ChartIQ vs TradingView: A Comparison for Zerodha Traders
ChartIQ and Tradingview are two of the most popular charting tools used by traders across the globe. They provide a range of features and functionalities that help traders perform technical analysis and make informed trading decisions. In this article, we will compare ChartIQ and TradingView in the context of Zerodha, one of India's leading discount brokers.
Zerodha is a popular choice among Indian traders due to its low brokerage fees and user-friendly trading platforms. It offers two charting tools - ChartIQ and TradingView - that traders can use to perform technical analysis. While both tools offer a range of features and functionalities, there are some key differences between them that traders should be aware of. In this article, we will compare ChartIQ and TradingView based on various parameters such as user interface, charting tools, technical indicators, pricing, and community support.
Key Takeaways
- ChartIQ and TradingView are two popular charting tools used by traders on Zerodha.
- ChartIQ and TradingView have different user interfaces, charting tools, technical indicators, and pricing models.
- Traders should choose the charting tool that best suits their trading style and needs.
Overview of ChartIQ and TradingView
ChartIQ and TradingView are two popular charting platforms that traders use to analyze financial markets. Both of these platforms offer a wide range of features and tools that help traders make informed trading decisions. However, there are some differences between the two platforms that traders should be aware of.
ChartIQ is a charting platform that is designed on HTML5, providing a seamless and responsive user experience. It provides various layout options, a diverse range of indicators, and flexible drawing tools. Notably, users can set custom timeframes, and it supports on-chart trade execution. ChartIQ is the default charting engine on Kite, the trading platform of Zerodha.
TradingView, on the other hand, is a web-based charting platform that offers a wide range of features and tools for traders. It provides real-time data on a wide range of financial instruments and markets, including stocks, forex, and cryptocurrencies. TradingView allows traders to create custom indicators, set alerts, and share their analysis with other traders. It also offers a social trading platform where traders can follow and copy the trades of other traders.
In terms of pricing, ChartIQ is available for free on Kite, while TradingView offers a range of subscription plans with different features and pricing options. TradingView also offers a free version with limited features and functionality.
Overall, both ChartIQ and TradingView are powerful charting platforms that offer a wide range of features and tools for traders. Traders should choose the platform that best suits their trading style, preferences, and needs.
Integration with Zerodha
Both ChartIQ and TradingView are integrated with Zerodha, a popular Indian online brokerage firm. Zerodha offers ChartIQ as the default charting engine on its trading platform, Kite. However, users can switch to TradingView v1.0 or v2.0 if they prefer.
ChartIQ 8 (Beta) offers shortcut keys for various functions, allowing users to navigate the charts more efficiently. Custom timeframes are also available, enabling users to analyze charts with candles of custom time frames such as 7 minutes, 125 minutes, etc.
On the other hand, TradingView offers a broader range of technical analysis tools and indicators, making it a popular choice among traders. It also offers a social community where users can share and discuss trading ideas with other traders.
While both ChartIQ and TradingView are integrated with Zerodha, TradingView appears to be more popular among traders due to its comprehensive set of features and tools. However, ChartIQ's custom timeframes and shortcut keys make it a viable option for traders who prefer a simpler and more streamlined charting experience.
Overall, the choice between ChartIQ and TradingView ultimately depends on the individual trader's preferences and trading style.
User Interface Comparison
The user interface is one of the most important aspects of any charting tool, and it can make or break the user experience. ChartIQ and TradingView both have intuitive interfaces that are easy to navigate, but there are some differences between the two.
ChartIQ has a more minimalist interface, with fewer buttons and options visible at any given time. This can be an advantage for traders who prefer a clean and simple layout, but it may also be a disadvantage for those who need more advanced features and tools. The interface is customizable, however, so users can add or remove tools as needed.
TradingView, on the other hand, has a more complex interface with a wider range of tools and options. The interface is highly customizable, with users able to add or remove tools, change the layout, and adjust the size and position of various elements. This can be an advantage for traders who need a lot of flexibility and customization options, but it may also be overwhelming for beginners.
Both ChartIQ and TradingView offer a range of chart types, including candlestick, line, and bar charts. ChartIQ is known for its accuracy in candlestick charts, while TradingView offers a wider range of chart types, including Renko and Kagi charts.
In terms of ease of use, ChartIQ is generally considered to be more user-friendly for beginners, while TradingView may require more time and effort to learn. However, once users become familiar with the interface, both tools offer a high level of functionality and flexibility.
Charting Tools and Functionalities
Both ChartIQ and TradingView offer a range of charting tools and functionalities that are essential for technical analysis. Here are some of the key features of both platforms:
ChartIQ in Zerodha
ChartIQ offers a range of chart types, including candlestick, bar, and line charts. It also provides a variety of charting tools such as trend lines, Fibonacci retracements, and support and resistance levels. ChartIQ also has a unique feature called "Annotations," which allows traders to draw custom shapes and text on the chart.
Additionally, ChartIQ offers a range of technical indicators such as moving averages, Bollinger Bands, and MACD. It also has a "Compare" feature that allows traders to compare the performance of different stocks or indices.
TradingView in Zerodha
TradingView offers a wide range of charting tools and functionalities, including a variety of chart types, technical indicators, and drawing tools. It also provides real-time data on various markets, including stocks, futures, and cryptocurrencies.
TradingView's charting tools include trend lines, Fibonacci retracements, and support and resistance levels. It also offers a wide range of technical indicators such as moving averages, RSI, and MACD.
Moreover, TradingView has a unique feature called "Social Trading," which allows traders to share their ideas and analysis with the TradingView community. This feature can be useful for novice traders who are looking to learn from experienced traders.
Overall, both ChartIQ and TradingView offer a range of charting tools and functionalities that are essential for technical analysis. However, traders may prefer one platform over the other based on their individual needs and preferences.
Technical Indicators and Analysis
Both ChartIQ and TradingView offer a wide range of technical indicators for traders to use in their analysis. However, there are some differences between the two platforms when it comes to the availability of certain indicators.
ChartIQ offers a variety of technical indicators, including Moving Averages, Bollinger Bands, MACD, RSI, and Fibonacci retracements. It also offers some unique indicators such as Projected Aggregate Volume, Projected Volume at Time, and Volatility Projection Cone. These indicators can be used to help traders identify trends, momentum, and potential price targets.
On the other hand, TradingView offers a much larger selection of technical indicators, with over 100 available for use. These include popular indicators such as Ichimoku Cloud, Stochastic Oscillator, and Relative Vigor Index, as well as less common indicators like the Chande Momentum Oscillator and the Elder Ray Index.
In terms of analysis tools, both ChartIQ and TradingView offer a range of drawing tools, including trendlines, channels, and Fibonacci retracements. They also both offer the ability to overlay multiple indicators on a single chart, allowing traders to compare different indicators and identify potential trading opportunities.
Overall, while both ChartIQ and TradingView offer a solid selection of technical indicators and analysis tools, TradingView's larger selection gives it an edge in this area. However, traders should consider their specific needs and preferences when choosing between the two platforms.
Switching Chart Types on Zerodha Kite
How do I change my ChartIQ to TradingView? Many new users have this doubt. Kite offers multiple advanced charting options for traders to analyze the markets. The default chart on Kite is provided by ChartIQ. However, users can change to other chart types like TradingView version 1 or the newer TradingView version 2.
On Kite Web Platform:
- Select the user profile icon located in the top right corner.
- In the dropdown menu, click on "My Profile"
This will open the Profile page. Click on "TradingView" option under General Settings.
Here you can select your preferred choice - ChartIQ, TradingView 1.0, or TradingView 2.0
Click Save changes. Now the charts will update to your selected chart type.
On Kite Mobile App:
- Tap on the User ID menu at bottom right corner
- Go to "Settings"
- Under settings, select the "TradingView" option
Choose your desired chart type: ChartIQ, TradingView 1.0 or TradingView 2.0
Your app charts will now reflect the updated chart type.
So in just a few easy steps on web or mobile, Kite users can toggle between ChartIQ, TradingView 1.0 or 2.0 charts based on their analysis needs.
Frequently Asked Questions
This post first appeared on Teqmo Charts Share Market Malayalam, please read the originial post: here
