In the world of online trading, TradingView has long been the go-to platform for charting, technical analysis, and community engagement. However, as the market progresses, alternatives have surfaced, with TakeProfit among the emerging options. Let's delve into the features offered by various trading and research platforms and see how TakeProfit is emerging as a potential standout among community-driven analytical tools for traders and investors.
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Why Consider Other Platforms When There is TradingView?
Some traders are choosing other platforms over TradingView due to concerns about rising costs and service cuts. Additionally, they have concerns about potential future price hikes and service limitations, even within existing paid tiers. They feel TradingView's value proposition hasn't kept pace with the cost increases, leading them to explore alternative platforms.
Where Does TradingView Lose Its Advantage Today?
Traders are increasingly dissatisfied with TradingView's limitations on features previously considered standard. These concerns include restrictions on community-developed indicators, which TradingView reportedly benefits from without contributing to their development.
…5 indicators for a paid subscription? useless subscription. A comment on TradingView Subreddit by https://www.reddit.com/user/john8a7a/
And this is where new platforms excel. For example, on TakeProfit's free plan, there are 4 indicators available per workspace. Considering that the free tier allows for 2 workspaces to be saved, it means that a total of 8 indicators are available on the free plan - both built-in and user-developed.
Additionally, TradingView users are upset with limitations on the number of charts that can be displayed simultaneously, leading to a constant requirement for plan upgrades to ensure previously purchased functionality remains accessible.
you can't have more then 10 saved charts with a $30 sub. WHY THE F..K NOT??? it costs them nothing extra, it is just s fu..ing file....and there is always some fu..ing surprise they have for you ,some pop up,,you wanna do this,,UPGRADE !!!
A comment on TradingView Subreddit by https://www.reddit.com/user/john8a7a/
In terms of chart quantity, TakeProfit significantly outperforms both TradingView and other platforms. On the freeroll plan, TakeProfit offers unlimited chart widget usage. Moreover, these can be combined with other widgets, such as watchlists or financials widgets, to create up to 2 workspaces. For a beginner in trading or an occasional or swing trader, this is all they need.
TakeProfit boasts a range of features that rival those of TradingView. From advanced charting tools to customizable indicators, TakeProfit aims to provide a seamless trading experience. And here we smoothly approach the key functionality needed by advanced and professional audience.
Pine Script vs. Indie
A significant factor for many professional traders is the ability to create custom indicators and strategies. TradingView's Pine Script has been the industry standard for this purpose. However, TakeProfit introduces its own scripting language called Indie, which is based on Python, offering a fresh alternative.
The key advantage of Indie is its familiarity to anyone who has even glimpsed Python. A clear syntax with basic control statements such as 'if', 'for', and 'while', along with variable declarations and standard arithmetic operations. It supports basic data types like integers, floating-point numbers, boolean values, and strings. More about Indie
Certainly, due to its massive audience, TradingView has propelled Pine script to popularity and demand. However, has Pine script become the industry standard for developing technical indicators, with continued support and advancement? The professional community holds varying opinions on this matter, including those who argue that Pine script is redundant with Python knowledge.
Pinescript is garbage lol I don't know of 1 hedge fund that uses Pine script. Why would I need all the pine scripts from trading view when I can just create my own code in a different programming language? I can fully automate a trading bot with python, you can't fully automate anything with pine script. A comment on TradingView Subreddit by https://www.reddit.com/user/KidVon313/
We'll soon provide a detailed review of the new Indie language in an upcoming post.
Additionally, there are other languages such as ThinkScript by thinkorswim, NinjaScript by NinjaTrader, MQL by MetaTrader, and other platforms, which we will discuss below.
TradingView and Alternatives Comparison
Thinkorswim
Thinkorswim is a trading platform with advanced analytical features, primarily designed for American traders who trade via TD Ameritrade. It offers robust charting and custom indicator creation through ThinkScript.
However, it may be challenging to use outside the US even for research purposes. While it provides extensive educational resources, its complex interface and steep learning curve can be daunting for beginners. Additionally, it may require more resources and have higher commission fees compared to other platforms.
TrendSpider
TrendSpider is an advanced charting platform that offers features such as dynamic trendlines and pattern recognition to identify potential trading opportunities. Unlike Thinkorswim, TrendSpider is an independent platform that integrates with numerous brokers through the order router SignalStack.
Despite the abundance of positive reviews, some users have reported issues with the strategy tester not functioning properly, which may impact its suitability for investment backtesting. Additionally, TrendSpider does not offer a free plan, and users must purchase a subscription to access the platform's features.
Stockcharts
Stockcharts offers advanced charting tools and a wide range of technical indicators, making it ideal for conducting in-depth technical analysis. Users can customize charts according to their preferences and access extensive historical data for backtesting strategies. The platform also provides educational resources to improve users' technical analysis skills.
However, some find the user interface outdated, and the subscription-based model may be costly for some. Additionally, Stockcharts is primarily preferred by experienced traders, which may not appeal to younger or less experienced users.
MetaTrader 4/5
MetaTrader provides a comprehensive suite of trading tools, including advanced charting features and a wide range of technical indicators, making it a popular choice among traders. Users can customize charts and access historical data for thorough analysis and strategy development. The platform also offers automated trading capabilities through Expert Advisors (EAs) and a large community of developers contributing to its ecosystem.
Among the cons, some users might find the interface overwhelming, especially beginners. Additionally, while MetaTrader is widely used by traders worldwide, its integration with certain brokers and data providers may be limited.
TC2000
TC2000 offers a user-friendly interface with advanced charting tools and a vast array of technical indicators, catering to traders of all levels. Its customizable charts and extensive historical data enable thorough market analysis and strategy development. The platform also provides real-time scanning and alert features, allowing users to stay updated on market movements.
However, some users may find the subscription-based pricing model to be relatively expensive compared to other platforms. Additionally, while TC2000 is well-regarded among active traders, its availability may be limited to certain regions or brokerage firms, potentially restricting access for some users.
Tradestation
Tradestation offers a feature-rich trading experience with advanced charting tools and an extensive selection of technical indicators, catering to traders of varying experience levels. Its customizable charts and comprehensive historical data empower users to conduct thorough market analysis and develop effective trading strategies. Additionally, Tradestation provides access to a wide range of asset classes, including stocks, options, futures, and forex.
While Tradestation is widely used and respected within the trading community, its interface may be complex and challenging for beginners to navigate. Additionally, despite generally positive reviews, some users have encountered unresponsive customer support and difficulties in order execution, leading them to seek alternatives.
YCharts
YCharts focuses on fundamental analysis, providing financial data and visualization tools for investment research. It primarily serves as an analytical platform rather than a trading one, offering users a plethora of tools for market analysis. Despite its extensive range of financial metrics and charting tools, some users have found the platform's customer support to be lacking in responsiveness. Additionally, the platform's relatively high price point and limited trial period have been noted as drawbacks by some users.
Finviz
FinViz offers a comprehensive set of tools for market analysis, providing users with access to a wide range of financial data and visualization tools. FinViz Stock Screener is one of the most recognizable stock screeners, with numerous videos and articles dedicated to its functionality. This makes FinViz a convenient entry point into the stock market for beginners.
However, many experienced users faced challenges with the platform's user interface and responsiveness, which could hinder their ability to effectively utilize its features. Additionally, while FinViz provides valuable insights, its premium features come at a relatively high cost, and the platform's free version is limited in functionality.
Community
Stocktwits
Stocktwits is a social media platform for traders, offering real-time discussions, market insights, and sentiment analysis.
TradingView
TradingView boasts a vibrant community of traders, investors, and analysts, providing a platform for idea sharing and collaboration.
In conclusion, while TradingView remains a dominant force in the online trading space, alternatives like TakeProfit and others are gaining traction. Traders now have a variety of options to choose from, each offering unique features and advantages.