In the battle of the trading charts, there are few worthy contenders. In that, one company has risen above all others. Let’s explore why TradingView has the best charting platform in town, what it means to Pinebot, and what their competition is like. I’d like to think we’re something of an authority on the subject. TradingView is an integral part of our platform, after all.
With so many trading tools out there, it’s often difficult to choose which ones to use. Few tools rise to the level of tools you simply can’t do without. TradingView is one such tool. I didn’t get into trading until very late in my life till now. It’s only been a few years so I’m not really familiar with the older stuff. I do notice their remnants though. Some of the older platforms still hold up today as well but I digress.
What TradingView Offers
First and foremost, TradingView is charts. The best charts in town as far as I can tell. There are some others that come close and some that are better in some regards. Generally though, TradingView charts are the most feature-rich of any. Their charts have tons of features. These features are many so we’ll stick to what’s important to our bot efforts.
Pine Script Indicators
The thing we’re most concerned with from the perspective of Pinebot are the indicators. Rather than simply hard-code their indicators, TradingView implements
their own scripting language called Pine Script. This allows anyone who learns Pine Script to program their own indicators. TradingView also has a searchable
directory of user-created scripts. Users may designate the scripts they create as open-source or private. This has built an ecosystem of indicator programming that’s second to none. Once submitted, all TradingView users can add an indicator to their charts. It’s not just technical indicators though.
Pine Script Strategies
TradingView has a special kind of indicator called a strategy. Like indicators, strategies can be created by users, using Pine Script. In terms of Pine, there actually
isn’t much difference between an indicator and a strategy. A strategy can be comprised of one or more technical indicators. The point of a TradingView strategy is basically to determine when to enter and exit the market, both long or short.
Once added to a chart, a strategy also loads the TradingView backtester. The backtester shows you how well (Or how poorly) a strategy would have performed over time, in the past. Once coded, a strategy can, like indicators, be posted to the TradingView script directory.
TradingView has a lovely Crypto Screener (Once named Signal Finder) tool. This tool allows you to search and sort through every symbol TradingView tracks by weight of signal, in either direction of the market.
No-one does trading-centric social networking like TradingView. User profiles, idea posting, video clips of charting, DMs, etc. Here at Pinebot, we’ve begun to model our social services in much the same way. The social features of TradingView are extremely well thought out and helpful.
TradingView isn’t the only kid on the block. In all fairness, we’ll quickly go over some of the alternatives. If you’re trading stocks or forex, there are many more options available but we’ll focus on what can also trade cryptocurrency here.
#6 – Coinigy
Coinigy is a popular platform for charting and trading cryptocurrency. As charts go, theirs are really nice. While they don’t offer a way to create your own
indicators, the ones they do have work well and were clearly meticulously implemented. Altogether, they offer 75 technical indicators. While this doesn’t hold a candle to some of their competition in terms of indicator quantity, their charts have a really nice feel to them.
The big offer of Coinigy is that it’s not just charts. It’s a full cloud-based trading platform. Coinigy has features like portfolio management across multiple exchanges, alerts, and the ability to place trades right from the interface. Coinigy works good on mobile devices, a huge plus. They also have thirdy-party app integrations that enable other tools. Alas however, there’s no way to create strategies and no backtester. For that reason, Pinebot has to put them at #5 but we do really like their platform.
#5 – TensorCharts
This is probably the most underrated charting platform of all. This comes as little surprise though since they’re so new. TensorCharts is more than just another
charting platform. It’s an innovation that takes trading to the next level. TensorCharts doesn’t have a huge library of indicators. They don’t have huge built-out trading platform or alerts. What they do have is a unique charting system that uses more than just candlestick data.
TensorCharts was founded on the idea that a trading chart should also incorporate data from the order book. This enables a new class of indicators based on the weight of market and limit orders. It’s really impressive and a huge help. No matter what charting platform you use, you should also be using TensorCharts at the same time. It’s a bit rough around the edges in certain places but TensorCharts is going places. Their charts are actually scriptable and new features are clearly on the horizon. While at #5 today, I could easily see them being at the top of the list someday.
#4 – NinjaTrader
NinjaTrader is a great piece of software for charting, trading, and strategies. It has a customizable user-interface, backtesting and replay
and indicators can be coded in a language called Ninja Script. NinjaTrader is mostly for stocks and forex. However, you’ll notice that NinjaTrader is the official software client of Bitmex. In terms of trading cryptocurrency, we might have left out NinjaTrader but Bitmex brought them into the fold for us. It’s good software worth trading with. Their new version 8 does have a really good order flow system.
#3 – Sierra Chart
The comparison between Sierra Chart and MetaTrader is really difficult. Sierra Chart is basically the gold standard for automated trading software, compatible
with crypto. There are so many customizations and options that it’s way too much to go through here. Pretty much the only reason we didn’t put Sierra Chart at #2 is because there’s a bigger learning curve than any of the other tools on this list. There are many people who would consider Sierra Chart #1 and that’s perfectly understandable.
#2 – MetaTrader
In second place we have MetaTrader. This is probably the most popular trading software other than TradingView. MetaTrader has long been a standard tool in all types of trading. MetaTrader 4 is the most popular version. MetaTrader 5 is the newest. Like Sierra Chart, MetaTrader has advanced
charting, programmable trading strategies & indicators, and backtesting.
In addition to their main software program, there’s also a web/cloud-based and mobile app versions. In terms of their script library, it’s probably more vast than any of the competition. TradingView might have them beat there now though. MetaTrader is probably able to connect to several crypto exchanges. The one I always use it for is the JAFX margin trading exchange. MetaTrader has always been and likely will always be one of the best.
#1 – TradingView
TradingView wins the number one spot because it does pretty much everything the others do and it does it all on a cloud-based platform. That’s no easy feat. The simplicity of their Pine Script language makes it easy to quickly model technical indicators and strategies. Their open-source script directory makes it very straight forward to learn Pine Script and come up with new ideas. As any programmer will tell you, we stand on the shoulders of those programmers who come before us. Just about every indicator I can think of has a Pine Script version. I’ve coded some of them myself.
What’s really great for Pinebot is that TradingView implements a really intuitive strategies system. This allows us to quickly prototype new strategies and see how well they might perform using the in-built backtester. The TradingView backtester is pretty nice. It gives you nice overview of the performance of the script and lists its trades for you. It’s this backtesting system that powers Pinebot.
For quite a while, I was selling access to my strategies on TradingView. I did however come up against some difficulties. These weren’t shortcomings of TradingView. It’s just that it’s not really much in the interest of TradingView to implement some of the things I wanted to be able to do. These are things we’ve added to Pinebot. Pinebot has its own Pine Script directory, much like TradingView. The difference is that in ours, users can sell subscription access to their Pine scripts. Ours is a marketplace. Another difference is that once subscribed to Pine Script strategies, a user can deploy our bot to trade for them on their crypto exchanges. TradingView has an automated trading feature but it lacks a few things. It’s also not able to do margin trading. We’re happy to fill in the gaps, as it were.
In addition to what helps us, TradingView has a powerful alerts and signaling system. I’ve made bots based on that in the past as well. We will soon be adding that capability to Pinebot. They’ve also got tons of social feature found nowhere else. Through TradingView’s systems, Pinebot is able to provide so much and we’ve so far only scratched the surface. It’s easy to see why for us, TradingView is number one.