3. Utilise Technical Indicators
The platform offers a wide range of technical indicators that can be used to analyse past market trends and predict the future movement of a specific security. Some of the popular indicators available on TradingView include moving averages, Bollinger bands, MACD, and RSI.
4. Interpret Charts
TradingView allows you to create custom charts using various technical indicators and tools. You can analyze and compare different securities using different charts such as candlestick, Renko and Heikin-Ashi charts to represent market data in different ways, making it easier to spot trends and patterns.
5. Backtest Strategy
Backtesting your trading idea or strategy using past data is at the core of technical analysis. TradingView offers a backtesting feature that enables you to test your trading strategies using historical market data from multiple time frames.
You can use this feature to evaluate the performance of your strategies and make adjustments as needed. Dhan provides direct access to Trading for free so that you can perform trade analysis and place your orders all in one place.
Conclusion
You can use TradingView free for technical analysis using the plethora of tools, charts and features it offers. You can use screeners to identify opportunities, monitor market trends, utilise technical indicators, create custom charts and even backtest your strategies using past data. Dhan provides a flawless integration with TradingView right from its platform, so you can analyse and trade faster!
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