If you don’t know already, then TradingView is now available on Kite. Here is the TradingQ&A post announcing the beta launch.
Given this, I thought I could share a few of my favourite features on Tradingview (TV) and hopefully, this will help you, especially if you are new to TV. I do not intend to discuss the most obvious charting features on TV, as that I’m guessing would be quite intuitive to understand. These are a few offbeat ones, comes in quite handy when you are working with the charts.
21.1 Multi timeframe settings
This feature is not specific to TV, but I do get a sense that this works better on TV compared to other platforms. I’m sure most of you are fairly familiar with the layout options.
Imagine, you intend to trade ‘Indigo’ on an intraday basis. One of the things, you’d want to look at before placing the order is how Indigo’s price looks on different time frames. The regular practice is to change the frequency from 1 day to say, 15 minutes or 5 minutes. While this serves the purpose, it would nice if you can see how the chart looks at different periods on a continuous and simultaneous basis. This helps you anchor the price and build a perspective of where the current market price is with respect to other timeframes. For example, I like to look at the 1-day chart, 30-minute chart, and 15-minute chart, all at the same time.
You can do this fairly easily with TV. Here is how –
Click on the ‘Select layout’, an option available at the top right corner, and a select a layout you are comfortable with. Since I want 3 charts, I’ve picked a 3 chart layout which suits my preference.📷
Once you pick the layout, this is how the chart layout appears. Notice all the three charts now displays the same scrip, same time frame i.e Indigo’s 1-day chart –
Also note, within the three charts, the one on the left panel is highlighted, this is evident with the blue border.
The next step is to change the time frame across the three periods. My personal preference is to keep the left panel to the frequency that I intend to trade on i.e 15 minutes, the right top panel would be 30 mins, and the right bottom panel would be 1 day. You can change the time-frequency by clicking on the chart (when you do so, the chart is highlighted and a blue border appears), and changing the frequency to your desired one. The option to change the frequency is highlighted by a red arrow.
With this layout, I can now see all the price behaviour across all the periods in 1 single shot.
Once you have this setup, then you can do a few cool things. For example, the crosshair is in sync here –
So when you place the crosshair on a particular price point, it appears across all the time frames simultaneously. This helps you build a perspective on the price action panning out across these time frames.
Out of the three charts, if you want to focus on any 1 particular chart, then simply click on the toggle button at the right bottom. This will blow out the chart to help you focus better –
You can annotate the chart, make notes, and make it visible on only the desired timeframe. For example, the end of day chart may hint at a double top, if yes, I want to keep my shorts ready. However, this is on the end of day chart. So I can annotate just that chart. Click on the text options, and select a text box –
Drop the text box to the time-period you want and scribble your notes –
That’s with the multi-time frame functionality, which in my opinion helps with intraday trades.