Bottom Menu: Essential Tools for Traders on TradingView

Bottom Menu 

The bottom menu features some of the most effective tools available on TradingView. These tools, which may require payment on other platforms, can significantly reduce time spent and streamline the trading process.

Tool 1: The Screener 

For forex traders, the choice of which currency pair to trade often depends on personal preference. Traders typically have their favorite pairs but may occasionally explore others based on market conditions and emerging opportunities. In contrast, stock and cryptocurrency traders face different challenges. Many stocks and cryptocurrencies exhibit minimal movement or fluctuate so much that the spread hinders profitability. Consequently, these traders must sift through numerous options to identify suitable trades, which can be both frustrating and time-consuming. Fortunately, TradingView includes a free built-in screener that simplifies the process of finding the right stocks and cryptocurrencies to trade.

The platform allows users to screen stocks, currencies, and cryptocurrencies using a wide range of metrics, enabling the identification of optimal trading or investment opportunities. It supports a diverse array of metrics, including new highs and lows, significant percentage gains, and changes in indicators, offering advanced functionalities at no cost.

To modify the asset screening process, click on the tabs within the box labeled Overview, Performance, Extended Hours, Valuation, Dividends, Margin, and others. Additional customization options are available by selecting the Filters button on the right.

To exclude entire groups of stocks and currencies, select the box above. Timeframe screening is also available, but it requires a paid subscription, specifically the pro version of TradingView. Additionally, TradingView offers a comprehensive text editor, enhancing its features beyond those of MT4.

The notes tab enables users to create and save notes for future reference. This feature can be utilized for reminders about price movements or for documenting a trading plan or personal trading diary. All notes are stored in the cloud, ensuring they remain accessible and are not lost upon leaving the site. While it may not offer the extensive features of a word processor, it serves its purpose effectively.

Pine Editor 

For those interested in modifying indicators or developing new trading strategies, the Pine Editor is a key component of TradingView.

The Pine Editor serves as a coding suite for users to customize, create, and modify indicators and strategies. It allows for adjustments to the MACD calculation or alterations to the RSI interval according to specific requirements. Users have the flexibility to change various components and even develop their own strategies. Additionally, created indicators or trading strategies can be submitted to TradingView for verification. If approved, these will be included in the custom indicators folder for public access. It is important to note that TradingView enforces strict quality guidelines that must be adhered to before submission.