The video guides viewers on setting up the TradingView platform for day trading. The speaker explains indicators to use, data costs, and platform comparisons.
How to Set Up Trading View for Day Trading
Introduction
As a day trader, setting up your platform correctly is essential for success. Many traders use Trading View as it is user-friendly and more affordable than other platforms. However, those new to the platform often need guidance on how to set it up correctly. In this article, we will cover everything you need to know about setting up Trading View for day trading.
Benefits of Using Trading View
Trading View is popular due to its user-friendly interface and lower cost. It is convenient to use and offers a wide variety of tools to optimize your trades. Compared to other platforms such as Ninja Trader and Sierra Chart, Trading View is more cost-effective and requires less time to set it up.
Setting up Trading View
To access Trading View, you will need to select the right package for your trading needs. The Pro Plus package is the ideal choice for most traders, and it costs $300 per year. You can also find deals during special promotions such as during Black Friday. Additionally, the data on Trading View is more affordable than other platforms, with data from the CME Group only costing $5 per month.
Understanding the Order Flow Data
Before setting up Trading View, you need to understand the importance of Order Flow Data. Order Flow data is essential for making the right trading decisions. The CVD indicator on Trading View is used to measure Order Flow data.
However, Trading View uses Volume bars to track Order Flow data, making it less accurate. As a result, you should keep this in mind when making trading decisions.
Setting up Day trading indicators
Now that we have covered the basics let’s move to more advanced features – Day Trading indicators. Volume profiles, Relative Volume, and Flow-Imbalance indicators are the most common indicators used in day trading.
Volume Profiles
Volume profiles are essential for day traders as they help them identify the levels of buy and sell orders in the market. This information provides insight into how the market is behaving and helps traders decide when to enter or exit trades.
Relative Volume
The Relative Volume indicator, also known as RVOL, is used to measure the volume of a stock in comparison to its average volume for a particular session. Traders use RVOL to identify when a stock is becoming overbought or oversold.
Flow-Imbalance Indicators
Flow-Imbalance indicators are used to track large orders placed by institutional investors. By tracking these orders, traders can gain insights into market trends and decide when to enter or exit trades.
Candle Coloring
Using Candle Coloring is an excellent way of identifying trends in the market. By coloring the candles based on volume and delta, traders can make more informed trading decisions.
Private Highs and Lows
Private highs and lows are key indicators as they help traders identify support and resistance levels. By tracking these levels, traders can make more effective trading decisions.
Conclusion
Trading View is a useful platform for day traders. However, traders need to set it up correctly to maximize its effectiveness. They should understand the importance of Order Flow data, the role of Day Trading indicators, and how to use them to make more informed trading decisions. By keeping these factors in mind, traders can be more successful in the market.