• Thu. Apr 18th, 2024

TradingView vs. Thinkorswim: Which Charting Platform is Right for You?

Byadmin

Oct 28, 2023
TradingView
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TradingView Scripts is a powerful tool that allows you to automate your trading. Scripts allow you to generate trading signals, open and close trades, and manage your portfolio. Check more on demat and trading account here.

Benefits of Using TradingView Scripts

There are many benefits to using Trading View scripts to automate your trading, including:

Consistency: Scripts can help you negotiate more consistently by removing human emotion from the negotiation process. Precision: Scripts can help you enter and exit trades with more precision using predefined rules. Discipline: Scripts can help you stay disciplined in your trading strategy, preventing you from making impulsive decisions.Efficiency: Using scripts can save you time and effort by automating repetitive tasks. Creating Trading View scripts

Trading View scripts are written in the Pine scripting language. Pine is a powerful language that allows you to create complex trading strategies. Check more on demat and trading accounts here.

To create a TradingView script, simply click on the Script tab and then click the Create New button. This will open the Pine editor. Once the Pine editor is open, you can start writing your script. Pine is a relatively easy language to learn and there are many resources available online to help you get started.

Example TradingView script

Here are some examples of TradingView scripts.

Moving Average Crossover: This script generates trading signals when the short-term moving average crosses above or below the long-term moving average.

Support and Resistance Breaks: This script generates trading signals when price breaks above or below support or resistance levels.

RSI Overbought/Oversold: This script generates trading signals when the RSI indicator reaches an overbought or oversold level.

MACD Crossover: This script generates a trading signal when the MACD indicator crosses above or below the signal line.

VWAP Crossover: This script generates trading signals when price crosses the VWAP indicator or higher. Check more on demat and trading accounts here.

Test your strategy with TradingView scripts

Once you have created the TradingView script, you can use it to test your strategy. Backtesting involves testing a strategy against historical data to verify its effectiveness.

To test the script again, click the Backtest tab and then click Start. TradingView then uses historical data to simulate your strategy and provide you with a performance report. Check more on demat and trading accounts here.

How to Use TradingView Scripts for Live Trading?

Once you have tested your script and are happy with the results, you can start using it for live trading. To trade your script live, simply click on the “Live Trading” tab and then click the “Start” button.

Trading View monitors the market and executes trades according to the rules of your script. Don’t be discouraged if you don’t see immediate results. Just practice and learn and you will eventually become a successful trader. Check more on demat and trading accounts here.

The final thoughts

Thus you can find out the comparison between Trading View and other platforms and check the pros and cons. So, depending upon your choice, you can go ahead and proceed in your trading option. Good luck!

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