Traders Should Utilise Reliable Charts for Technical Analysis

By | June 24, 2020 11:00 am

The importance of reliable charts for options and intraday traders cannot be overstated. Charts help us get a picture of the market and predict its movements, thereby allowing us to form trading strategies. Good charts are necessary for being a successful trader.

Recently, one of the well-known brokerage firm Upstox has updated its web trading platform. This has got the attention of many traders. Their new platform, Pro Web 3.0, has features such as options chain with strategy mode, from where you can send up to 4 orders at once. Traders can even modify their bracket orders (OCO) all in one place. Another feature allows traders to switch between volume and price so that they can access both easily and get valuable information quickly. One can even pin-up to two stocks to their watchlist so that they can follow those stocks’ movements with ease and convenience. However, their two chart libraries are of particular interest to me.

Options trading requires more knowledge and carries more risk, which is why traders need high-speed data to enable accurate decision-making. Thus the features of Pro Web 3.0 are a big plus for traders.  The upgraded interface provides a better trading experience, and it is therefore faster and more customer-centric. Furthermore, Pro Web 3.0 has many industry-first features, such as two chart libraries. We will be discussing this in more detail.

What are Upstox Two Chart Libraries?

Taking heed of customer feedback, Upstox has integrated TradingView charts into its platform. This is along with its existing charts from ChartIQ. This is a unique industry-first feature that will certainly help strengthen technical analysis and strategies of options traders.

Initially, Upstox only had ChartIQ charts. However, with user interest growing for TradingView charts, Upstox adapted. Now it offers users the ability to customize multiple chart options, based on what users are comfortable with and what suits their needs and trading habits best. Furthermore, traders can view charts in a new tab, which will help them catch every detail they require.

The cherry on top of the cake is that users can access Stochastics RSI (StochRSI) technical indicator. This indicator tells traders whether a certain RSI value has been overbought or oversold.

TradingView and ChartIQ are both great platforms for charts. TradingView offers some key benefits such as the ability to draw on any chart and the ability to split the screen into multiple charts which can all be synchronized. ChartIQ, meanwhile, was the very first HTML5 charting library.

Other Features

The Upstox Chart Widget has additional features that are sure to benefit options traders. This includes:

Historical Data: The charting tool can access historical data from up to 10 years ago. This is vital in providing context to strategies and giving traders the long term view.

Multiple Chart Types: Of course traders can use the classic candlestick charts, but they can also change the chart types to suit their preference.

Customizable chart duration: Another feature to benefit options traders is that the chart duration range is customizable.

Wide Range of Charting Indicators: Upstox has a total of 107 indicators which are completely customizable.

Drawing Tools: The powerful and easy-to-use drawing tools of Upstox are helpful in drawing lines for support and resistance, including Fibonacci retracement.

Because of its powerful charting widget, Upstox is enjoyed by intraday and options traders, because the importance of good charts cannot be understated in executing stock orders.

Pro Web 3.0 has other features as well which have improved my trading experience, such as bracket order modification (OCO), toggle view between price and volume, and pinning stock to the watchlist, as I mentioned earlier. These features are all highly welcome and necessary to execute high risk, high volume, and fast-paced trades, as are often done by options traders.

In my view, the updated features of Upstox Pro Web 3.0 are faster, better, and more customer-centric. These upgrades have clearly been made with the user’s ease and convenience in mind. Overall I have found that it has enhanced my trading experience.

Category: Trading Education

About Bramesh

Bramesh Bhandari has been actively trading the Indian Stock Markets since over 15+ Years. His primary strategies are his interpretations and applications of Gann And Astro Methodologies developed over the past decade.

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