How to Use TradingView on Bybit
You can use TradingView functions to complement trades on the Bybit exchange. While these two powerful platforms are designed for different reasons, this article explains how to use them in tandem.
What Is TradingView?
TradingView is mainly a charting platform. It also supports real-time data integration from a range of trade exchanges and the ability to trade various financial instruments.
TradingView is among the most prominent charting software platforms in the industry. Millions of traders rely on its user-friendly interface, intuitive charting tools and affordable cost to make important investment decisions.
You can use TradingView in multiple ways. For instance, you can use it as an independent charting platform. This is precisely what most people use it for. According to its official website, it has more than 100 built-in indicators for market analysis. Similarly, its public library contains thousands of custom-built indicators created by a talented community of developers.
Another use is to import your exchange data to TradingView. If your broker supports real-time data integration, you can get the price feed from your broker, which is then displayed in the TradingView window.
Another popular function is the social aspect of TradingView. You can easily publish, share and comment on trading posts. Already, plenty of crypto traders are using the platform just for reviewing and copying the trading strategies of other users.
Over the years, TradingView has evolved into one of the finest charting platforms in the industry. To give you some idea of its utility, here are some of its features.
TradingView is mainly a charting platform. All of the 12 chart types are fully customizable to suit your style. The main screen allows traders to place up to eight charts per tab, which can include additional elements such as indicators, intervals and drawings. You can also rewind the interactive chart to view extensive historical data or use any combination of time frames.
A trading chart is only as good as its technical analysis charting tools. TradingView comes with hundreds of pre-built studies, more than 50 drawing tools, and the largest amount of community-built indicators of any charting platform. It covers perhaps every popular concept that you've analyzed during your trading career. Whether it's volume-based indicators or a complex candlestick pattern, TradingView has got you covered.
If you're used to working with trading signals and alerts, TradingView’s software is arguably the best in the business. The TradingView alerts are powerful, flexible and easy to use. The cloud-based interface is influenced by the industry-leading Pine Script™ technology, which ensures that you can receive an alert on any kind of device. You can set up 12 types of alerts based on price, indicators and strategies, as well as receive Push and webhook notifications.
Pine Script is the trading language of TradingView. Unlike client-side programming language, Pine Script is a lightweight and extremely powerful tool that can help anyone create indicators and backtest complex strategies. Most of the 100,000+ indicators available on the platform are built by traders. You can also use Pine Script to create your trading tool, and run it on the platform server.
If you have a winning strategy, you can build a TradingView indicator to simulate the particular strategy on your chart. If this seems complex, it's possible to test several ready-made strategies available in the library or the native social network. Similarly, the interface will let you change the strategy parameters in real time.
TradingView offers an extensive volume of fundamental data from all major stock exchanges. There are more than 100 fundamental fields and ratios that you can use to analyze the data. For better insight, place the data right on the TradingView charts.
You can share your ideas, trading history and strategies on the TradingView social network. This feature lets you discover great ideas and publish your own. There’s a nice chat feature to connect with other traders and discuss hot news. It's also possible to share refined heat maps with other users letting everyone view a streamlined list of stats.
If you like what you've read so far, don't forget to sign up for a 30-day trial free of cost.
Pros of Using TradingView
There are no installations or complex setup to use TradingView. You can easily access the platform using the web browser of your choice. To get a feel for the interface, try the basic version by selecting one of the "products" from the official website.
You can discover tons of investment ideas by collaborating with millions of other users. Use the chat feature to communicate with professional traders, or learn new strategies with other market participants. It's even possible to browse published ideas and play them on an interactive chart to see how historical forecasts played out.
The advanced trading alerts are one of the main reasons for the platform's popularity. These alerts are easy to set up and customize. The system will alert you when the signal meets your criteria. Alerts are activated in the form of visual pop-ups, audio signals, text messages and emails.
Cons of Using TradingView
You cannot use the trading platform to trade financial assets unless your broker supports the integration using an API key. It's important to remember that the platform mainly markets itself as a charting interface, which means that any kind of live trading feature is usually limited.
While the platform offers a variety of advanced features, there is little in terms of broker support. This means that you’ll need to consult your broker and the TradingView handbook to use specific tools. Similarly, customer support is a bit lacking unless you purchase the premium plan to get priority support. Without a premium plan, it's easy to get stuck in a queue.
A tiered membership plan may not suit everyone. There are three levels of paid membership, and you need the premium membership to get all of the advertised features. If you've opted for a monthly plan, get ready to pay almost two times the cost of the annual plan. Compared to the annual rate, the monthly subscription rate gets higher with each corresponding level.
How to Use TradingView on Bybit
There are two main ways to use TradingView with your Bybit account. The most direct way is to use the TradingView API integrated on the Bybit platform.
You can choose from a variety of indicators that you would like to see on the trading chart by clicking on the Fx Indicators button. When you’re done analyzing with the indicator you have selected, simply right-click on the indicator and click Remove Indicator.
Some of the indicators offered by TradingView on the Bybit platform include Bollinger Bands, Chaikin Money Flow, Ichimoku Cloud and MACD. This feature makes it very easy for traders to analyze the charts before trading.
Alternatively, you can also use the TradingView platform to access real-time market data on Bybit. Use the TradingView chart to complete your technical analysis, and then open a trade on the Bybit platform. This is useful especially if you’re thinking of signing up for the various paid membership tiers of TradingView to gain access to more features.
To access Bybit data on TradingView, use the Symbol Search button located beside your account name on the TradingView interface. On the following screen, click on All Sources to retrieve symbols from every possible broker.
Now, you can use the search bar to filter Bybit BTCUSD and BTCUSDT Perpetuals.
Once you’re done with your analysis using the technical indicators offered by TradingView, simply head over to Bybit to execute your trade.
As you can see, Bybit and TradingView complement each other in many ways. Subscribing to the individual platforms is a kind of 2-in-1 package that will enable you to use up to 100 times trade leverage and enjoy advanced charting tools not available anywhere else.
Ready to start trading with Bybit? Click here to register.