What is TradingView?
TradingView is a wildly popular platform amongst traders known for its easy-to-use charts. Developers also use TradingView because of its scripting language, Pine Script. With no necessary brokerage account required, free data (although real-time data is paid), and a very strong community surrounding the platform, we thought it would be the best choice for the ScaleTrade algorithm. That said, there are both benefits and Drawdowns to using TradingView.
There are a variety of benefits surrounding this platform. Firstly, it does not require any brokerage account on immediate signup. While most platforms require an attached brokerage account to perform any charting (such as ThinkOrSwim or Interactive Brokers), TradingView just requires a basic user account to gain access to their platform. This means users can start charting immediately. We hope that this will allow ScaleTrade to reach a larger audience of traders rather than targeting those on a specific brokerage platform. Secondly, the data on TradingView is very cheap when compared to most other providers. Delayed data is free, however, it still allows you to fully access the charting platform’s capabilities. Finally, the platform is an established and trusted source in the finance industry. Tens of millions of users utilize the platform on a monthly basis.
Unfortunately, TradingView does have drawdowns that hinder our usage and development process. Don't worry, we're already working on a fix. But, in the meantime... The primary issue with TradingView is how restrictive it is to outside development. We are sometimes restricted by the capabilities of Pine Script (TradingView's coding language), mainly when trying to pull in outside resources or use modeling techniques that require significantly more computational power than TradingView offers. This does not include making API requests to our modeling services, multi-threading, and complex order management. To counteract this issue, we have explored potentially moving away from TradingView in future iterations of the program to allow for these capabilities, though more information will come as ScaleTrade becomes more established.
For now, we are happy to grant access to ScaleTrade through TradingView!