TradingView started as merely a web-based charting platform providing advanced tools and indicators for analyzing prices. It quickly became one of the most popular trading and analyzing platforms in the financial world. The impact of trading platforms is enormous in the financial world and there are few advanced trading platforms like MetaTrader and cTrader. Still, TradingView achieved massive popularity. In today’s article, we will discuss how TradingView became such a hit in a few years.
TradingView vs MetaTrader 4 Which one should you use?
MetaTrader 4 and 5 are the most popular advanced trading platforms, offering advanced chart analysis tools. Like TradingView they come with numerous inbuilt and custom indicators and Expert Advisors or EAs. MT4 is free and there are countless robots and indicators for free, paid ones that can be bought on the marketplace and downloaded. Being free is the main advantage of MT4, and it lacks social features, which TradingView excels at. Make sure to check this Tradingview and MT4 to see a more detailed comparison between the two rivals.
TradingView overview
TradingView is a charting platform that includes advanced social platform features. Because of this, it accumulated more than 30 million users worldwide. It offers unparalleled data visualization and technical analysis tools that allow millions of users to analyze charts comprehensively. TradingView brings sophisticated charting capabilities, together with up-to-date live market data, and a social network for traders and investors in one user-friendly and intuitive space. It can be downloaded on any device and comes with desktop-level capabilities, enabling traders to conduct a comprehensive analysis of the charts on the go. The social features of the platform help traders and investors share their ideas and gain followers. This feature can not be underestimated, as it helps newbies learn technical analysis and experienced traders share their ideas with a wide audience.
For advanced users who have programming experience, TradingView comes with inbuilt programming capabilities. Pine script is a dedicated programming language developed by TradingView, and it enables users to write their own custom indicators and automatic strategies and then share them for free or with a paid subscription. This custom indicator availability on all platforms is the main key that enabled the platform to quickly gain popularity and fame. Since today’s world is the world of smartphones, it is clear why desktop-like charting apps shook the trading world. But there are some disadvantages too with the platform. Many traders even are using TradingView as a main analysis platform and then other trading platforms for opening and managing positions. This happens mainly because the broker they are using for live trading is not supported on the platform. TradingView supports world-class brokers on their platform, enabling traders to directly trade from the platform. But the number of brokers offered is limited. Many advanced features come only after the monthly subscription payments plan is bought.
Cons of TradingView
- The number of trading indicators on the chart is limited to 3 for free users.
- The multiple window option is not available for free users either and can sometimes be disadvantageous.
- Ads that sometimes become annoying, but they are not limiting the website experience.
- Multi-monitor support is only for premium users.
- Prices are updated less frequently on the free version and may limit the scalping capabilities when trading directly on TradingView
For 99% of cons, a pro and pro+ subscription is a cure. For beginners, the free version offers sufficient features to learn and practice trading.
How TradingView is taking the financial market by storm
After reading the above text, it becomes obvious why TradingView quickly gained a niche by offering cutting-edge technologies and technical analysis capabilities to its users. It also has a dark mode, which sounds not that important, but plays a major role in eye comfort and making it visually appealing to anyone using it.
Summary
TradingView is capitalizing on the online trading space by offering a dynamic platform that merges charting, data representation, and social interaction. Its intuitive design and real-time market prices appeal to both amateur and seasoned traders alike. The platform is home to a thriving community of traders who exchange ideas, techniques, and perspectives, fostering a collaborative environment. Additionally, TradingView provides ample customization choices, including the ability to develop and store personal indicators, which is an attractive feature for technical traders. The platform also integrates seamlessly with numerous brokers, allowing traders to execute trades effortlessly and directly from the platform. These attributes have propelled TradingView to the forefront of the online trading arena. There are some downsides to the platform, of course, as the free version is limited by some factors. There is a limited number of indicators, multi-windows, and ads that can limit experience sometimes and many traders choose to switch to the pro or pro+ version. Paid versions are cheap, especially for advanced traders who are profitable in the financial markets. The value offered by TradingView mobile app can not be underestimated, as it has a desktop-level functionality its competitors lack. Custom indicators and automatic strategies can be developed by pine script, TradingView’s proprietary programming language. There are countless free and paid indicators on the platform offered by the TradingView community.
