The Top 3 Best TradingView Indicators to Improve Your Trading
Updated: 2 days ago
Discover the best TradingView indicators to improve your technical analysis skills.
What are the top 3 best indicators on TradingView?
Indicators play a crucial role in trading by helping traders identify potential opportunities, anticipate price movements, and manage risks.
With so many indicators to choose from, it can be difficult for a new trader to figure out which one is best. Therefore, I have compiled a list of the top 3 best TradingView indicators to narrow your search.
1- Volume Profile Indicator
The volume profile indicator on TradingView is an advanced tool that requires you to have a premium subscription. However, you can get a TradingView free trial to test it out for 30 days.
The volume profile shows you volume by price for a defined time period. Traditional volume charts show you volume by time, which is not nearly as valuable.
Traders can determine what price has the most supply and demand, which is extremely helpful in determining support and resistance levels on a chart.
2- Ichimoku Clouds
The Ichimoku Cloud is a dynamic trend following indicator involving several moving average lines. It consists of five lines and a "cloud" formed by the interaction of two of these lines.
A green cloud signals an uptrend, while a red cloud signals a downtrend. Additionally, you can use the baseline and conversion line crossovers to determine entry and exit points.
The baseline and conversion lines are similar to a 9EMA and a 26EMA, another common indicator traders use.
3- Auto Fib Retracement
The Auto Fib Retracement indicator automatically plots Fibonacci retracement levels on a chart, helping traders identify potential support and resistance zones based on the key Fibonacci ratios (23.6%, 38.2%, 50%, 61.8%, and 78.6%).
While traders often draw their own Fib Retracement lines manually, the Auto Fib tool is a great way to save time and view retracement levels on several time frames.
How to get a TradingView free trial
If you don’t want to spend your hard-earned money testing out these indicators, you can get a 30-day TradingView free trial.
TradingView is one of the most widely used charting tools available, and it is great for beginners and advanced traders.
Which indicator is best for entry and exit?
There isn’t a single indicator that is “best” for determining entry and exit points. However, the Ichimoku indicator provides traders clear signals when the baseline and conversion lines crossover.
When the conversion line cross above the baseline, it is a signal to buy. On the other hand, when the baseline crosses below the baseline, it is a signal to sell.
Once you are in a position, you can use one of the several lines to determine your stop loss and take profit levels.
What indicator do most traders use?
There are tons of indicators to use, and each trader must find the one that works best for their trading strategy.
However, the most common indicators include Fibonacci Retracements, simple moving averages (SMAs), and exponential moving averages (EMAs).
The Best TradingView Indicators | Bottom Line
Selecting and utilizing the appropriate indicators is crucial for successful trading. The right indicators can provide valuable information on market trends, support and resistance levels, and potential trade opportunities.
By understanding how each indicator works and using them in conjunction with other technical analysis tools, traders can enhance their market analysis skills and improve their overall trading performance.
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