The reason why the graph was called "live" is simple to the point of banality. This is a real time chart.
Why is it needed? This is a third-party platform where you can conduct thousands of different market analyzes, test strategies, and much more.
In addition, this site will help to check the broker for the accuracy of quotes. If the broker's chart differs from the chart on the Trading view, then he can be suspected of painting.
This of course does not apply to those cases when the chart differs or is delayed by several points.
The Trading view service is made in HTML5, which means that at the moment it is the most accurate chart with as little delay as possible.
How to use this chart?
First you need to open a live binary options chart link and start setting up.
To work with a live chart, we need:
- Choose an asset to trade;
- Select chart (candles, zone, bars, etc.);
- Choose timeframe;
- Select type of analysis (with or without indicators);
Different brokers have a different number of assets (currency pairs, indices, etc.). Whatever asset you need, most likely it will be on the Trading view. Take a pair for standard. EUR/USD, as it is one of the most volatile and profitable.
In the line above, enter the name of the currency pair you need.
There are a lot of interpretations of the price chart, but there are about 10 popular ones.
All this is one graph, only expressed differently. To select the one you want, just click on the triangle to open this tab.
Candles - the most popular type, as it can give a more visual look to the graph. However, different strategies require different charts. For example, for scalping with an expiration time of up to 5 minutes, a zone or line chart is best.
When entering the Trading view, there is a default candlestick chart, but at least for familiarization, it is worth looking at others.
bars - almost the same as candles, but do not display part of the price movement.
Candles is the most popular and frequently used chart among most traders.
Hollow candles - the same candles, but the downward movement is predominantly highlighted.
Heiken ashi — smoother chart display, helps to highlight the main price movement and is well suited for long-term trades
line — A very simple chart of price changes. Great for scalping.
area — The same line, but painted over from below. This gives a clearer view of the trend.
Renko - used by professionals who can do without the use of time and volume.
line break - a chart that is also used by professionals.
Kagi - created back in 1870, a schedule for advanced.
point and figure - designed to identify medium and large trends.
Do not rush about in choosing the type of charts. Candles are quite suitable for starting and making the first profit.
This part is no less important. The expiration time you choose will depend on it.
For the example of candles, 5 minutes means that each candle will be drawn within 5 minutes.
The site has an article on how to choose the best expiration time, it will not be superfluous to read it.
4. Select the type of analysis
So we come to the most interesting, because most traders get hung up on choosing an indicator, hoping to find that cherished one that brings 100% profitable signals, or at least 90%.
In the "Indicators" tab, you can select the indicator you are interested in. There are a huge number of them. Here are the most popular ones.
Indicators have one task - to determine the current trend in the market. No need to wait for it to predict the future for you, no indicator is capable of this. However, it can show the current situation, which is compared to the previous price movement.
And on the basis of this information already, the trader makes his assumption about the further movement. For example, you use an indicator to detect a trend, it finds it, and it will not be difficult to determine its further development.
That is, you need an indicator that will give a clear picture of the current situation for you. To do this, you need to try various indicators in practice, only in this way you can understand which technical analysis indicator is convenient for you.
You can take "Price Oscillator".
Trading with this indicator is very easy. All you need is to go down at the peak or from the drawdown up, that is, at the trend reversal.
Binary options allow you to make very good money on a trend reversal, even if this reversal was insignificant for large timeframes.
You will learn with experience to distinguish a good entry point from a bad one. It is through unsuccessful transactions that a trader gets to earn money. So practice, practice and more practice.
It is important to hit in one point. That is, choose one understandable indicator and trade only on it. Rushing from one to another, you will not come to anything good.
Tools are a very good help. It can determine the best point to enter the market, trend stability, trend reversal points and much more.
The instruments can be used both for trading with indicators and for trading with Price action.
The trend line is needed to find the best entry point for the trend. A trend angle tool can provide information about trend stability.
Horizontal lines show price levels and possible trend reversal points.
Perhaps these are the main tools that traders use, but it will not be superfluous to get acquainted with others.
- Before trading, split the screen into two parts. One will contain the Trading view site, and the other will contain the broker's site. Such a feature will help you better analyze the market, as well as respond to a signal faster and make a deal.
- There is no need to switch between tabs and navigate from one site to another. In general, this is much more convenient.
- In order to open two windows, select a tab in the browser and press the combination of Win and the left (right) arrow.
Constantly improve your trading skills!