Category: Review

TradingView has become an indispensable tool for traders around the world, and one of its most powerful 💪 features is the heatmap.

As someone who has been using TradingView for an extended period, I want to share my personal experiences and insights on how TradingView\\\’s heatmaps have transformed the way I approach the financial markets.💹

📌Chapter 1: The Early Days

I remember the days when I first stumbled upon TradingView. Back then, I was a novice trader, struggling to make sense of the ever-changing market dynamics.

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TradingView\\\’s sleek interface and user-friendly design immediately caught my attention, but it was the heatmap that truly piqued my interest.

In the beginning, I used heatmaps primarily to monitor the market sentiment and identify potential trading opportunities.

The heatmap provided a visual representation of price movements, making it easier for me to spot trends, clusters of activity, and areas of interest. I quickly realized that this tool could be a game-changer in my trading journey.

⤴️Chapter 2: The Learning Curve

As with any new tool, there was a learning curve. I spent hours exploring the different features and customization options that TradingView\\\’s heatmaps had to offer. From adjusting the timeframes to selecting specific instruments, the possibilities were endless.

One key aspect I embraced was the ability to focus on specific asset classes, such as forex, stocks, or cryptocurrencies, depending on my trading preferences.

🪜Step-by-Step Guide: Mastering the Art of Market Analysis with TradingView\\\’s Heatmap

TradingView\\\’s heatmaps allowed me to tailor my trading experience, helping me stay ahead of the curve in the ever-evolving financial markets.

Step 1: Access TradingView

• Create or Log In to Your Account: If you don\\\’t already have a TradingView account, you\\\’ll need to create one. Visit the TradingView website and sign up. If you already have an account, simply log in.

Step 2: Navigate to the Heatmap Section

• Find the Heatmap Tool: Once logged in, navigate to the \\\’Markets\\\’ section on the top menu. Under this, you\\\’ll find a submenu where you can select \\\’Heatmap\\\’. Click on it to access the heatmap tool.

Step 3: Choose Your Market

• Select the Market: TradingView offers heatmaps for various markets such as stocks, forex, cryptocurrencies, etc. Select the market you\\\’re interested in analyzing.

Step 4: Customize Your View

• Adjust Time Frames and Settings: Depending on your trading strategy, select the appropriate time frame (e.g., daily, weekly, monthly). You can also customize other settings like the color scheme, what data the colors represent (e.g., price change, volume), and more.

Step 5: Apply Filters

• Use Filters for Specific Analysis: If you\\\’re interested in a specific sector, market cap range, or other criteria, use the filters to tailor the heatmap to show only the relevant data. This step is crucial for focusing your analysis on the segments that align with your trading strategy.

Step 6: Analyze the Heatmap

• Interpret the Colors and Patterns: Analyze the heatmap by looking at the color patterns. Typically, green represents positive movement, while red indicates negative movement. The intensity of the color often shows the strength of the movement. Hover over individual elements for detailed information.

Step 7: Dive Deeper into Individual Stocks or Sectors

• Further Analysis: If a particular stock or sector catches your eye, click on it for more detailed information. This can include charts, news, fundamental data, etc., helping you make a more informed decision.

Step 8: Integrate with Other Tools

• Combine with Other TradingView Tools: For a more comprehensive analysis, integrate the insights from the heatmap with other TradingView tools like charts, technical indicators, and fundamental analysis tools.

Step 9: Set Alerts and Monitor

• Set Custom Alerts: Utilize TradingView’s alert system to get notified about significant changes in the stocks or sectors you are monitoring. This helps you stay updated without constantly watching the heatmap.

Step 10: Keep Learning and Adjusting

• Continuously Learn: Explore TradingView’s educational resources and community discussions to learn more about using heatmaps effectively. Adjust your approach as you gain more experience and as market conditions change.

Quick Links:

• How To Do Paper Trading On TradingView: Complete Guide For Beginners
• TradingView Discount Code: Upto 70% off [Latest]

📌Chapter 3: Unleashing the Power of Color

The color-coded heatmaps in TradingView were a revelation. Each color represented a different level of market activity, ranging from cool blue (low activity) to fiery red (high activity). This visual representation made it effortless to gauge the intensity of trading in real time.

I discovered that by keeping a close eye on the heatmaps, I could spot potential breakouts, reversals, and even hidden support and resistance levels. It was as if the market was speaking to me through colors, and I was becoming fluent in this unique language.

📌Advanced Features I Love in TradingView Heatmaps

TradingView heatmaps are not just visually appealing; they are packed with advanced features that cater to the diverse needs of traders. Here, I\\\’ll highlight four advanced features that I particularly love and find incredibly useful in my trading journey.

📍Real-Time Data Updates

One of the standout features of TradingView heatmaps is their real-time data update capability. In the fast-paced world of trading, having access to the most current information is crucial. The heatmap updates continuously, reflecting changes in the market instantaneously. This feature ensures that I\\\’m always making decisions based on the latest market movements, a critical aspect for day traders and those who rely on timing the market accurately.

📍Customizable Filters

The ability to customize filters in the heatmap is a game-changer. This feature allows me to tailor the data I see based on specific criteria like market capitalization, sector, industry, and more. For instance, if I want to focus on technology stocks or exclude small-cap stocks, I can easily set these filters. This level of customization helps in focusing my analysis on segments that align with my trading strategies, making the heatmap an incredibly flexible tool.

📍Detailed Tooltip Information

When hovering over a particular stock or sector in the heatmap, a tooltip pops up, providing detailed information. This feature includes data like the stock\\\’s current price, the percentage change, and volume traded. For a deeper analysis, some heatmaps also provide additional data like P/E ratio, market cap, and 52-week high/low. This on-the-fly detailed information is invaluable for making quick, informed decisions without needing to leave the heatmap interface.

📍Historical Data View

The ability to view historical data in the heatmap format is an excellent feature for conducting trend analysis and understanding historical market behaviors. I can look back at how specific stocks or sectors have performed over time, under different market conditions. This historical perspective is crucial for identifying patterns and trends that might not be apparent from just a current snapshot. It helps in developing a more comprehensive trading strategy that takes into account both historical and current market data.

📌Chapter 5: Evolving with the Market

Embracing Continuous Improvement

As a long-term user of TradingView\\\’s heatmaps, I\\\’ve witnessed the platform\\\’s evolution, keeping pace with the changing landscape of the financial markets.

This chapter explores how the continual improvements and introduction of new features have enabled me to refine my trading strategies and adapt to shifting market conditions with greater ease.

📍Introduction of Advanced Market Indicators

• Volume Profile: This feature added a new dimension to my market analysis. The volume profile shows the amount of trading activity at different price levels. It helped me identify key support and resistance areas, where significant buying or selling occurred.
• Order Book Data: Integrating order book data into the heatmap provided a real-time view of buy and sell orders in the market. This insight into market depth was crucial for understanding potential price movements and making more informed entry or exit decisions.

📍Enhanced Customization and Filtering

• Sector-Specific Heatmaps: As the market evolved, so did my need for more specific analysis. TradingView responded by enabling the creation of heatmaps focused on specific sectors. This allowed me to concentrate on sectors that align with my trading interests or the current economic cycle.
• Custom Filter Options: The ability to create custom filters based on criteria like market cap, earnings, dividend yield, and more, helped me focus on stocks that meet my investment criteria, making the process more efficient and targeted.

📍Integration with Broader Market Analysis Tools

• Connecting with Technical Analysis Tools: TradingView integrated heatmaps with other technical analysis tools on their platform, allowing me to correlate heatmap data with technical indicators for a more comprehensive analysis.
• Linkage to News and Economic Data: The ability to view relevant news and economic data alongside the heatmap enriched my understanding of why certain sectors or stocks were performing in a particular way.

🔥Chapter 6: Conclusion

Today, after years of using TradingView\\\’s heatmaps, I can confidently say that they have been instrumental in my trading success. From a novice trader struggling to make sense of the markets, I have evolved into a confident and informed trader, thanks in large part to this incredible tool.

TradingView\\\’s heatmaps have not only made my trading journey more profitable but also more enjoyable. They have transformed the way I approach the markets, providing me with a unique perspective that sets me apart from the crowd.

If you\\\’re new to TradingView or have yet to explore its heatmap feature, I highly recommend trying it. It\\\’s a tool that can revolutionize your trading experience, just as it did for me. Embrace the power of colors, customization, and market insights, and embark on your journey to trading success with TradingView\\\’s heatmaps. Happy trading!

According to Charles Shwab, 15% of current retail investors started trading during the pandemic as per review (Source), and during this time the TradingView website got more than 550 million unique visitors, which is approximately 7% of the world’s population. In the last 18 months, TradingView reported a 237% increase in their site visitors and a 400% jump in their account memberships. This shows how popular the site is among traders and investors and surely it has a lot to offer. (Reference)

Expert Trader\’s Opinion About TradingView

From the web, we found some expert\’s opinions about TradingView.

What Matthew J. Slabosz Says?

About Matthew Slabosz: He is also known as Matt, A full-time retail trader & TradingView expert from Australia. He is sharing his knowledge on his YouTube channel named Zen & The Art of Trading, where he helps the trader with tools & develops the process of trading which enhances the trading results.

He has also published the podcast \\\”The Art of Trading\\\” on Amazon audible.

Matt specializes in TradingView coding language from which he develops the process of trading with his expertise.

The below interview was taken by the Global prime YouTube channel & the motive to take this interview was to share the right knowledge with the audience at no cost.

What does Pierce Crosby say?

On Pierce Crosby\\\’s LinkedIn Profile, He Shared that TradingView helps people understand data. Offering a revolutionary new approach to market intelligence, TradingView allows you to quickly connect with millions of people around the globe, gather information, and become a better investor.

What Makes TradingView So Popular?

TradingView is the most used charting platform which offers a lot of financial tools to screen, study and plan trades and investments for free and also has premium subscriptions for advanced features. While there are many other charting platforms & TradingView alternatives with similar features, they are way too complex and sophisticated for a newcomer to understand. But TradingView packs all the advanced features in the simplest interface. Also, the interface is very customizable which makes it very convenient for traders to customize in their way.

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The popularity of TradingView is evident from the fact that almost all trading platforms use TradingView’s charts or give the users the option to switch to TradingView charts in-site. Still, most traders opt to use the entire interface of TradingView in a separate tab rather than using the broker’s platform.

TradingView is the best platform made for traders and investors because it caters to every need of all kinds of traders – Beginner to Advanced.

It is also backed by a strong community that contributes a lot to the platform as experts and professional traders provide their insights and ideas on the market positions, stocks, and ideas for the new traders trying to learn to trade. The platform knows the value of the community and thus gives them a lot of exposure so that it encourages more and more people to join the community.

Market Coverage

A major reason for TradingView being so popular is because it covers almost all markets from all major Cryptocurrencies to Forex markets and 52 stock exchanges from all over the world. This invites traders and investors from all fields and countries to TradingView’s extensive platform as they can avail all features irrespective of the market they are trading in. Whether you are trading on the Bombay Stock Exchange, New York Stock Exchange or you are a Forex or Crypto trader, TradingView is built perfectly to suit all your needs. This versatility is what makes it one of the most trusted sites across the globe. According to Built With Trends, TradingView currently has more than 78 thousand customer websites that use TradingView’s chart on their websites.

Features Review of TradingView

From Zerodha Kite to Charles Shwab to IG and Binance, all trading platforms provide their chart screeners. But what separates TradingView from them is the number of features it provides. The platform is extensively used just for the innumerable indicators it provides and how everything can be personalized to the needs of the user. While most of the features are free, getting a paid subscription makes multitasking possible on the platform.

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Apart from Indicators, strategies, technicals, etc. TradingView also focuses a lot on the news from various markets and various stocks and currencies. This helps traders in getting updated on the recent developments and they can act accordingly on the same platform as they don’t need to go through various websites to do so.

TradingView Charts

TradingView charts provide a lot of features for all kinds of traders. It is sleek, simple, and very responsive. When it comes to user experience, there is no other charting platform better than TradingView. All other charting websites on the internet seem like they were built in the 1990s and weren’t updated since then. This modern look attracts new traders and makes trading a modern and satisfying experience.

You can zoom in, zoom out, drag the charts and even draw on them in any way you like. It is very smooth and fast with the adjustments and it offers a very efficient and pleasing response. While some charting platforms offer only line charts and candlestick charts, TradingView has 12 different types of charts including Hekin Ashi, Renko, Point ad Figure, Hollow Candlesticks, Baseline, etc.

It also offers a long range of timeframe adjustments from 1 second to all the way up to 1 year. This benefits both scalping traders, day traders, and long-term investors. It is also very easy to go through multiple charts as all your saved charts are shown on the right side of the screen and you can switch between them with just a click. It is meticulously designed for the comfort of each and every trader. 

One of the most useful tools on the chart is the Alerts tool where one can create alerts for when the price of a stock reaches a certain point, the platform would alert the user by sending notifications.

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Drawing Tools on TradingView

What differentiates TradingView from all other charting platforms is drawing tools on TradingView. Sometimes while trading, we need to mark on the chart to identify movement or look for support and resistance channels. That’s why the platform allows you to draw a lot of tools on the chart from simple lines and pencil drawings to Fibonacci retracement lines and Cypher patterns.

It also has a tool that calculates your Risk management just by using the tool on your entry price and then selecting your stop loss and adjusting your Risk-Reward ratio. It also provides Text writing options, emoji stickers, trendlines, measuring tapes, etc. so that you can make notes and stickers while studying a chart. Given below are some of the drawing features provided by the TradingView charts. Even these are not all, but just a glimpse of all the tools. 

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Indicators and Strategies

Indicators are used to study price actions and market performance. Strategies are created to help traders decide entry and exit points based on certain changes in price movement. These indicators and strategies are mathematical formulas applied to price changes and market volume. TradingView currently has more than 100 in-built indicators and more than 5000 indicators designed by the TradingView community. The basic purpose of these TradingView indicators is to help the traders in identifying buy and sell signals. Every indicator is customizable where the input values can be changed to adjust the trader’s needs.

While there are hundreds of strategies in TradingView, the best thing about it is that users can create their own strategies and indicators to suit their needs. TradingView uses PineScript to code indicator and strategy scripts. Any trader can learn to write Pine scripts if they wish to learn it. The complete details on how the script works and how to write are available on TradingView itself and all of it is for free so that anyone can learn scriptwriting and use it for their comfortability. 

The most popularly used TradingView strategies are: 

• Relative Strength Index (RSI)
• Moving Average (MA)
• Exponential Moving Average (EMA)
• Stochastic Oscillator
• Average True Range (ATR)
• Ichimoku Cloud 
• Bollinger Bands, etc.

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Community Contribution

As mentioned earlier, TradingView has a very strong community and they have contributed more than 5000 indicators on the platform. In the Indicators and Strategies section on the chart, the community-built Indicators are shown in a separate category with the names of their designers written alongside the indicator names. Apart from indicators, experts also provide their strategies in the community scripts section where one can see or use their strategies for trading. To check if the strategy really works, TradingView also has a strategy tester where the users can backtest the strategy on any chart and see the details on the returns, profits, and losses that would occur if the strategy would be used. 

Apart from community scripts, TradingView has a separate communities section where people share their own ideas on various stocks, currencies, and markets. People share their studies of the market and trend analyses on the TradingView community where others and respond to it. TradingView Community also hosts live streams on the platform where creators come and share their views to a large trader audience.

TradingView Technicals

The other great feature on the TradingView platform is the Technicals section where all the technical aspects of a stock, currency, or cryptocurrency are given so that one can decide whether to invest or not. The technicals depend on Artificial Intelligence who studies the price movements, indicators, and various mathematical pivots. The AI uses multiple inputs and calculations to automatically do an extensive technical analysis for you. It is shown on an oscillating meter that indicates whether the investors should buy or sell at that moment. It also shows the values of various mathematical pivots, oscillators, and moving averages.

Screeners

TradingView Screener shows all the stocks and currencies listed on the TradingView platform in their respective categories. For example, you can open a stock screener and select any particular country, then all the stocks listed in that country’s exchanges would be shown in a list.

You can change the order of the list on the basis of stock price, percentage change, volume, market cap, technical rating, and even their employee numbers. The same goes with cryptocurrencies, Forex currencies, etc. You can also select multiple stock exchanges at a time in a premium account to compare the stocks of various countries.

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Conclusion

TradingView has innumerable features and is built to suit every type of trader with its super smooth and efficient user interface. It is definitely the best charting platform on the internet. It has all the advanced features a pro trader would need and also has a so simple interface that even a beginner would have no trouble understanding it. Experts said that TradingView is a platform that makes their tasks easy with advanced features like Pinescript.

With so many features and extensive data from all big markets from all around the world, it is also backed by a strong trader community which makes it even more perfect for traders as they can study, trade, and communicate with similar-minded people on the same platform.

But it is still not an error-free website. The only con of the platform is its trading panel where there are only limited stockbrokers to connect to so that one can trade directly from the TradingView platform itself and the users don’t need to exit the website. While there are multiple brokers connected to the platform, it does not have any internationally used brokers, eg. Binance or KUcoin.

But as TradingView is a charting platform and not a trading platform, it definitely packs a lot more than any of its competitors and most of its features are for free.

Comparison

FAQs

In this modern era of time, trading is very popular and loved among all generations. Trading is a very good option for part-time work and also for a full-time option of earning. To get a successful career in trading all you have to know is to analyze charts, learn from others and predict the future based on facts and figures. You have to avoid guessing to reduce the chances of loss.

People say that trading is a risky game, well yes it is but you can reduce the risk by applying your brain and techniques. ChartIQ is a very useful platform for traders ChatIQ is the world\\\’s most powerful HTML5 stock charting library with a huge range of charts and many useful features to enhance your experience and outcomes of your observation.

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Features of ChartIQ

ChartIQ is a very popular and very useful platform for those who are working as traders or practicing for that because ChartIQ contains many features that make it a useful platform some of those features are;

ChartIQ Provides Very Attractive Charts

These charts are highly informative and useful. Charts are the best way to observe and analyze the market these charts enable you to learn more about market growth and movement. ChartIQ provides a very large range of charts which enables us to know about many aspects of the market. Charts help in checking and predicting the upcoming market changes. These charts are provided in many forms like bars, candles, etc…

Fully Customizable + Quick Time-To-Market

ChartIQ UI templates make it easy to get a financial chart in hours, and “light” customization. It provides fully customizable charts and quickly updated charts so that you can go with the market time and don\\\’t be before the time. This enables you to get to know about the best timing of investment and helps you in knowing about every movement of the market. It reacts with the market very quickly so that you won\\\’t miss any event or movement of the market which leads to up-to-date learning and having the opportunity to earn with every event.

Cross-platform support

Cross-platform ChartIQ supports every platform and works with any device Android, Windows, OS, etc.. . ChartIQ also works with your native app as a support application which gives you all information about the market and every update about the trading world this is a big plus point of ChartIQ that it gives multiple platform support to enable you to use the precious information provided by chart IQ and using it\\\’s incredible features for your successful trading every day.

Future Proof

The main problem of any trading supporting site or app is that they don\\\’t get updates constantly which leads users to shift to another then platform over time which creates many problems but ChartIQ provides you updates constantly and assures you for the future that ChartIQ will grow and help you to grow with time and bring constant several changes in itself to help you time to time.

Your workflow solution provider

Financing is getting developed into the app-to-app communication that ChartIQ provides a system that supports every platform to reduce the interruptions that occur in trading by the reason of lack of communication. This is a very big point for ChartIQ because the communication problem is a very popular problem faced by traders during trading because their apps or platforms support only a few others and they can\\\’t work with rests.

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Best-in-class developer experience

Development is in good hands which delivers time to time development to the ChartIQ and also provides one of the best customer support with a very quick response. The support team of ChartIQ is very quick in responding and always ready for technical solutions and services which enhances the user experience and also reduces the interruptions in using the ChartIQ.if you have a platform with constant support and a good development team then it\\\’s a very enhancing point for your trading and work.

Pros of ChartIQ

ChartIQ is a marvelous product that enhances the work experience of traders by providing very informative charts with the world\\\’s most powerful HTML5 stock charting library. ChartIQ also supports a cross-platform method which enhances the work and reduces interruptions. ChartIQ is so popular because of its features and pros, some pros of ChartIQ are –

Very informative charts

ChartIQ provides very informative and attractive charts which enable you to learn about the movement and growth of the market which is very useful for traders in working and earning more by trading.

You\\\’ll get cross-platform support

Cross-platform enables you to access ChartIQ with multiple platforms of trading and enables you to use every information of ChartIQ within your native platform.

Provides constant updates

ChartIQ provides constant updates which lead to up-to-date information and events of the trading market with information on every movement of the market to enable you in using every opportunity to make a profit.

Introduction to Tradingview

Trading is a swing to reach financial milestones faster as better evaluated information helps in generating faster results. The trading surrounded by better and more realistic information helps in creating finer results. Such information is vital in terms of accepting the idea evaluation over guessing. The way trading can be aced by using the resources and tools that can be managed is the best process to find good returns.

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About Tradingview

Tradingview is the destination for all of the realistic information and tools desired by traders to understand the definition of perfect risk management and profit-driving. Tradingview is in the market to help traders use the collected data and enjoy the benefits of its features.

Tradingview has numerous features which make it stand in the position where it is now –

Analysis

The standard analysis can be enjoyed on the TradingView based on different information. The technical analysis helps in getting a quick observation of the assets by seeing the color code too. Analysis helps in understanding the process of evaluation and how the stock has been performing and how it is going to perform shortly.

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News Alert

The news alert is about keeping a check on the market\\\’s actions. The news helps in understanding the events which affect the market. By keeping a track of all of these events one can easily make changes in their moves and maximize the results. It minimizes the risk as the traders get the time to make quick changes.

Affordability

Tradingview hasn\\\’t kept prices so high that people don\\\’t get abandoned because of high rates. Tradingview pricing plan has free services available too and the plan cost $59.95 monthly which is dependent on the choice of plans picked.

Screener

The screener is the key feature of TradingView as it helps in getting faster results by using the best filters. The screener helps in finding the standard of a particular stock and getting a hold of the history of an asset. The screener is merged with every filter a user desires.

Free accounts

Some users can\\\’t even pay a minimal fee to get their trading on the track. But TradingView has no plans to make them feel restricted. The free account services can be availed by these traders which gives access to limited features of the trading view. As it doesn\\\’t have all of the premium features but to some extent helps in getting a better idea of the market.

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What can we expect from Tradingview?

Tradingview offers more effective features to the users than any other platform. It stands upto the very expectation a trader can have from such an app. It helps in getting the hold over the several features and tools useful in understanding the market. Tradingview also has strong experience in this domain which generates enough trust in the hearts of users. It also has powerful technical analysis which drives better results for users and extracts finer returns.

What are some pros of using Tradingview?

Trading Views has got some exciting pros which make it dominate the market of financial information. Some of such pros are as follows 🙂

Affordability expands its reach in the domain of users as they can easily get premium subscriptions.

Free accounts still are part of TradingView in this capitalized world. As limited features can still be enjoyed without paying a single penny.

The technical analysis gets the job done for users and provides fast results

The color code also contributes to the direct understanding of whether the stock has got positive returns or not.

How to register for Tradingview?

The registration process isn\\\’t an issue for traders using the trading view. They normally have to web search the platform over the internet using any kind of network. After going to the website one has to register by filling up the details and decide whether they seek a paid plan or wish to avail of free services. After paying the fees they can go through the premium features or in the case of using a normal registration some of the basic features can be used.

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Conclusion

Tradingview is the best platform and easily beats its alternative ChartIQ. In terms of features and benefits, TradingvVew is far better than ChartIQ. The way it is structured assists users in accessing all of the information related to the market. ChartIQ has to get some features expanded and also try to add more attractive policies if they desire to get a bigger user base. But till the time it isn\\\’t fixed, TradingView will be on the top of the market. Tradingview has gained the trust of its users which has gifted customer loyalty to them. And customer loyalty is one of the most essential things a service provider seeks.