TradingView expands chart analysis capabilities
TradingView expands chart analysis capabilities
TradingView, renowned for its comprehensive charting platform and vibrant trading community, has unveiled a new Percentage (LTP) calculation type, aimed at providing traders with more precise and dynamic tools for market analysis.
This update specifically applies to Renko, Kagi, and Point & Figure (P&F) charts, which are popular among technical analysts for their ability to filter out market noise and highlight significant price movements.
TradingView continues to innovate with features that cater to the evolving needs of traders and investors. The introduction of the Percentage (LTP) calculation type marks another step in TradingView's commitment to offering advanced tools that enhance trading strategies and decision-making processes.
According to TradingView, the new Percentage (LTP) calculation type allows users to set box sizes in Renko, Kagi, and P&F charts based on a percentage of the Last Traded Price (LTP). This method provides a more adaptive and responsive way to chart price movements, as the box sizes adjust dynamically with the changing price levels. Traditional fixed box sizes can sometimes fail to capture the true volatility and trends in rapidly moving markets, whereas the percentage-based approach ensures that the charts remain relevant and accurate regardless of price fluctuations.
To turn on the “PercentageLTP” calculation mode and change the percentage value, switch the chart to Renko, Kagi, or Point and Figure, and open the Chart settings.
The introduction of Percentage (LTP) calculation for Renko, Kagi, and P&F charts is a game-changer for technical analysts, emphasized in TradingView. This feature offers a more flexible and precise way to track price movements, enabling traders to make better-informed decisions. By adjusting box sizes according to the last traded price, users can now get a clearer picture of market dynamics.
Renko, Kagi, and P&F charts are valued for their simplicity and effectiveness in trend analysis. Unlike traditional time-based charts, these chart types focus on price movements, making them particularly useful for identifying support and resistance levels, trends, and potential breakouts. The integration of the Percentage (LTP) calculation enhances these charts' ability to adapt to different market conditions, providing traders with a more reliable tool for their analysis.
This update is expected to be particularly beneficial for traders who deal with highly volatile instruments, where price movements can be swift and significant. The dynamic adjustment of box sizes helps in maintaining the relevance of the chart patterns, ensuring that traders can react promptly to market changes.
Read also: YaMarkets introduced an AI-based trading analysis tool
