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Are you trying to decide whether you should upgrade to TradingView Pro?
Is TradingView Pro worth it?
Lastly, is TradingView is the right trading software for you?
Are there any other better alternatives to TradingView?
In this TradingView review, I am going to help you answer all these questions, so you can make an informed decision.
What To Look For In A Stock Trading Software
So, what is considered a good stock trading software?
To answer this question, you first need to understand what you need from the stock trading software to help you trade better
So, here’s a list of tools that you need:
- Charting tools to do technical analysis:
- Stock scanner and screener to help you find profitable trade ideas fast
- Real-time alerts to help you not miss any great trading opportunity
- Stock market news to keep up to date on the market development
- Back-testing tools to test your trading strategies
- Active trading community to learn from other professional traders and share trading ideas with each other
- Broker integration to directly trade through the charts
Now, when you are choosing stock trading software, you want to consider these factors.
- How good is the charting? (e.g. chart types, timeframes, drawing tools, indicators, multiple charts per tab, saved chart layouts, compare symbols on a single chart, historical financial data on charts, etc)
- How good is its stock scanner and screener? (e.g. what filters are available? Is it easy for you to customize the stock scanner? Is it automatically refreshed? )
- What types of real-time alerts can you create? (e.g. alerts on stock price, indicators, and strategies?)
- Do you get real-time stock data as well as historical stock data?
- How good is the backtesting tools?
- Can you place trades directly on the charts?
- What about real-time financial and economic news updates?
- Does it have an active trading community for you to connect with other professional traders?
- How good is customer support?
- How competitive is its pricing?
- How is its customer review?
Is TradingView Really Good?
So, is TradingView really good?
First of all, let’s look at some facts.
TradingView is being trusted by more than 10 million investors and traders every single month.
I must say that is really a strong vote of confidence in the trading software.
Now, what can you use TradingView for?
It provides real-time market data, charts, screeners, and more.
There is a wide range of markets that it covers:
If you are investing or trading international stocks, then you will be thrilled to know that TradingView covers almost all the international stock markets like the US, Canada, HongKong, Australia, Korea, Japan, UK, and Germany.
TradingView is also more than just charting software.
It has one of the largest trading communities online with traders sharing and discussing trade ideas and learn from each other.
Lastly, it’s 100% web-based charting software.
That means there is no need for you to download and install any apps to use it.
To access TradingView charts and market information, simply open it in a web browser on any device from anywhere.
That’s how easy it is for you to stay on top of the market!
But, if you prefer to use the TradingView App, it’s also free to download for both Android and IOS mobile phones.
Now, let’s take a closer look at all the features of TradingView and how you can use them to help you invest and trade better.
How To Use TradingView
First of all, let’s take a look at its stock screener.
Most of the trading software out there only offer stock screener for just US and Canada stocks.
If you are trading the international stocks markets, you will be thrilled to know that TradingView covers a lot of international stock exchanges such as HK, Australia, London, Dubai,
There are three types of filters that you can use to screen stocks:
- Descriptive (i.e. stock exchange, market capitalization, sector, price, etc)
- Fundamental (i.e. financial data such as revenue, net income, net debt, profit margin, dividend, etc)
- Technical (i.e. price-based filters, indicators based filters, candlestick patterns based filters, etc)
There is a total of more than 100 filters for you to choose from.
You can mix and match different filters to find stocks that meet your pre-defined criteria.
What’s more, you can set alerts on your screener.
Whenever a new ticker matches your criteria, an alert will be triggered and a notification will be sent.
The cool thing about TradingView is that it not only has a stock screener to help you scan for stocks in most of the stock exchanges in the world, but it also scans for currency pairs and scans for cryptocurrencies.
If you are trading, then you will probably have to use charting tools to do your technical analysis.
TradingView has one of the most beautiful and advanced charting tools I’ve seen.
It’s very easy to use, so there is not much learning curve there even for beginner traders.
In terms of drawing tools, TradingView provides you with more than 50 smart drawing tools.
Whether it’s trendlines or Fibonacci retracement lines, you can do that easily inside TradingView.
What’s more, there are over 100 pre-built most popular indicators as well as over 100,000 indicators designed and developed by the professional traders in its trading community.
If you want to group several indicators together and then apply that package to any chart, you can also do it by saving the indicator template.
This way, you can save so much time on your technical analysis.
Next, let’s dive in and take a closer look at one of its most powerful indicators – “Volume Profile Indicator”.
As a trader, you probably already know trading volume is a very important number to watch for.
You can use “Volume Profile Indicator” to see which are the most traded prices over a timeframe and therefore to identify possible support or resistance levels.
Once you know the key support and resistance levels, you could time your trades easily.
If you are a candlestick pattern trader, you will find TradingView‘s candlestick pattern indicator very useful.
Instead of manually looking for the pattern, you can find your desired candlestick pattern with just one click.
What is more, you can set up an alert to get notified every time a candle pattern appears on the chart,
How cool is that!
Now, what if you come up with a new idea for an indicator or trading strategy?
TradingView also allows you to customize your very own indicator and strategy using its Pine Script.
To test your strategy, it’s also extremely simple.
All you have to do is to apply it to the chart, and you will all the backtesting results in the “Strategy Tester” tab just below the chart.
So basically, TradingView has you covered when it comes to technical indicators and technical analysis.
TradingView is one of the largest and most active social trading platforms in the world.
You can connect and share ideas with millions of traders from 100+ countries in real-time, read and publish visual trading ideas directly on charts, or watch videos of different trade ideas from professional traders.
This is great if you want to look for new trade ideas from the trading community.
In fact, TradingView has a specific section for trade ideas that are segmented by the following:
- Asset class
- Trend Analysis
- Harmonic pattern
- Chart pattern
- Wave analysis
- Technical indicators
- Fundamental analysis
So, let’s say you are trading stocks, you can click “Asset Class” and select ” Stocks”.
Then, you will see a lot of traders posting trade ideas on specific stocks.
Or let’s say you are a big believer in trend following, you can click on “Trend Analysis” and then select from the following trend trading strategies:
- Support and resistance
- Pivot points
- Multiple time frame analysis
- Supply and demand
Trade Directly From TradingView Platform
If you want to trade directly from the charts, you can do it with TradingView because you can link your trading account to TradingView.
Below is a list of brokers that TradingView supports:
- CQG FCM
- WH Selfinvest
If you are not ready to trade real money yet, TradingView also offers a free Simulated Account with fake money for you to practice trading.
Does TradingView Provide Real-Time Data?
Now, what about real-time data?
TradingView offers real-time data on Forex market as well as Cryptocurrency market.
For stock markets, it offers delayed real-time stock market data.
If you are just doing investment research on stocks, delayed real-time data should be fine.
But, if you are day trading stocks, then you will need real-time data and you can purchase it through TradeView with a few clicks.
By the way, these real-time data fees are charged by the stock exchange and TradingView does not earn anything from this per exchange regulation.
So, how much does TradingView cost?
There are both free and paid plans offered by TradingView.
For FREE TradingView accounts, you can still get access to its powerful charts with all the drawing tools and 100,000+ indicators, screeners, alerts, market data, as well as the social trading community.
This is basically the BEST free charting software in the market right now.
Here’s the link to sign up for a free TradingView account.
So, do you still need to upgrade to a paid plan?
To answer this question, you need to know what are the differences between the free plan and the paid plans as well as what is your objective for using TradingView.
So, what is the key difference between a free plan and a paid plan?
Basically, you have more of everything such as
- More charts per tab
- More saved chart layouts
- More indicator per chart
- Volume profile indicator
- More custom indicator templates
- More active alerts and longer duration for alerts
- More historical financial data
- More historical bars
Apart from that, you can have real-time stock market data at additional cost.
Also, your screener will auto-refresh.
In terms of charts, you will also get second-based intervals, custom time intervals, custom range bars, and exotic chart types (e.g. intraday Renko, Kagi, Line Break, Point & Figure charts)
So, TradingView’s paid plans are more for active traders.
For TradingView‘s paid plans, there are three tiers:
- Pro ($14.95/month)
- Pro+ ($29.95/month)
- Premium ($59.95/month)
So, which paid plan do you choose?
It really depends on what you need for your trading.
How many charts per layout, indicators per chart, and alerts do you need?
Any other specific requirements?
For example exotic charts.
Personally, I think the TradingView Pro plan is good enough for most of the traders out there.
Is there any discount code for TradingView?
Well, TradingView, from time to time, will run promotions for charting software.
So, here’s how you can get it.
First of all, sign up for a free TradingView account using this link.
After that, you will be on TradingView‘s email list.
Now, you just need to be a bit patient.
After a while, TradingView will run a promotion to its free users.
As you are on their email list, you will get notified.
Inside the email, you will find a special discount for its paid subscription plans.
So, do click this link to sign up for its free account first.
TradingView VS TrendSpider
So, which one is better, TradingView or TrendSpider?
In terms of markets, both TradingView and TrendSpider cover stocks, ETFs, currencies, cryptocurrencies, futures, and indices.
But, TradingView covers most of the international stock markets while TrendSpider only covers US stocks.
What that means is that if you are also trading non-US stocks, then you won’t be able to do that with TrendSpider.
In terms of charting, I like both TradingView and TrendSpider.
TradingView’s charting is not just beautiful and easy-to-use, but it also offers everything that you need to do your technical analysis.
- ALL the drawing tools you would possibly need
- 100+ built-in indicators for stock market analysis
- 100,000+ custom built indicators created by its talented trading community
If that is not enough, you can create your own indicators and run them on its servers using TradingView‘s very own scripting language called Pine Script.
For TrendSpider, it is an automated technical analysis trading software.
With its built-in automated chart analysis algorithms, you can have a lot of technical analysis automated for you.
For example, as soon as you open a chart, all the trendlines and support & resistance levels are automatically drawn for you.
You can also have Fibonacci retracement levels automatically drawn for you.
If that is not enough, TrendSpider also offers automatic breakout detection and automatic candlestick pattern recognition.
So, if you prefer to have certain technical analysis automated for you, then TrendSpider would be a good option.
In terms of screener and scanner, both TrendSpider and TradingView can help you automatically scan the market for the best trading opportunities based on your pre-defined technical conditions.
Both allow you to mix-and-match any technical conditions using any indicators or combination of indicators together in one scan with no programming knowledge required. (it’s all visual)
Here comes the difference.
TrendSpider’s Market Scanner can search across any timeframe, from 1-minute to 1-month, and can even combine multiple timeframes together in a single scan.
You can also do multiple scans at the same time and turn your scanner into a dynamic watchlist that is automatically refreshed and kept up-to-date.
Also, with TrendSpider, you can create powerful alerts by combining any technical indicator, chart pattern, or drawing across multiple timeframes, without writing a single line of code.
Now, in terms of social trading, TradingView has one of the largest and most active trading communities in the world right now.
You can share trading ideas with fellow traders easily and freely.
But, TrendSpider does not have any social networking features.
In terms of pricing, TradingView is also more competitively priced than TrendSpider.
TradingView’s Pro plan starts at $14.95/month while TrendSpider‘s cheapest plan starts at $33/month.
However, the real-time US stock market data is not included in the price for TradingView while it’s offered for free in all TrendSpider‘s plans.
Even when you add the extra real-time market data fee, it would still be cheaper than TrendSpider.
So, which one is right for you?
If you are day trading US stocks and also want part of your technical analysis automated, then TrendSpider might be more suitable for you.
But, if you are trading US stocks and other international stock markets, then TradingView will be more suited for you because it covers a wide range of international stock markets.
Try TrendSpider For 7-Days FREE Now
TradingView VS StockRover
Now, let’s compare TradingView with Stock Rover.
The key difference between TradingView and Stock Rover is that Stock Rover is specifically designed for fundamental stock investors while TradingView is more for traders.
Here’s what I love about Stock Rover.
With Stock Rover, you have ALL the financial and fundamental data on any US & Canada Stocks in one place.
It provides over 650 metrics.
To put it in perspective for you, the FREE stock screeners you can easily find online provides you with much much fewer metrics (i.e. less than 100).
Stock Rover’s metrics cover a wide range of areas such as earnings, growth, profitability, financial strength, capital efficiency, price performance, momentum, dividends, analyst ratings, and stock ratings.
If you are an experienced value investor, you will be thrilled to know that Stock Rover also provides advanced metrics such as the Fair Value, Margin of Safety and Piotroski F-Score.
What’s more, most metrics come with a detailed 10-year history for you to get a complete picture of how the company has been doing.
With Stock Rover, you no longer have to cobble together multiple sources and tools to do your stock research and analysis.
Here’s the full review of Stock Rover.
So, if you are a trader who trades international stock markets and primarily uses technical indicators to make trading decisions, then TradingView is probably a better option for you.
But, if you are an active trader who trades the US stock market and wants to automate some of your technical analysis, then I highly recommend TrendSpider because it’s one of the most reliable AI-powered trading software and trading is all about finding your profitable trade setups fast.
Lastly, if you are a stock investor who primarily uses fundamental analysis to make investment decisions, then Stock Rover is the right stock analysis software for you.