Trader For Tomorrow
TradingView recently launched new indicators on its platform, including ‘Auto Elliott Wave’ and ‘Auto Fibonacci Retracement & Extension’, which automatically plot these tools on charts, offering convenience and time-saving benefits to traders. Additionally, the platform’s ‘Auto Chart Patterns’ tool highlights potential patterns in charts, while the ‘Commitment of Traders Report’ and ‘Economy Data’ indicators offer valuable insights for commodity trading analysis. The author also shares their personal trading strategies, such as using the ‘Auto Elliott Wave’ tool for intraday reversal breakout trading.
Top 6 TradingView Indicators and How to Use Them
Introduction
If you’re a trader, you must have come across TradingView, one of the most popular trading platforms available. Recently, TradingView launched several new indicators on its platform, and in this article, we’ll discuss the top six of those indicators and how to use them.
Auto Elliott Wave
The first indicator on our list is the ‘Auto Elliott Wave’ indicator, which automatically plots Elliott Waves on your charts. This indicator saves a lot of time that traders usually spend trying to plot Elliott Waves manually. You can use this indicator for Intraday Reversal Breakout Trading.
Auto Fibonacci Retracement & Extension
The ‘Auto Fibonacci Retracement & Extension’ indicator is one of the most useful TradingView indicators as it automatically plots Fibonacci Retracement & Extension on your charts. You no longer need to draw these tools manually. Use the indicator to find stocks at critical Fibonacci levels.
Auto Chart Patterns
Finding chart patterns takes a lot of time, but the ‘Auto Chart Patterns’ indicator saves time by highlighting potential patterns on your charts. Whichever pattern you want to trade in, plot that indicator in your chart, and that’s all you need to do. You can choose chart patterns of your choice from this list.
Commitment of Traders Report
Trading commodity requires analysing the Commitments of Traders report. This report’s numerical format takes time to analyse, but with the ‘Commitment of Traders Report’ indicator, you can convert this data to chart format and analyse it better.
Economy Data
The ‘Economy Data’ indicator is located in the Symbols column on your charts. Select ‘Economy’, type the country’s name and choose from several Economy Data Indicators. You can perform technical analysis on these charts, leading to some crazy stock trading ideas.
Using the Indicators
You can use these indicators in several ways. For Intraday trading, the Auto Elliott Wave indicator can be used for trend reversal trading. The Auto Fibonacci Retracement & Extension indicator helps find stocks at critical Fibonacci levels. The Auto Chart Patterns indicator helps in identifying potential patterns on your charts. The Commitment of Traders Report indicator can revamp your trading strategy by providing you with easier-to-analyse data. Lastly, the Economy Data indicator can provide you with crazy stock trading ideas by obtaining technical analysis on exotic markets.
Conclusion
By using TradingView’s new indicators, traders can cut down the time spent on market analysis while also improving trading decisions and strategies. The above-listed indicators aid traders in various ways, should the need for more help arise, TradingView offers paid plans with a multitude of extra features and indicators.
