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Yes, Give it to me

TradingView Review: Why I switched to Tradingview from MT4 

 August 10, 2017

By  Rayner

Finally!

I’ve made the switch to TradingView.

It was a long and deliberate decision, but I’ve finally taken the plunge and switch to TradingView — and it’s the best trading decision I’ve made this year.

Here’s why…

If you have known me long enough, I’ve been a huge fan of MT4 (otherwise known as Metatrader 4). After all, what’s there not to like about it… it’s free, it has many indicators, and it loads fast.

But after using it for years… I realised there are issues that won’t go away and you’ll either have to suck it up or find something else (I’ll explain later).

So in today’s TradingView review, you’ll learn:

Are you ready?

Then let’s get started…

Note: This post contains affiliate links. This means if you sign up with TradingView pro, I’ll earn a referral fee.

Do you face these problems with MT4?

They are:

  1. The flying trendline
  2. You lose all your data if your system crash
  3. You have access to a limited number of markets
  4. You need to re-register your account every 30 days
  5. You have no support

Let me explain…

The flying trendline

If you’ve used MT4 long enough, you’ll realise the trendlines on your chart are as reliable as trying to withdraw your funds from a Forex broker based in Cyprus — you never know if it’s there or not.

Imagine:

You’ve spent hours drawing trendlines on your charts. The next moment, when you got down to the lower timeframe, the same trendline (that you’ve drawn earlier) has shifted by itself… like some voodoo magic taking place.

Now, if your trading approach requires you to use trendlines, then the MT4 platform is not something you’ll want to trade with — especially on a live account.

You lose all your data if your system crash

Here’s the thing:

The MT4 platform must be installed on your local device. This means if your computer crash, there goes everything along with it — and that includes all the settings you have in MT4.

Also, if you want to trade while you’re overseas, it will be a problem because you can’t bring your computer over, right?

Don’t tell me you can trade on your phone, I’ll smack you.

Sure you can use a laptop, but the MT4 settings on your laptop will not be the same as the one on your computer. So you must adjust the settings, re-draw your charts, and plot your indicators again. Ouch.

You have access to a limited number of markets

This statement is biased because MT4 is created for Forex traders. Thus, the markets offered are mainly currency pairs.

However, some brokers may offer CFDs so you can trade indices and some of the popular stocks. But largely, you’re limited to the Forex markets.

So…

If you’re a Trend Follower (like me) who trades across many markets, then MT4 is a severe limitation. You’ll have to open different MT4 brokerage accounts just to access a full spectrum of markets.

And if you’re a stock trader, options trader, or futures trader, don’t bother with MT4 — it’s not for you.

I would say MT4 only makes sense if you’re solely a Forex trader and nothing else.

You need to re-register your MT4 account every 30 days

Here’s the thing:

If you sign up for a live MT4 account, then you can use the platform indefinitely.

But if you’re on a demo then you must register the account every 30 days or you can’t access it anymore.

You’ll get a message popping up every 30 days saying “invalid account” and you need to register your particulars all over again. It gets annoying over time.

And you can’t blame the broker because it’s their way of “kicking” those who are not serious about funding an account and just want to use the platform for free.

So, if you’re like me using multiple MT4 brokers to track many markets, then be prepared to face this issue.

There is no support for MT4

Clearly, there are limitations in the MT4 platform as I’ve mentioned earlier (like the flying trendline, the MACD indicator looks weird, and etc.).

But do you know what the worst thing is?

You’re on your own.

Yup, you read that right.

If you find any issues, problems, or bugs on the MT4 platform, don’t expect it to get resolved —it won’t.

Why?

Because MT4 is a free platform. Who’s going to pay a team of support staff to answer your queries or fix your issues?

Nobody.

So whatever issues you face, just assume it will be there permanently and you must either accept it or move onto something else.

Now…

Those are the biggest issue I’ve faced with MT4 and that’s why I’ve switched to TradingView.

Next, I’ll explain to you how TradingView solved all my problems and what are the benefits of using it…

Why I love TradingView and the benefits of it

The reason is simple.

TradingView solves all the issues I listed earlier.

For example:

It doesn’t have the flying trendline problem on MT4.

It’s based on the cloud you so don’t lose your data even if your computer crash — and it syncs across your computer, laptop, and mobile so you have a smooth experience.

You have access to a huge range of markets like Stocks, Forex, Commodities, Agriculture, Indices, Bonds, Metals, and etc. which is a dream for a Trend Follower like me.

You don’t have to register an account every 30 days because it doesn’t expire (which means you have lifetime access to it).

You have a team of Support that answers your questions and will fix any bugs or issues you come across.

And that’s not all…

TradingView has many useful features that will improve your trading experience.

Now go watch this TradingView tutorial below which will help you master it — in less than 20minutes.

Note: In this TradingView Review, I’m using TradingView Pro (which cost $9.95/month) and some features listed might not be available for the free account.

TradingView Alerts: You don’t have to watch the markets 24/5

If you’re a swing trader or a position trader, you spend most of the time staying on the sidelines — waiting for a trading opportunity.

You’ll usually check your charts every few hours to see if there are any trading setups or not. But sometimes the market may have a sudden “spike” that comes into your level and because you’re away, you end up missing the move.

So, what can you do?

You can use an “alert” to inform you the price has come to your level so you won’t miss a trading setup or spend 24/5 watching the markets.

Here’s how you can do it on TradingView…

  1. Click the “Alert” icon at the top of your page
  2. Set your price level

It looks something like this:

Tradingview review - alerts

Now…

Once you’ve set it up, you’ll be alerted via email when the price comes to your level so you’ll never miss another trading setup — and still, have the freedom to do the things you love.

TradingView offers custom trading indicators — for free

There are many trading indicators out there and sometimes, you have to pay money for indicators to be custom coded.

So…

TradingView developed a programming language called “Pine Script” where users can develop their own custom indicators and upload it to TradingView.

This means you can find almost any trading indicators all in one place — for free!

And unlike MT4 where you’ll have to search forums or websites for custom indicators, TradingView has them all in one place — which saves you plenty of time.

Here’s how you can access it:

  1. Click the “Indicators” button at the top
  2. Select the indicator you want

An example:

Then, you’ll see the different category of indicators. Let me explain…

Built-ins – Popular indicators built into the TradingView platform (like MACD, RSI, Stochastic, and etc.)

Public Library – Custom indicators created by TradingView’s users

Fundamentals – Indicators related to the fundamentals of a company (like earnings, revenue, price to book, and etc.)

You can use relative strength to find high probability trading setups

You’re probably wondering:

“What’s relative strength?”

Relative strength refers to how strong an instrument is relative to its sector (otherwise known as cross-sectional momentum).

For example:

In the currency markets, how strong is the Euro currency relative to the USD, CAD, JPY and etc.?

In the stock markets, how strong is a stock relative to the S&P?

This is useful information because you want to go long on the instrument which is relatively stronger and short the ones which are relatively weaker.

Why?

Because a relatively strong market tends to move further in your favor and have shallower pullbacks. This means your trade have a greater odds of success.

So, here’s how to identify relative strength on Tradingview:

  1. Click on the “Compare” button at the top
  2. Insert the relevant market (sector or index)

An example:

Now, you must compare the correct instrument to its sector (or index).

For example:

If I’m identifying the relative strength of the Euro, then I’ll compare it to EUR/USD, EUR/CAD, EUR/JPY, EURAUD, and etc.

And not compare it with the S&P or the Treasury bonds because is irrelevant to the Euro.

Similarly…

If I want to know how strong the S&P is, then I’ll compare it with the other indices around the world.

Make sense?

Good. Let’s move on…

You can trade with multiple timeframes like a pro

I’m sure you’ll agree with me when I say…

Most charting platforms have default timeframes you can choose from. It’s usually the Daily, 4-hour, 1-hour, 30-mins, 15mins, 5mins, and 1min — and that’s it.

But, what if you want an uncommon timeframe like the 7-hour charts?

Well, you probably need to hire someone to custom code it for you — and that’s if the platform allows it.

Now the good news is…

TradingView allows you to customize the timeframe in any way you want… whether it’s 7-minutes, 7-hours, 7-days, 7 weeks — or even 7 months.

Here’s how to do it:

  1. Click the “Arrow” beside the timeframe panel
  2. Select your desired timeframe

Here’s what I mean:

And wait, that’s not all…

You can also layout the different timeframes (side by side) and see the price action on the different timeframes. This is useful especially for day traders who want to know what the price is currently doing relative to the higher timeframe.

Here’s how to do it:

  1. Select the “dual panel” at the top
  2. Choose your desired chart layout

An example:

Now, you’ll see different options you can choose for your chart. Let me explain…

Link symbol to all charts – This lets you have both charts showing the same market

Link interval to all charts – This lets you have both charts showing the same timeframe

Sync crosshair on all charts – This synchronizes your crosshair across the different timeframes

Track time on all charts – This shows you how the chart on the lower timeframe looks like when you’re pointing your crosshair on a candle (from the higher timeframe chart)

This is insane, right?

Economic calendar at your fingertips so you don’t get caught off guard — and lose a chunk of your capital

Let me ask you…

How often have you got stopped out of a trade because you weren’t aware there’s a news event coming out?

It sucks right, I know.

So do yourself a favour and pay attention to the economic calendar on TradingView.

Here’s how to do it:

  1. Select the “Economic Calendar” button on the right
  2. Click on “Settings” and choose your news preference

An example:

Here are a few things to take note…

High Importance – These are news releases which have a high impact on the financial markets. I suggest you check this box

Medium Importance – These are news releases which have a medium impact on the financial markets. You can uncheck this if you want

Low Importance – These are news releases which have a low impact on the financial markets. You can uncheck this if you want

Finally, you can select the news from the respective countries you want (like USD, EURO, CAD, and etc.).

And that’s not all…

You can also have news events to appear at the bottom of your chart so you’ll not get caught off guard.

Here’s how to do it:

  1. Right-click and select “Properties” on your chart
  2. Go to the “Events & Alerts” Tab
  3. Check the box “Show Economic Events on Chart”

You’ll see something like this:

So…

As the new candles are formed closer to the “events symbol” below, it means the news release is approaching closer.

But there’s a catch…

Here’s the thing:

If you want to use the features I’ve mentioned above, then you must get at least the TradingView pro account.

You might be wondering:

“What about the free account on TradingView?”

Sure, you can use it but it has limitations and comes with annoying popups (every few minutes).

And it’s not their fault because they are running a business and they need cash flow to maintain their software developers, computer servers, technical support, and etc.

Or else…

Who’s going to pay for their research & development?

Who’s going to cover their business expenses?

Who’s going to pay their employees?

Clearly, you can expect to get everything for free — just look what happened to MT4 and you get my point.

Now, let’s move on to my final point…

TradingView Review — Is TradingView for you?

As much as I would like to say you should use TradingView so I can earn some referral fees, that’s not how I roll.

So here are my thoughts on whether you should use TradingView.

TradingView is not for you if:

  1. You’re an options trader
  2. You have low capital
  3. You’re a scalper

Let me explain…

1. You’re an options trader

TradingView is not meant for options trader because they don’t provide market data for options.

2. You have a small trading account

Here’s the thing:

If your account size is less than $1000, then it doesn’t make sense to subscribe to TradingView.

Why?

Because the yearly subscription is $120.

That’s 12% of your trading capital on a $1000 account. This means you need to make 12% a year to break even which puts you at a severe disadvantage. You’re better off using other free trading tools in the meantime.

3. You’re a scalper who trades the order flow of the markets

For a scalper, speed is of the essence because you need to make split second’s decision.

However, TradingView isn’t built for speed unlike some of the other established platforms (like CQG or TT) — so it’s not for you.

Now you’re probably wondering:

“Who should use TradingView?”

TradingView is for you if:

  1. You have a decent account size
  2. You trade in different markets
  3. You’re a swing or position trader

Let me explain…

1. You have a decent account size

Earlier, I mentioned that if you have a $1000 account, it doesn’t make sense to subscribe to TradingView because you need to generate a return of 12%/year to breakeven.

But, if your account is larger (let’s say $5000), then it makes sense since you only need 2.4%/year to breakeven.

2. You trade in different markets

TradingView offers data on Stocks, Futures, Forex, Indices, ETFs, and etc.

So if you trade across many sectors, then TradingView will make your life easier without having to use multiple charting platforms.

3. You’re a swing or position trader

Swing and position traders rely on technical analysis to make their trading decisions. And TradingView offers one of the best charting capabilities out there.

It can be used for day traders as well if speed is not of the essence to you.

Next…

TradingView Plans and Pricing

Now, TradingView comes with three different plans:

  • Pro ($14.95/month)
  • Pro+ ($24.95/month)
  • Premium ($49.95/month)

Note: You get a discount when you sign up for a yearly subscription instead of monthly.

The difference between them is the amount of “bells and whistles” you get.

For example:

The higher-tiered plans allow you to have more indicators on your chart, more historical data, use multiple devices, priority support, etc.

If you want to compare the full difference, then check it out here.

Now you might be thinking:

“So which plan do I go for?”

My suggestion is to go for TradingView Pro because if you want to upgrade, you can do so from your dashboard.

But if you’re on TradingView Premium, it’s not possible to downgrade and you’re stuck with something you don’t want.

So, go with the lowest tier plan and then upgrade (if you wish to).

Pro Tip:

TradingView offers a discount during Black Friday.

And whether you’re a free or paid subscriber, you get access to the same deal (so keep a lookout for it).

TradingView brokers

Here’s the thing:

TradingView started as a charting platform (not a brokerage) so in the early days, you weren’t able to place trades directly on TradingView.

But things are changing as they are integrating their platform with brokers.

So here’s a list of brokers that you can trade with on TradingView:

  • CQG
  • AMP
  • Oanda
  • Forex.com
  • Poloniex
  • iBroker
  • Saxo
  • Tradovate

Bonus TradingView Tips

Now let me share with you 4 TradingView features I use regularly…

1. Highlight the markets of your interest

In the past, I used to go through every market in my watchlist to make sure I don’t miss any trading opportunities.

But I realized it’s a huge waste of time to scan every market because some of them simply don’t present any trading opportunity (at least not in the near future).

So here’s what I did…

Every weekend I’ll do my “homework” and highlight the markets of my interest.

Then I “mark” them on my TradingView watchlist so I don’t miss these opportunities for the coming week.

Here’s how to do it…

  1. Bring your cursor to the symbol in your watchlist
  2. Put the cursor to the left of the symbol and click on it
  3. Select the colour you want and “mark” the symbol

Here’s an example…

This way, you save time as you don’t have to go through every market in your watchlist.

Sweet!

2. Undo your “mistakes” easily

You might not know this but, TradingView allows you to undo your “mistakes” easily.

Just press “CTRL Z” and it will reset the previous action you did.

For example:

If you accidentally shift your Support & Resistance, CTRL Z.

If you add a weird indicator by mistake, CTRL Z.

If you did something wrong but you’re not sure what it is, CTRL Z.

You get my point.

3. Duplicate your drawings easily

This is useful if you want to draw multiple Support & Resistance, Trendlines, Channels, etc.

Here’s how…

  1. Click on the drawing you want
  2. Press CTRL C
  3. Then CTRL V

Tada!

Your drawing duplicated.

4. Bookmark your favourite timeframe

This way, you can switch between timeframes in just a mouse click.

Here’s how…

  1. Click on the timeframe tab
  2. “Star” your favourite timeframe

An example:

And that’s it!

Your favorite timeframe will now appear on the main tab.

Here’s what it looks like…

This is cool stuff, right?

TradingView Review — Conclusion

So, here’s what you’ve learned in this TradingView review:

  • The 5 biggest problems I’ve faced with MT4 that made me abandoned it
  • The benefits and features of TradingView that you’re probably unaware of
  • The downside to TradingView depending how you look at it
  • How to decide if TradingView is right for you

And if you want to try out TradingView, you can sign up for a free trial here.

Now here’s a question for you…

What’s your experience with TradingView?

Leave a comment below and let me know your thoughts.

      • That means for placing order you will still use MT4? I thought you are saying TradingView is a replacement of mt4. But thanks for the info. I also use TradingView for charts.

          • I don’t publicly discuss brokers because in this day and age, we have no idea what goes on behind the scenes.

            If you want a recommendation, drop me an email me and we can discuss it.

          • I would love to know your broker and others you can suggest out there. There is so much talk of fake brokers
            2. From your posts I see you are primarily a forex traders though you also trade other markets. Am I correct

  • Love TradingView but have always only used it to look at charts. Do you link your broker to it and actually use it to trade. And if so, are you aware if thee is a broker that will enable you to trade cryptocurrencies through it?

    Cheers,
    John

  • I too use trading view but it has some limitations. No volume data on forex ( yes I know technical forex doesn’t have it, but the tick data is a good enough substitute and is used for Wycliffe style trading) . Doesn’t have intra day on the live Dow market .

  • Apologies Rayner I signed up with Tradingview on Saturday last week……!

    I really enjoy the platform especially the charts and tools.

    If you can I would appreciate watching your video on chart set up on Tradingview to see if I missed anything.

    Appreciate your weekly videos and website.

    Thank you and Best Regards

    David

  • Not sure I agree with all of your points Rayner as it is quite easy to get a non expiry MT4 demo account with certain brokers even without a live account. You also have easy access to multiple time frames other than the default ones via fairly freely available custom indicators. No doubt about it, MT4 is a little clunky for certain things and I appreciate that Tradingview (TV) is probably a superior charting package with way more bells and whistles, including better remote access etc. I will personally be switching over to MT5 in the near future for my own trading, so not sure how much better that will be compared to MT4 . I will have to get my custom indicators converted to the MT5 language, which I would also have to do with TV. One other concern I have using TV is there seems to be a lack of brokers that allow you to trade directly off their platform. I know Oanda (Europe) was one option, so this may be an issue for some, because at the end of the day you may end up using TV for your analysis but then go to your normal broker to place the actual trades. I’ve seen a few reviews like your recently and the subject of how you actually trade from TV seems to be either skimmed over or missed completely. Cheers.

  • Good review. Been using them for a while but every now and again it gets a little buggy and sometimes when you try and draw a diagonal line across the chart it snaps to horizontal over and over which is a pain.

    My biggest gripe is they dont prove ‘tick data’ chart timeframes and the lowest they go to is 1 minute. For a professional platform its a huge omission. Hopefully, they may add it one day.

  • I appreciate the information you’ve given us about TradingView Rayner. I have a question – my broker does not offer this platform, TradingView, as an option. So must I close my account and then find a broker who will allow me to use TradingView? Or is it possible to use this platform with any broker?

    Regards
    Vincent

    • You can use tradingview charting platform for your analysis if your broker is not connected to tradingview and you can place your trade on your broker Mt4.

  • Hello Rayner

    Good review on Tradingview! As a matter of fact I became a free user a while back. i would like to know though how could I place live trades through the platform? I don’t think that’s possible.

    Tradingview is a good place to plot and, chart and view trends, pullbacks etc to basically execute a well planned strategy, in my opinion. I am not sure live trades can be executed through the platform… or I may be missing the something here.

    Care to clarify?

    I am new to trading; I am learning everything from you, from all your resources you provide.

    Many Thanks for this review!

    Best,
    Roland

  • Hi Rayner and followers,

    I’m using ProRealtime software.
    With a free account you can do lots of technical analysis on many markets with end of day data. This is just what you need if you are a position trader and do not need intraday data.
    I’m pretty satisfied about it.
    Various helpful video tutorials are available at the site home page http://www.prorealtime.com/en/

    Cheers,
    Giorgio

  • Hi Rayner, some questions:

    1. Broker to Broker, the price does differs abit, sometimes more with differences in spread and account type (STP/ECN/MM). And trading view provide feeds only from limited amount of brokers. So the price coming from Tradingview would differ from your broker unless its listed in trading view.

    2. I’m not very well verse with the programming language of tradingview, but I do have some basic knowledge of MQL4. Easy search of forums can results in what I’m looking for, most of the time. Even so, there are paid options for customizable scripts/EA/Indi. Most of the function you mentioned can be done in MT4, including variable timeframe, alarms SMS/email, making important news appear on chart. Question would like to ask can the indicator of tradingview be easily altered, at least easier than Metaeditor? I’m also interested to know if backtesting can be done in tradingview, just like strategy tester in MT4 (has its limitation)?

    On a side note, you can easily sign up for a live account without depositing a single cent to rid of the irritating pop up. The only trade off is providing your some personal info to the broker.

    Thanks!

    Regards,
    Jave

    • Hey Jave

      1. Yes, that’s correct. The price would differ slightly.

      2. They have something called pinescript. I’m not a programmer myself so I can’t comment how easy that is. But I’ve seen many other traders create custom indicators using that language.
      As for backtesting, I don’t know of any automated feature from tradingiview.

      Thanks for sharing!

  • Currently I am using TOS which I think is an excellent program. Was using ninja trader, but didn’t like the account setup with broker. Anyway my question to Rayner is about account size versus the number of lots I guess you will say position size. With a 15K account size what percent would you recommend to risk per trade?

    Thank You
    William

  • I have been using Tradingview for almost 2.5 years and I love it. In addition to what Tuner has described above, I would like to add the following
    1. The TV platform is a knowledge sharing community and has a wealth of information for new traders.
    2. It is very easy to program indicators based on your strategy and evaluate its performance visually on the charts. Any time someone tells me about a new strategy, I simply program it on TV and see if it is worth pursuing further.

    Good luck with your trading.

  • Love TradingView. Not without it’s problems but support always seems to solve them. Have been trying to persuade my broker (IB) to use the site but no luck yet.

  • Thanks for the great review Rayner! I agree that TradingView is a great way to stay up to date with all the different markets. It’s pretty good for mobile charting too, which is always nice when you’re on the go. Thanks again!

  • Been using TV on demo for a year..great platform ..Broker intergration seems to b the biggest issue as ppl want to use the charts to trade from like myself, currently only 2 US brokers avail Oanda and Forex.com..they need to add more Brokers.. btw I am a scalper and i doubled my demo acct in under a year… Trading Forex !

  • Through your email, I signed in for 30-day free trial but how do I know whether I have been signed up?
    No email notification so far
    Regards,
    Tim

    • Hey Roger

      I don’t publicly discuss brokers because in this day and age, we have no idea what goes on behind the scenes.

      If you want a recommendation, drop me an email me and we can discuss it.

  • Hi Rayner

    thanks for very interesting post

    I have question reg. support of tradingview team .
    Where is this button for live chat with them ?
    I tried to contact them but cant do this

    Thanks

    Bat

  • Rayner,

    Thank you for another great post. You’ve done more here to ‘sell’ TradingView than any of their promotional pieces I’ve seen. More importantly is that you accomplished this by simply reviewing the product as a trader talking to other traders. I use the free version presently. I just may have to go Pro, even if I am still a rookie trader. Keep up the good work. It is appreciated.

    Be well,

    Bill

  • Hey Rayner, thanks for the sharing. I have just started using TV as my charting platform as you recomended. there are lot of things to learn about especially the indicators. now i’m having a problem here with the indicators. i lost all the indicators icon on my chart. i think its hidden in somewhere. how to get them back or show the indicator icon on my chart. your help really appriciated.Thanks.

  • Good video, learned something although I’ve been on TV for some time. I trade futures and you should mention you also need a data subscription for that, while I believe FX is data is included. TV also seems to be the choice for those trading Cryptos which you may not find on traditional platforms including altcoins on various exchanges.

  • I’m having bug issues with the TradingView (TV) charts on a live Forex.com account. Anyone else experiencing this, and have any suggestions? :
    1) Trendlines are missing or unmovable. Despite my best efforts to “unlock” everything, “sync” drawing tools, or apply all view options to all timeframes (trendline settings), my trendlines drawn on the Daily chart won’t show up on my H1 chart. If they do, I can click them, delete them, but not move them.
    2) Orders filled with a limit order that contain a SL and TP won’t actually have a SL and TP once triggered. If my limit order gets filled, the newly established TP or SL will error if I try to move them. If I delete them, then re-add a SL and TP to the new order, they work again. Somehow the SL and TP of limit orders are not getting associated with the trade once it gets triggered.

    (Notes: Mac-based, using Chrome browser at webtrading.forex.com . These are TV charts/functionality, but accessed through forex.com, not through tradingview.com. Apparently, this is how forex.com does live trading with TV charts.)

  • Truly the only issue is the flying trendline. But even that if you save the template for each asset, you can almost solve it. The others, most of them are related with your broker not with MT4. 30 days demo account and the number of assets, for example. No support, I can not see as a problem! MT4 is so simple to work. In spite of that I keep prefering cTrader but there are other reasons like partial exists and the risk calculation for example.

  • Hi Raynor

    I’ve been following you for a couple of months now, and I want you to know that I value your teachings. I have a question…

    On tradingview, when I plot the Exp Moving Average from the Indicators tab, and then click on format for one of the MAs and change the Style Scale to “No Scale” or “Left Scale”, the MA lines fluctuate when I move the chart left and right. This does not occur when “Right Scale” is selected. This feature is seriously broken. My faith in the accuracy of the MA Indicators is gone. Or, am I doing something wrong?

    Regards
    Bob

  • Hi if you open an account with Oanda even a demo account you can get things like the 8-hour time frame and most of the pro features for free. its a great program and Oanda have some great features.
    ps, your video’s are pretty good and helpful. many thanks

  • Hi Rayner,

    Nice video you made there, really appreciate it !
    Is trading view linked to any brokers? ie. can I trade directly using trading view?

    Thanks.
    ST

  • All trading platforms have their pros and cons I have used trading view in the past but I prefer my custom indicators on mt4 which are not available on trading view

  • Great review Tao. Keep up the good work.

    I just started using TV. Lots of comparison functions and both charting and scanning are powerful. Very useful for even day trading and scalping, when actual broker account and charts are used for “actual” trading.

    LAGillespie

  • Hi.
    I think the Trendline problem in mt4 can be solved by sticking the start and end of the trend line to a specific point of candles. By the way what’s the problem with withdrawing funds from a broker in Cyprus? I’m new to trading world and got worried about the broker I want to start because itis in Cyprus. Which broker do u suggest? Isit that much bad that I should not risk my money? :*(

    • Hi Hamed

      I don’t publicly discuss brokers because in this day and age, we have no idea what goes on behind the scenes.

      If you want a recommendation, drop me an email me and we can discuss it.

  • in terms of cost, is not or it shouldnt be IMHO, the account size the determining factor in deciding if you can eat that recurring cost

    because that yearly expense shouldnt be paid by your account per se

    that expense should be paid by your profits

    i will get that when i will be comfortable enough with it’s cost, and i think that will happen when ill get an average profit of around +200$ each month

    and MT4 is ok

    ps1 i trade on my broker through mt4 and consequently i dont need to re-register each month since my money are in mt4

    in my experience trading view has 2 advantages over mt4 : ability to set up more timeframes , and the variety of markets to choose from

  • I love TradingView too and I hate Metatrader. However, the biggest problem I have is of market data. For FX, TradingView is only effective for charting if your broker is Oanda, FXCM or Forex.com. Because they only have market data for these three brokers. If you have a different broker than it won’t be as effective. For example, if I have located a support level on Tradingview with FXCM data, I can’t put a limit level trade on any other broker with the exact same level because support might be a little different (a few pips up or down) and it is. I have even checked. I would love to make the permanent switch to Tradingview for charting and only using my broker to enter limit orders but it won’t work until the data on Tradingview is the same as the data on my broker.

  • Actually, you can use the template functions with Mt4 to save your preferred indicators, color etc. I have 3 and use according to what time frame I’m looking at, its quite simple to swap.

    Mt4 also has an alert feature.

    Mt4 doesn’t crash for me…..touch wood.

    I get good support from my broker should I have a question.

    I’ve got an open mind and will check out trading view, but…….I’ll remind everyone of the saying….”if it aint broke, why fix it…….to me its more important to be comfortable with what you use and not go changing things just for the fun of it.

    Oh, I’m a fourex trader only, maybe this is why I don’t really see the need to change.

  • There’s another major limitation to Trading View – it doesn’t handle price based bars like Renko properly. If you use candles you’ll be OK, otherwise forget it – I reported Renko bugs years ago and they’ve still not been fixed.

  • Hi Rayner, it’s amazing you actually replied every single comment. Thanks for sharing, I tried 30-days and it’s awesome. But until I can afford it for charting purposes only for forex, only I will commit a yearly fees which is quite substantial for my account size, which you pointed it fairly and right.

  • Great Stuff Raynor
    I will give trading View a Go

    What about placing orders with it?
    Does it give you stoploss, pips,Risk/reward ratios etc. when you place an order?

  • Trading view is not effective for screening or scanning of stock. I use TC2000 because it offers PCF which is very useful for effective scanning.

  • Hello Rayner! Hope all is good.

    I am testing tradingview, but I am using a free account. So, since I mainly trade futures, the first thing I did was to load a SPX chart, but the data is incomplete. The chart starts at 13:00 or so and finishes at 19:00. It does not show 24h data, not even the morning period. Same thing when you load a total put call ratio chart (CBOE).

    Do you know if this is a limitation of the free account? Can you check if the SPX loads the whole 24h data in your account, so I can go ahead and purchase a subscription.

    Thanks a lot!

  • I have had a TV Pro account for quite some time. The only thing is the limited amount of data for back testing and that’s where NT8 comes in handy. Both of my brokers support TV so it was a no brained for me to go with from day one.

  • You forgot renko charts!

    TV allows you to switch between candle and renko charts in one click.

    Winner!

    Thanks for the review Rayner, I signed up just over a week back and will surely find it hard to go back to MT4.

    I have my own trading bot that does position trading for me and thats still running on MT4, just need to work on getting that coded for TV.

  • Hello Teo,
    Thank you for the great information. I like the platform as well. Do you use them to trade with or just charting. What brokers are available if we want to trade through their charts?

  • So lets debunk some of these drawbacks of mt4.

    1. Flying trend line. This has to do with how mt4 draws it’s charts making it seem like the trend line has shifted, but it has not. Draw a trend line on a higher time frame, e.g. 4H, then note a few points along the line. Say both ends and a few points in between. You will see the ends are still at the same price and it is still drawn over the same price points in between the ends. So this is just visual, it’s not actually shifting around.

    2. You can save all charts in something called a template. These files can then be copied just like any other file. So save them to a usb, dropbox, whatever. Then if you system crashes, just reload your templates.

    3. This is dependent on your broker not mt4. If your broker only offers eurusd, it will still only offer eurusd if you switch to Tradingview from mt4.

    4. On demo yes, but you can sign up with meta trader themselves and get a sort of quasi live account(can’t trade with it) and that account is valid all time. Besides there is nothing stopping you from viewing multiple charts on your brokers live account even if you only trade 1 instrument.

    5. This is true. Meta trader 4 has no support any more. This is a big issue actually since most custom indicators, bots, etc etc are using mql4 but mt5 uses mql5 and there is no easy way to port. But if you are using custom code in mt4 you won’t be getting that in a switch to Tradingview either.

    6. Alerts. They exist in mt4 as well.

    • “You will see the ends are still at the same price and it is still drawn over the same price points in between the ends.” I forgot a few wrods 😀 it should be = If you switch to a lower time frame e.g. 5 minute you will see the ends are still at the same price and it is still drawn over the same price points in between the ends.

  • I haven’t tried Trading View yet, but MT4 works very well for me. Most of the complaints listed are non issues.
    The flying trend line can be bothersome when moving between time frames, which I do a lot of. However, my biggest complaint is not being able to issue stop limit orders to open a position. Currently, any stop order automatically becomes a market order. They supposedly corrected this with MT5, but I have never seen it offered on any brokerage.

    Live accounts never expire. Only demo accounts need to be refreshed every 30 days.

    If you’re afraid of losing your data, back it up. Personally, I don’t really care that much. It’s just a bunch of lines on a chart. I draw and redraw these things all the time.

    What you have available to trade is limited by your broker, not by MT4.

    Forex brokers that I know of don’t offer stock trading, but my regular brokerage, TD Ameritrade/ThinkorSwim does offer Forex trading. I just prefer trading Forex with the MT4 platform on a dedicated Forex account and keeping my stock market/options trading separate. They’re completely different types of trading and I consider the balance in my trading accounts as a catastrophic risk management tool. I can never lose more than I have in the account.
    Allocating money between several accounts based on an assumption of risk has kept me alive through many mistakes and all my learning to trade.

  • Hey Rayner, Awesome post always! How you execute your order? In the tradingview or MT4. TW supports few brokers only. How do you handle that?

  • Hey Rayner, great article! Few concerns :
    1. Do I need to have a broker to access and trade via trading view platform? If yes then which broker can I get with swap free fee account? If not then does trading view provide swap free fee accounts for Muslim (my religion) traders?
    2. Can u register to tradingview platform of being your refferal so if anything goes wrong I have your back?

  • TradingView provides limited of indicators per chart. Even for a Pro account you only allow to have a max of indicators. Also the multi-screener restricted to 2 screens. Yes, that is the trick for TradingView getting you to subscribe their Pro Plus sub – a lot more money, plus increment amount for each real time data…. while MT4 is FREE!

  • Hey, Rayner
    Congrats for the review.

    One question: i´m using TV to chart ES (mini SP), but don´t know how to chart just Regular Trading Hours (it only shows 24h). It makes difference in my system. I have already asked to support, bu no answer. Could you helpe me?

  • Thank you very much sir, this is the first time am coming across to this information.however, it is quite interesting to learn it and i will it a food for thought.Thanks.

  • bagus dan menjimatkan masa, buat masa sekarang saya percubuaan dan sedikit masa lagi ingin cuba yang Pro, terima kasih rayner

  • Rayner you have to know that a revolutionary platform known as C-Trader has already hit the market and its a big match for the Tradingview as a forex trader its superb light and it has cloud features.

  • Hey Rayner, in the EU you are no longer allowed to trade via tradingview, although you can use the charts.

    Also, the charts and indicators are almost the same as Oanda, so I’d recommend having an Oanda FX Trade account where the charts are free.

  • Rayner,
    Been following you for sometime, im still new in Forex and my my startup is 1k.
    As Tradingview need a yearly fee,
    is there any suggestion on free trading platform, how is MT4 vs MT5 vs cTrader?

  • I eagerly waits for your email, either it is trading tips or other tips, your explanation is as easy as, even LKG kid can understand.

  • I’ve been using TV for a while and it is superb, EXCEPT FOR ONE THING: If you pay an annual subscription for Pro+ and want to upgrade to Premium, you cannot do it. Instead you have to pay full price for premium, and they keep the money you paid for your Pro+ subscription. This is highly unethical. And TV gets by with this because they are the #1 online charting service, and they know it. So in effect they don’t care whether or not you like what they do. SO, BE CAREFUL which subscription you choose, and I recommend paying month-to-month when you first join until you know which subscription you will want.

  • the charts I use look just the same as the charts from TradingView, same indicators, same tools, etc., so I suppose other compagnies are using these charts aswell

  • You left out the most important thing on TradingView: if your indicator relies on any realtime data (such as current bar close, high, low or volume, or use the much-hyped “label” drawings which rely on realtime bar info to be drawn), alerts set on it will randomly misfire. When you save an alert, it is stored on a different server than your live chart, on which repainting indicators are calculated differently, and can arbitrarily change without you knowing. So even if you never touch the indicator again, the indicator on the chart may have nothing at all to do with when the alert fires. If you contact support and ask them yourself, they will tell you “we do not recommend setting alerts on those types of scripts”, making alerts almost 100% useless since you can only reliably base them on past data. I guess if you want to get an alert about what happened yesterday or an hour ago it could be useful.

  • Hello! Thanks for all the info.

    Do you know if it is possible to adjust the time frame like this: first candlestick from 9:30 to 10:00 and the rest to one-hour candlesticks? The default does exactly opposite: 9:30 to 10:30 and the last one is half an hour.

    Thanks in advance for your feedback!

  • Very well. Thanks Rayner! But is your broker already in TradingView or are you doing your analysis there and then make the trade elsewhere? I had a difficult time to find a TV broker providing commodities and crypto.

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