Price Chart and Trading View Guide
If you’re new to trading or in need of some guidance to read the price chart, you’re at the right place. The BitOrb exchange uses Trading View for the price chart. Let’s look at what you need to know about the price chart together.
Display and Customization
If you’re a visual person, this is vital. Simply by switching between the tabs of the ‘Style’ and ‘Mode’ on the top right of the exchange, you can customize your display. This will enable you to switch between the day and night mode and choose differently available styles.
You can also completely customize the display of your price chart by simply clicking on ‘Chart Properties’ on the top right of the price chart.
In here you can customize the style of the chart, scales, the background, etc.
First and foremost, the time-frames are important, especially if you do technical analysis. Popular and most frequently used time-frames would be:
- 15-minute chart
- 1-hour chart
- 4-hour chart
- Daily Chart (1– day)
By default, our price chart shows a 5-min price movement. You can change them by simply clicking on the ‘5m’, there will be a drop-down of all the available time-frames for you to choose from.
The price chart usually consists of candlesticks. The Japanese Candlestick Charts are the most popular ones out there.
This graph below shows the daily candlestick for BTC/USD. Each colored candle here shows the price movement of the asset during a specific period. Along with that, the candles also indicate the closing price, opening price, the lowest and highest price at any given time.
Every candle body has wicks that are sticking out. The body of the candle shows the difference between the opening and closing price, while the wick shows you how high or low the prices did go accordingly.
The candlestick chart shows how the market movement is and can help traders like you to predict how it is going to be.
Support and Resistance Levels
Support and Resistance Levels are technical analysis tools that can help you determine in which direction to trade and which price level should you enter and exit the positions.
- Support Levels represents the lowest price stock tend to trade
- Resistance Levels represents the highest price stock tend to trade
To add these levels onto your price chart, you can click on the trend lines available from the bar at the left side of the price chart and draw the lines onto the chart.
Indicators allow you to do further technical analysis on your choice of the digital asset. Some of the popular indicators for technical analysis are:
- Relative Strength Index (RSI) – a momentum indicator that measures the magnitude of recent price changes to evaluate overbought or oversold conditions in the price of a stock or asset*
- Moving Average (MA) – a calculation used to analyze data points by creating a series of averages of different subsets of a full data set*
- Volume – the total activity within a particular market*
* Definition from Investopedia
You can add indicators to your price chart by clicking on ‘Indicators’. A pop-up window would then appear and this is where you can search or look through the list for the indicator you would like to add to your price chart.
To further customize the indicator you’ve chosen, simply click on the ‘⚙️’ setting icon. A pop-up window will appear and you can manage the indicator by adjusting its details accordingly.
If you want to hide the indicator, click on the ‘👁️’ view icon.
You can also click on ‘Clear’ to reset the price chart.