How to use TradingView Charts in Zerodha?

welcome to vrd nation as you guys know that we are on a mission to teach each and every aspect of trading view starting from the very basic and then going all the way to the advanced concepts so we are making a series of videos where we will cover each and every aspect of trading view so we started this series with the basics of trading view right so we made one video about half an hour long where we explained the basics of trading view how to get started so if you have not watched that video i will strongly recommend you to watch that and this particular video is going to be dedicated for charting functionalities in trading view right so both the charting functionalities as well as the basics of trading video relatively simple easy to understand but they are very foundational right so don't skip these things and start going to the advanced concept because if you don't understand these you most likely will have trouble grasping the advanced concept so after charting is done the next video is going to be on alerting and in alerting we'll have a lot of fun and then after electing we will get down to some serious stuff like back testing and then strategy creation right so we have some very ambitious plans for trading view and we want all the encouragement that we can get right so whatever you guys can do to appreciate the effort that we are putting in so you're liking the videos giving us feedback subscribing to the channel if you haven't already so do everything that you can to just give us encouragement that we are on the right track so now let's get down to the details so we talked about the basic features of trading view in the last video and this particular video we wanted to do this on trading view but a lot of you reminded us that trading view has now been integrated with a lot of brokers so it will make much more sense if we discuss charting in the context of a broker and one such broker is zirodha so we thought why not we use zeroth as a broker's platform and showcase all the charting functionalities that are available on tradingview through xeroda kite so all the charting functionality that you're going to see in this video they're going to be equally applicable whether you want to do this on zerodha or you want to do this on tradingview because at the end of the day it is trading views functionality right so without further ado let's get started so when you come to the home screen of zerudha this is what you see and what a lot of people don't realize is that the charts that you see here these charts are not actually provided by zerudha since the beginning of zeroth itself back in 2010 zeroth partnered with the company called chart iq so whatever charts that you are seeing right now they are developed and supported by chart iq and chart iq was the only provider of the chart for zeroth for a very long time and i myself have been using for quite some time so i got used to what this chart looks like but back in 2020 zerodha introduced a new partner for charting platform that is trading view so now as a zero the user i have two choices either i can stick with chart iq platform which is what we are seeing right now or we can switch to the trading view platform so the way you will make that selection is basically you will go to your profile click on my profile you will see that either you can select chart iq or you can go with trading view so in this particular case of course we will go with trading view now you can see that the look and feel of this chart has completely changed and this looks more like trading view now trading view charts are definitely much more sophisticated than the chart iq charts but there is one thing which i kind of miss in trading view because in chart iq i was able to hold on and drag and move the chart up and down but in trading view i basically have to do this minimize and maximize i cannot drag and move the chart up and down i don't know maybe it's because one of my bad habits that i picked up while you know working with the chart iq charts but uh that's one thing which i kind of miss hopefully they will add that functionality at some point all right so what we'll do right now is we will pop out this chart into a new window so that we can explore all the functionality so i'm going to click on this button right here pop-out chart and here as you can see that we are having the same look and feel as we saw on tradingview.com now the way to use this chart is to think about two scenarios scenario number one you are in a trade or you're planning to take a trade and scenario number two you are just analyzing the charts purely let's say at the end of the day or just for analysis so for the scenario number one where you are in a trade or you're planning to take a trade what you should do is that there is a little uh icon here on the top left hand side you just click on that and it opens up the window of it gives you the market depth and it gives you the open position so what i can do is i can collapse this market depth because i don't use it and if i place any new orders for example i can see them here so the thing i really like about this particular layout is that i can be in a trade and i can analyze the chart at the same time without having to switch from one screen to the other and what we can also do is for example let's say here i can change the script so let's say i'm going to take let's say yes bank so for yes bank and let's say i can change the time frame i can make it less a daily chart so for example let's say i want to short yes bank for some reason right so i can place an order for yes bank and i can say okay i want to short yes bank on a intraday basis and sell and you can see here that in the open order section i can see that the order is pending for execution so i can basically go here and i can modify it and i can even make it to let's say 15 bucks so that it gets executed so the order got executed and what i can also do is i can place an exit order for this particular position right so for example i can say that i want to get out of this if the stock goes back to let's say 14.95 something like that so if i place this order the open order will show up here now you have to realize is that this particular window is not specific to trading view this is something which was already there and it also worked with chart iq but this is the nice view so i thought it is just let me talk about it now there is one limitation here is that you can see the position you can see the open orders but you cannot see the executed order right so if you want to see the history of the executed orders you basically will have to go here and you have to see all the orders that you have placed so for that you basically will have to go back to the main screen so the main screen is much better if you want to see your positions if you want to see you know your orders and stuff like that but if you want to analyze the charts at the same time keep an eye on the position at the same time keep an eye on the open orders then in that case i think this view looks good so having said that the intention of this particular video is of course not to do trading it's basically to focus on the chart so what i will do is i will close this section by clicking on this x icon here and as you can see here now that we have the full chart to ourself now the first thing that i want to highlight here is that right at the bottom you will see this little blue button with a little arrow on it so what this does basically is that it enables this charting tools toolbar so if you don't want to use this you can just click on this hide drawing toolbar button and it will hide it and if you want to enable it again you can just click on it again and it will bring it up so that's how you can hide and you can show the drawing toolbar so when i'm analyzing nifty or any particular index i don't really pay a lot of attention to the volume so what i can see here is that they have all this volume bar showing up how much volume was traded but i don't want to see them so what i can do is here right here i can basically hide the volume so this is this show and hide button i will just click on this and the volume is gone so now things are much clearer i can just focus on the price rather than worrying about the volume and of course as we have discussed earlier that we can do all sorts of things here we can add the indicators so moving average for example if i want to add it i can add it here and after adding of course i can click on the gear icon i can change the period i can change the style i can you know basically i can make it a different color so i'm going to keep it to blue thickness i can increase the thickness here so and so on and so forth so basically we can just play around with indicators and templates as we discussed in the last video so that you can get the right kind of view that you need now here i want you to pay attention to a little bit to this lower area right here so here you can see this is a time zone so time zone will be automatically selected to the indian time zone but for some reason let's say you messed up or you you know you clicked on something but you let's say picked up new york so then the time will not make a lot of sense right so you have to make sure that for some reason let's say the this time zone has got messed up it has to be in the indian time zone so basically you have to scroll down all the way and you will see kolkata so utc plus 530 that is kolkata and that is that is whatever trading hours are so please make sure that you are adjusting the time zone in case it is not correct the next very interesting feature which i find here is that you can instead of looking at the chart in terms of the actual price you can see them in percentage so when i click on this i can see the moment of nifty in terms of percentage but the one thing that you have to keep in mind is that this percentage change that you see here the percentage change is not with respect to the previous close because right now what i am seeing here is point seven six percent up on nifty whereas if you see nifty is currently down right so the percentage that we are seeing here that is point seven point eight percent it is with respect to the beginning of this chart so if i drag this a little bit here you can see that the percentage change has changed right so so it takes this as the starting point and with respect to this it is telling us whether nifty has gone up or has gone down so when you are analyzing in percentage terms you have to make sure you have to understand that it is not with respect to the previous day close it is with respect to the first bar on this chart so now for example if i want to go back to my old settings so i will just click on this again it will be like a toggle setting and i can go back and see the same prices that i had earlier so you will notice that when you click something when something is enabled it will turn into blue when you click on it again like a toggle it becomes black so black means it's not enabled and blue means it is enabled so auto for example is enabled because it's blue log and percentage case they are not enabled and that's why they are black so talking about the log scale so log scale is something very important and i really prefer using log scales on the daily charts i don't use that much on an intraday chart because entire dating is more about points for me i don't want to see the percentage terms but if i'm analyzing a daily chart especially for stocks and daily charts weekly charts monthly charts i definitely want to analyze my charts on the logarithmic scale so if you are new to log charts the basic idea behind the log charts is that the distance between price a and price b is not uniform in the case of a log chart what is uniform between point a and point b all the time is the percentage difference between the prices right so we will probably you know take this up in a separate video but as of now just understand that logarithmic scale they are not equidistant in terms of prices now right at the end here you can see there is a gear icon which is basically nothing but the setting so here you have different choices you can reset the scale so let's say for example you want to go back to where you were earlier you can do the left axis so if i click on this so you can see that on the left axis also i can see the prices so i can have both right access and the left axis and you can just play around with this log scale we have already selected that's why it's showing us uh checked now i will give you one piece of advice here that do not play a lot with the scale so once you pick a certain scale just stick with it right so if there is a setting that you are comfortable with with the auto scale uh or the scale for scale price chart only so whatever is the case that you are picking i do not like to mess around with the scale because they create confusion and inconsistency in the analysis so i don't i don't touch these things at all apart from that what you can do is you can basically click on this scales properties which will give you a better screen to work with so the same thing that we saw by clicking on the gear icon i can see this in a better layout so here what you can do is you can let's say if you click on symbol labels you can see that nifty 21st march future shows up right so if i click on uncheck that is gone if i click it it's back again indicator label so indicator label in this case is the label of the indicator so when i click on this you can see that the moving average shows up here right so it's showing me that this blue line belongs to moving average and if i also click on the indicator last value i can also see that the moving average value is 14966.65 so guys you can play around with the scales but my advice is that do not do too much of engineering on this particular screen because it only creates confusion the only thing that i will advise you is to use logarithmic scale when you are analyzing charts on a longer time frame but apart from that i think you can just stick with one setting and you can always stay with that so what i will do is because i have done so many different changes i want to go back to where i was earlier so i will click on this button defaults and by clicking on default i am basically back to where i was earlier so that takes care of all those changes that i made earlier and i will be back to normal so we talked about this area but let me talk about the cool functionality which was not available to us in trading view so when we click on the screen layout remember that in the free version of trading view it doesn't allow us to have more than one chart per tab but within zerodha if you are using tradingview then you can use multiple charts within the same window so in this particular case for example if i do this i can see that there are two charts so these two charts are tiled vertically i can make them horizontal i can do you know three charts if i want to like this something like this so you can do basically all sorts of combinations here so let's just go back to this layout and understand a few other things so the number one thing that we have to understand here is that uh there is an option of synchronizing on all the charts and this is very important to understand because this each of this is a separate chart in trading view and uh let me just uncheck all of these and let me go one by one so when i say synchronize on all the charts it means when i synchronize the symbol then whatever i have selected for the one chart it will be equally applied for all the charts so if i change this for example from banknifty to let's say yes bank right so here now all these three will have yes bank so for this one let's say i go back and i change it to let's say reliance or let's say relax for that matter so relaxer will be applied on all the three charts so synchronize means all the three charts will display the same script the other thing that we can synchronize or make same for all these three charts can be the interval so when i click on the interval and i'm here here here doesn't really matter the interval let's say i make it to 10 minutes here it will become 10 minute for all of them so the idea here is that we want to make sure that all of these three charts are in the same interval again it depends on your requirement so for one setting you may not want to have the same symbol and same interval for all the three charts because it will not make a lot of sense if i'm analyzing let's say three stocks from the same sector i probably what we'll do is i will uncheck the symbol so that i can have let's say tcs here infosys here hcl technologies here but the interval can be the same so that i can analyze all three of them on the let's say daily chart or weekly charts the other option available is for cross hair so when i click on class here so you can see if i make this cross so wherever i'm pointing uh this this cross here on one chart i can see the respective price point on the other charts also so that is how the cross hair gets synchronized and the next one is about time but i think what is more important is in terms of drawings so if i let's say synchronize the drawings here and let's say i'm plotting something i'm plotting a trend line so the line that i'm plotting on this one chart will start showing up on these charts also so that is what it means to synchronize drawings that whatever drawings that i am drawing here will show up everywhere so for the time being what i will do is i will uncheck these things and i will give you a practical example of how we will use this in our trading journey so the way i use it is typically let's say for example today so let's say i was studying bank nifty right so what i will do is i will have bank nifty chart on the top and at the bottom i will have the chart of nifty because i want to make sure that whatever trade that i am taking it is in line with the overall market so by having nifty here and by having bank nifty here i can see both of them at the same time how if i'm let's say taking a long trade for example today i took a long trade on bank nifty right so if i'm taking a long trade like this on bank nifty i want to make sure that nifty is also behaving in the way that i am expecting it to because what i don't want is that if i have taken a long trip on bank nifty and nifty starts to slide downwards then my position can get in trouble so this is a very useful functionality and what you can also do is that let's say for example you have extended monitors let's say let's say you know you have you want to see something on a different monitors what you can do is you can pop this window out and you can take this window and you can put it on a different monitor right so you can move this to a different monitor on this monitor you can keep an eye on bank nifty and nifty on the other monitor which you cannot see in this particular video i am keeping an eye on nifty mid cap so you can do a lot of things with extended monitors also so you can basically play around with this setting you can play around with the layout and whichever working for you you can go for it but at the end of the day whatever you do make sure that you are saving the layout it so just save layout and give it a name so this case i'm just going to give up my name here so and once i have created the layout and any changes that i'm making here i have to make sure that i click on this cloud icon and just click on this and it will keep saving the layout now there is one more thing here which i forgot to mention earlier so you see this maximize window so by clicking on this maximize chart um the i can see bank nifty much more clearly here and when i want to go back to let's say the original configuration i will click it back here and i'm back to the same screen and i can do the same for nifty as well so when i can pay attention to nifty and when i'm done i will click on this and i'm back here so what we'll do right now is i will go back to the original layout and with one screen so that we can pay attention to the features that are there for charting okay so next we have to focus on the chart settings so there is a gear icon on the top so i click on this chart properties and this window opens up we have already seen the scales part right when we discussed about the auto scale in the log scale we have discussed this so let's talk about the style and what i will do is i will just move it here a little bit so that you can see that effect of this changes on the chart so right on top you have a setting called color bars based on previous close so if you understand how candlesticks work the color of the candle right so in this particular case the color of the candle is determined by the open and the close so if the closing price of this particular candle is below the opening price of that day this candle will be red and if the closing price of this particular bar for example here is higher than the opening price it will be greener so that is how the traditional candlesticks are plotted however what you can also do is that you can decide the color of the bar based on the previous days close so pay attention to some of these small bars here they are red right now when i click on this it will turn into green right so here some of these bars here you can see them they are changing color so if i take example of this guy right here the reason this is red is because it opened higher and it closed lower but when i click on this it becomes green because with respect to the previous days close it closed higher so if you are using this kind of a logic you have a way of you know doing so by clicking on this bar i personally like to stick with the traditional candlesticks which give me a little bit more insight into how the day panned out right for that reason i keep it unchecked now moving on here you can select the color of your candles so right now the bullish candles are green and the bearish candles are red so what i can also do is i can make any changes i want so i can make the green ones as yellow and i can make the red ones as black so this is another combination right and these are the borders so if i don't want the borders i will uncheck them so you can see that there are borderless but if i want the borders let's say then the same color i can have the same setting so whatever you like in terms of your color you can just play around with the candles and you can change them the next is about the vic so again it goes back to the terminology of candles so every candle has a body and a wick so which is the price which protrudes let's say for example here this right here this line this red line this is the wick so some people they don't like to see the wick so for them you can just do uncheck or check depending on whether you like it or not and you can also change the color of the wig so if it's on the upper side you can make it green for the up you can be basically making red for the low so whatever you want to do with the wick you can just change your colors here um the next one is the symbol uh last value so here you can see 2104 so when i say uh show line it shows me the line when i uncheck it the line is gone and i can change the you know the the thickness of the line by making it bigger and i can choose whether i want to see this label or not so if i uncheck that label the price level is gone but if i check it again uh the price level comes back same is the kind of setting for the previous days close on the intraday chart so you can just play around with this and the scales we talked about this scale left or scaled to the right or no skill at all so this is up to your choice i personally don't like to mess around with any of these things i basically want to go with my defaults so i just want to like you know click on this and i go back to where i was earlier so with that said let's move on we talked about scales already let's talk about the background now with background this is basically the background color right so now if you're using the trading view website they have something called as a dark theme and dark theme basically changes everything into the dark color they don't have that option right here but you can build your own theme right so by clicking on this black background i made everything black but you will have to kind of you know you know play around with these grid lines and the horizontal lines and stuff like that so this is one way you can make things a little bit more conducive to your eyes so i do not use dark theme i stick with the light theme and uh simple description for example right here so you can uncheck so reliance is gone o h l c that is open high low and close values right now you can see o h l c here i can hide them if i want to so similarly you can basically just you know keep checking and unchecking and see what you want to see and what you want to hide the idea behind this guys is that you know you make these settings one time and this is not something that you have to do on a daily basis you just to do this setting one time you save your layout and then you should be set last but not the least we already talked about the time zone you have to basically go and you have to pick kolkata right that's our indian time zone and that pretty much will take care of the chart settings now that we have covered all the important aspects on this side and this side let's talk about the charting tools uh real quick so we'll start from the top here this is across so this cross here you can have a cross like this right or you can make it as a dot and if you want to use it as an eraser you can use an eraser and if you want to just have nothing you can just go with arrow right so when i use an arrow then i don't see anything like a cross here so this is like a blank so crosshairs if you want to use you can use this next comes the trend lines so here you have a lot of different trend lines and i use them often because trend lines for example let's say here i want to draw something uh from here to here so this is my trend line and you can see that now i also have a floating window which gives me an option to modify certain aspects of this trend line so for example the color so if i can change the color to let's say i want to change it to blue i can change it to blue i can change the thickness of the trendline i can make it a little thicker if i want to i can also change whether i want this line to be a straight line a thick line or it i want it to be a dotted line right so that kind of changes can be made here so do i want this line to have arrows on one side i can also decide to have arrow on the other side right so whatever you want to do with this line whatever is your intention you can just do this and you can always like you know drag and drop this line and the one thing which i like is that for the span of this line it also highlights the dates here so that it's easy for us to see for how long and for what price changes uh was this trend line applicable then you can just play around with just clicking on the settings and then you can do a lot of things here right so it's up to you how much savvy do you want to get i don't do a lot here i basically stick to the basics but i do change the thickness once in a while to make things better but you also have some other options here for example you let's say you have multiple drawings you can decide which one will go to front which one will go backward so the order in which they appear you can decide which one will come first which will come will come later and you can also clone it so let's say for example i cloned it and i can move it like this so you can use the drawing that you have already made and you can you can apply that in a different setting right so and at the end of the day if you want to just delete it you can delete it also right so click on this and if you want to delete it just go for remove and it will be gone so i use a trend line uh there is something called info line let's talk about this real quick so info line is basically a line which will also have some additional information so it will give you some more details about the distance the how many bars were covered uh and also the inclination right that's interesting right so 35 degrees from the bottom here so that's something if you are interested in you can use it if not then you just delete it so you can play around with a lot of things here the one other thing which i like is that trend angle so reliance for example let's say i want to see that reliance how was this move in the past few days so i can see that this move made a 53 degree angle from the horizontal so it means that the move has been a little bit more aggressive right so if i consider let's say 30 or 35 degree as a normal then with respect to that it clearly shows that reliance moved a little bit faster than that so this trend angle can give you that kind of a sense and similarly you can do vertical lines you can do cross lines you can do arrows rays and stuff parallel channels is again i think it's interesting because you can draw parallel uh channels let's say here and here uh right so you can just kind of you know move it around here for example you can drag it so you can do all sorts of stuff and always you know there's a toolbar which is out here so just click on that so let's say you want to change the the color of the channel you can do that and you can also change you know how much lighter do you want it to be so again it fits your comfort level you do what you feel like is the right color and combination for you next set of toolbars they are all these fancy toolbars i don't personally use them i mean i use them once in a while if there is one specific thing that i'm looking at so for example fibonacci retracement i will probably use once a while but i am not a very big fan of these fancy tools because in my opinion they just complicate the analysis more than they have to be right again but that's my opinion if you guys want to use it and if you are using it already then of course go for it then we come to the uh you know some of the other tools available here so brush for example is just like a freehand tool right so i can draw something i can i can make some symbols i can say this is right this is wrong so whatever you want to do it's like a free text so by the way there is a there is a button at the bottom which says which is for removing drawing tools when you click on this all those drawings will be gone right so so you can play around with the brush you can have a rectangle so if uh if a stock is making let's say some sort of a consolidation pattern you can make a rectangle kind of a picture here you can change the colors if you want to right so whatever is it color whatever is your texture preference you can go for it increase the size up and down make the rectangle you can actually drag and drop it if you want to right so there are different ways you can play around with the rectangle it's a nice functionality i like it and similarly you can do triangles you can do curves i mean so it's up to you how fancy do you want to get now now after that let's talk about the text so you have a lot of different ways you can create text so you can have just like a plain old text right so you can just have text like that or you can have something called as an anchor text so in this case let's say this is an anchored text so an anchor text what will happen is this is a regular text this is the anchor text right so let's see what happens when i scroll this so anchor text is staying at one place whereas a text the one that we created is moving right so anchored is anchored to one place on the chart it's not going to move from there text on the other hand will keep moving along with our scrolling so again i'm going to delete all of them same is the case with note and anchored node so you can have a note like this uh call it as a note and you can basically just like you know you can move around this note here and when you hover on it it will tell you what the note was and similarly you can have an anchored note so you just play around with this guys again it's call out balloon and stuff like that where you can just you know pick anything in this particular case it's just telling me the price so if you're let's say demonstrating something to somebody else you can use these kind of features to explain better after this again we have another set of fancy uh drawings i don't use them much if i have to plot head and shoulder for example i would rather just plot it myself rather than you know having a system do it for me or using these kind of tools but if you are savvy you can go for it next ones are the symbols there are a lot of them here i don't use many of them i mean i sometimes i use the arrows like an up arrow if there is a buy signal and a down arrow there is a there is a cell signal so for example here i can create let's say there is a cell signal here i can do something like this i can change the color to red and i can probably have a text somewhere around saying the cell signal but apart from that i don't use them much but they have given plenty of these you know icons and you can just use them wherever you feel like it the next one here is for measurement right so when i click on this for example i want to measure uh let's say this area so this is very nice because what it tells me from here to here on both the dimensions it is telling me in terms of price that from this point to this point let's say reliance went up 14.75 percent and 298 rupees in terms of absolute value and in terms of the horizontal time which selling it was 57 bar right so 57 bars which means 83 days in terms of the calendar days so moving down here we have zoom in and zoom out functionality right so zoom in and zoom out so when i zoom in i can also go back to zoom out so that's something if you want to do it you can do it this is an interesting functionality called magnet mode so when magnet mode is on whatever lines that we are drawing or trend lines we are drawing it will snap to the closest price right so in this case let's say i want to draw a support on reliance so if i'm drawing a horizontal line here and it's going to snap it to the nearest price point so it's a useful bit of a tool if you want to use it so magnet mode should be enabled if you and you can see it says here that magnet mode snaps drawing plays near price to the closest ohlc value and you and you have a couple of other nice handy features here so let's say you want to stay in the drawing mode you can stay in the drawing mode and you can also lock all the drawing tools so that uh whatever changes that you have made they do not get disrupted they do not get deleted by mistake so this is pretty much it guys right i mean whatever we have discussed so far pretty much covers most of what there is uh there in trading view and if a little bit here and there is left i'm sure you can figure out on your own okay guys so i hope that the chatting functionalities that you have seen in this video it made sense they are easy they are intuitive and it is basically a matter of playing around with those settings right so just play around just spend some time with those settings and you will automatically get it so all the easy stuff will be done by this video right from here onwards you will get down to some serious business and that will be alerting back testing and strategy and i want you guys to be ready when we will get there because that is where you will see the real benefit of using trading view right so just be ready for that and give us feedback give us comment give us support give us appreciation whatever you can to make us feel better about what we are doing and giving us encouragement and we will see you guys next time with the alerting functionality of trading view

Channel: VRDNation

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Keywords: tradingview zerodha, tradingview, zerodha, stock market, zerodha tradingview chart settings, zerodha trading view chart, chartiq vs tradingview zerodha, tradingview chart in zerodha, zerodha chartiq vs tradingview, tradingview in zerodha kite, zerodha trading view settings, tradingview integration with zerodha, zerodha kite tradingview, Algo trading vrdnation, tradingview for beginners, zerodha tradingview tutorial, tradingview with zerodha, kite zerodha trading view

Id: oXToqf-Uaz0

Length: 31min 29sec (1889 seconds)

Published: Tue Mar 16 2021