Nov 19, 2024

Copied Why Traders Are Looking for TradingView Alternatives For years TradingView has been the platform of choice for traders around the world, with powerful charting tools, loads of technical indicators and the Pine Script language to create custom indicators and strategies. Easy to use and a large active community has made it a favorite among retail traders, technical analysts and even algo traders. But as TradingView has grown, some issues have arisen and some traders are looking for alternatives. Costs and Feature Restrictions: One of the main reasons traders are leaving TradingView is the complexity of its pricing. Many features that were once on lower-tier or free plans are now only available on higher-tier plans. This means users are often forced to pay more to access features like real-time alerts, multiple chart saves and advanced chart types. TradingView’s paid plans range from $14.95 to $599.95 per month (depending on subscription terms) which is a barrier for many traders especially those who need features like replay functionality and higher alert limits which are only available on the Premium plan. Technical Limitations for Advanced Traders: While Pine Script is good for basic automation and custom indicator creation, it has limitations for algo traders who need complex data manipulation. TradingView’s alert system is useful but has been reported by users to have delays which can disrupt trading strategies that rely on real-time notifications. These technical limitations combined with the constant upselling of premium features has led many traders to look for platforms that offer more flexibility and reliability. Customization and Portability Challenges: Customization and portability is key for traders who want to fine tune their setup or transfer custom scripts between platforms. But Pine Script is only available on TradingView which creates a “platform lock-in” effect where traders can’t switch platforms without re-writing their scripts. Lack of support for general-purpose programming languages like Python makes it hard for advanced traders to scale their strategies or explore more flexible environments. Types of Platforms As traders look for alternatives, it’s important to know the different types of platforms out there, each suited for different trading needs. Here’s a quick breakdown: 1. Professional Institutional Platforms: These platforms like Bloomberg Terminal and FactSet have comprehensive data and analytics for institutional traders and analysts. While feature rich they are often too expensive for individual traders. 2. Brokerage Integrated Platforms: Platforms like Thinkorswim and TradeStation have integration with brokerage services so users can trade directly. They are free for brokerage customers but limit flexibility by tying users to a specific broker. 3. Charting-Focused Platforms: Platforms like StockCharts and Sierra Chart focus on charting tools for deep technical analysis. But lack trading and portfolio management features. 4. Single Asset-Centric Platforms: These platforms are specialized for specific asset classes like forex, crypto or ETFs. Examples are Coinigy for crypto and cTrader for forex. Good for traders who focus on one asset type but lack multi-asset functionality. 5. Comprehensive Multi-Asset Trading Platforms: This category includes platforms like TradingView, TakeProfit and TC2000 which support multiple asset classes and have a balance of charting, analytics and trade execution tools. These are the most versatile and good alternatives to TradingView for traders who want to handle multiple asset classes in one place. Why We’re Focused on Comprehensive Multi-Asset Platforms While each platform type has its advantages, multi-asset platforms like TakeProfit , and TC2000 are the best alternatives to TradingView. These platforms have a complete set of features, charting tools, real-time data and often custom indicators all in one place. For traders who want flexibility, multiple asset coverage and a single interface for analysis and trading, Multi-Asset Platforms have the perfect balance. Also these platforms have comprehensive market analysis which is key to making informed trading decisions based on market views and real-time updates. In the sections below we’ll get into platform comparisons within this category and how each stacks up as a TradingView alternative and what they bring to the table. Professional Institutional Platforms with Market Data Professional Institutional Platforms are for financial institutions, hedge funds, banks and asset managers. These platforms are designed to provide unmatched data depth, global market coverage and advanced analytics making them essential for institutional-grade trading, investment research and portfolio management. But due to the high cost and complexity they are out of reach for individual or retail traders. Bloomberg Terminal Additional features require separate modules Not as integrated with industry workflows Conclusion: Why Professional Institutional Platforms are not for most traders Professional Institutional Platforms like Bloomberg Terminal, FactSet and Reuters Eikon provide unmatched data depth, real-time global market coverage and industry-grade analytics making them the gold standard for financial institutions and professional traders. But due to the high cost – from $12,000 to over $24,000 per year per user – and complex requirements such as dedicated hardware and training these platforms are out of reach for retail traders and individual investors. So while they have great features we only touch on them briefly as they are not practical for most of our readers. Brokerage-Integrated Platforms with Trading Tools Brokerage-Integrated Platforms are provided by brokers as part of their trading platform, allowing users to analyze and trade through the broker’s interface. These platforms like Thinkorswim by Charles Schwab and TradeStation have various technical tools including advanced chart styles and technical indicators to aid in market analysis. They are geared towards active and day traders who want seamless integration between their analysis tools and trading. However, they have some important limitations to consider. Thinkorswim by Charles Schwab (formerly TD Ameritrade) 🎯 Best For Secondary: Experienced retail traders for advanced analytical tools and options-focused features. 💡 Key Strengths Charting with customizable indicators and drawing tools. Free for Schwab customers, no additional platform fees. 💰 Pricing Overview Pricing varies by account type and asset class; platform fees apply for certain accounts. Standard Equities & Options Account: $0 commissions for US-listed stocks and ETFs; fees apply for futures and options. ⚠️ Key Limitations Data is limited to TradeStation’s supported markets; international markets are restricted. Higher trading costs for futures and advanced features. Pros and Cons of Brokerage-Integrated Platforms 💪 Important Pros Direct Trading Integration: Users can trade directly from the platform, no need to use separate tools for analysis and execution. Cost Effective for Customers: Many brokers offer the platform for free or at a reduced cost for customers, making it affordable for active traders. Platform Specific Tools: Many brokerage platforms like Thinkorswim and TradeStation have tools and features specific to options, futures and active trading, making them competitive in their space. ⚠️ Major Limitations Locked to a specific broker, can’t switch brokers without switching platforms. Can’t combine data or trade across multiple brokers, which limits flexibility for users who have accounts at different firms. Data Limitations No historical data and broad market coverage like institutional platforms, affects backtesting and long-term analysis. Feature Restrictions Some features like advanced trading tools and analysis capabilities may only be available to high-volume traders or larger accounts. Limited customization options compared to independent platforms, can’t integrate third-party tools or external APIs. Cost Structure Although the platform is free, there may be hidden costs from spreads, commissions or minimum account balances. Premium features or data require higher account balances or trading volume, adding implicit costs. Technical Constraints Desktop-based, mobile is limited. Performance can be affected by high market volatility, execution delays during peak hours. May require specific OS, API access or integration options are limited. Advantage and Trade-Off: Convenience at a Cost Brokerage-Integrated Platforms offer the convenience of trading within a broker’s environment, which can simplify the trading process and eliminate extra platform fees. But convenience comes with some trade-offs. Users are locked to a specific broker, can’t switch without losing the platform. Data and features are limited to what the broker offers, so these platforms lack the flexibility and depth of standalone trading platforms. For traders who value flexibility, the limitations in customization and asset access are major downsides. Charting Platforms for Technical Analysis Charting Platforms are platforms that focus on delivering high-quality charting tools and technical analysis features. These are popular among traders who value visual analysis and need advanced tools for drawing, indicators and chart customization. But they often lack direct order execution, limited asset coverage and minimal community features, so not as versatile as comprehensive platforms like TradingView or TakeProfit. Examples include StockCharts, Sierra Chart, TrendSpider and GoCharting. Here’s a closer look at each platform, highlighting their unique strengths, features and limitations. StockCharts Secondary: Technical traders who need a high degree of chart customization and data accuracy 💡 Key Strengths High-quality data feeds and support for multiple assets, especially futures For experienced traders who need precision in their technical analysis 💰 Pricing examples Base Standard (Package 3): $26/month – Basic charting without advanced features. Base with Advanced Features (Package 5 ): $36/month – Adds advanced tools like TPO, Numbers Bars, and Volume Profile. Integrated Standard (Package 10): $36/month – External connectivity, suitable for various brokers. Integrated with Advanced Features (Package 11): $46/month – Advanced features with external connectivity. Integrated with Advanced Features & MBO (Package 12): $56/month – Full features with Market by Order functionality ⚠️ Key Limitations Steep learning curve due to the complex interface and many features Limited broker support and minimal order execution, best used as a standalone analysis tool TrendSpider Secondary: Crypto traders who need simple web-based charting with basic technical analysis 💡 Key Strengths Web-based and simple interface, good for quick on-the-go analysis Decent charting and basic drawing tools for crypto and stock analysis 💰 Pricing (US markets) Pro, Equity/ETF Premium: $20/month – Real-time data for equity and ETF markets. Pro, CME Premium: $35/month – Real-time CME data and advanced tools. ⚠️ Key Limitations No backtesting or advanced technical analysis, not suitable for complex strategy development Minimal broker integration, not a full trading environment Charting-Centric Platform Pros and Cons Charting-centric platforms offer technical analysis tools focused on charting so are good for traders who want visual analysis without trade execution. Limited Asset Variety: Most charting-centric platforms are focused on stocks, ETFs and in some cases crypto. Few offer full asset class support, especially forex, futures or options so limited flexibility. No Community Features: Unlike TradingView and TakeProfit which have community-driven features, Charting-Centric Platforms often have no idea sharing, discussion boards or collaborative tools. So not good for traders who benefit from community insights and research. Minimal Order Execution and Broker Integration: These platforms don't support direct order execution or if they do it's very limited. Feature Constraints: Compared to full-featured platforms, charting-centric platforms have fewer customization options, backtesting, and technical analysis tools. Some platforms like Sierra Chart allow for a lot of customization but lack the broader community and trading tools. Advanced Analysis with Limited Integration and Community Charting-centric platforms like StockCharts, Sierra Chart, TrendSpider and GoCharting have advanced technical analysis tools so are good for visual and technical traders. But lack of features like direct trade execution, multi-asset support and community research limits their all-in-one solution. They are good at what they do - charting - but lack the full ecosystem that TradingView has. For traders who want both technical analysis and access to multiple markets with community research tools, Comprehensive Multi-Asset Trading Platforms are likely the better choice. In the next sections we'll look at these full-featured platforms to see how they are closest to TradingView and address the needs of traders who want both advanced charting and more. Single Asset-Centric Platforms Single Asset-Centric Platforms are focused on providing tools and data for specific asset classes like crypto, forex, ETFs or options. These platforms are built to offer custom features and data for their focus markets so are good for traders who only trade one asset class. But their specialization comes at the cost of flexibility as they usually don't support multiple asset types and broad market coverage. Single asset platforms include: Secondary: Active traders who want a low-cost brokerage for stocks and options 💡 Key Strengths Low-cost trading fees with commission-free stock and ETF trades 💰 Pricing Overview ⚠️ Key Limitations Limited integration with 3rd party tools and analytics; options focus means less market versatility Specialization vs. Versatility in Single Asset Platforms Single Asset-Centric Platforms are great for traders and investors who focus on a single market. They have tools and data designed for a specific asset like crypto, forex or options which is perfect for precise trading within that asset class. But they lack the versatility and multi-asset support of broader trading platforms: Limited Asset Coverage: Each platform is limited to a single asset class which can be a problem for traders who need to diversify across multiple types of securities. Unlike multi-asset platforms these single-asset platforms only offer niche market data. Limited Analytical Depth Outside Core Market: While these platforms are great within their focused markets they may not have tools for technical analysis across broader markets especially for traders who want a one-stop shop for stocks, forex, crypto and commodities. Minimal Community and Collaborative Features: Most Single Asset Platforms have no community features or research-sharing tools which can be a problem for traders who rely on idea sharing and collaboration. Platforms in this category are often standalone tools for analysis and execution without a community experience. For traders who want to analyze and trade across multiple asset classes or want a community experience, comprehensive multi-asset platforms are the way to go. We’ll look at those next, with advanced charting and support for multiple assets and community features. Comprehensive Multi-Asset Trading Platforms Comprehensive Multi-Asset Trading Platforms support multiple asset classes, advanced charting and multiple technical analysis options, perfect for traders who need versatility across multiple markets. They have strong analytical capabilities, direct trading (where available) and community features, for day traders, technical analysts and algorithmic traders. We’ll look at the top platforms in this category, including TradingView, TakeProfit, TC2000, Koyfin, Barchart and Quantower. TradingView 🎓 Learning Curve TakeProfit.com TakeProfit is a multi-asset trading platform designed for new and experienced traders to develop a trading strategy. By combining advanced technical analysis tools with a community-driven environment, TakeProfit allows users to analyze market trends, use technical indicators and refine trading strategies. Whether you’re trading stocks, funds or digital assets, TakeProfit has a flexible and powerful platform to suit all traders. 🎯 Best For Secondary: Algorithmic traders and developers who want to create custom indicators or strategies. 💡 Key Strengths Flexible Workspaces: Multiple layouts for day trading, swing trading and long-term analysis so users can simplify their setups and monitor key market movements across multiple assets. Custom Cloud Indicators: With Indie™, a Python-based language, traders can create custom technical indicators or choose from a marketplace of community-contributed indicators. Dynamic Watchlists: Customize and organize assets with real-time updates so traders can spot trends and respond quickly. Lime Brokerage Integration: Trade directly from the platform with broker connectivity, for active traders. 🔍 Core Features Monetization options for developers to earn from custom indicators shared with the community. 💰 Pricing & Plans Free Trial: 30 days free trial with access to core features to try out the platform. All-in Plan: $20/month or $120/year for full access to technical analysis tools, flexible workspaces and marketplace. ⚠️ Key Limitations Limited Broker Integration: Only Lime Brokerage is supported at the moment, so users who want multiple broker options may be limited. Small Community: Although growing fast, the community is still smaller than established platforms like TradingView. 🔄 Compared to TradingView Weaker at: Broker options and community features. 🎓 Learning Curve Educational Resources: TakeProfit has video tutorials, community and support in the Discord channel to help users get up to speed with the platform’s tools so it’s suitable for all levels of traders. TC2000 Weaker at: Community and execution options 🎓 Learning Curve Multi-Asset Trading Platforms: Balancing Depth with Versatility Multi-Asset Trading Platforms offer the charting, analytics and asset diversity that many traders need. Unlike single-asset or charting-focused platforms, these options support multiple asset classes and offer more than charting, such as customizable dashboards, community tools and ability to trade or manage portfolios. Each platform in this category has its strengths, whether in technical analysis, community or data integration, making them versatile alternatives for traders who want a one stop shop. Conclusion: TradingView Alternatives As traders and investors look for TradingView alternatives, they need to consider their own needs and trading style. Whether you’re focused on charting, specific asset classes or comprehensive multi-asset trading, there’s an alternative platform that can offer the right mix of features, data and cost. Platform Types 1. Professional Institutional Platforms For hedge funds, asset managers and large financial institutions that need enterprise-grade analytics and global data coverage. While Bloomberg Terminal and FactSet offer the most data, they are too expensive and complex for individual traders. 2. Brokerage Integrated Platforms Integrated with brokers, these platforms like Thinkorswim and TradeStation allow for order execution but limit flexibility in switching brokers or accessing multi-asset data. Good for those who are committed to a specific broker and value built-in analytics. 3. Charting Focused Platforms Primarily focused on charting tools, platforms like StockCharts and Sierra Chart offer strong technical analysis but no multi-asset support and limited community features. Good for technical traders who prioritize charting over trade execution. 4. Single Asset Focused Platforms Platforms like Coinigy for crypto and Tastyworks for options are focused on one asset class and offer tools specific to that market. But lack of versatility across asset classes makes them only good for niche traders. 5. Comprehensive Multi-Asset Trading Platforms The most versatile TradingView alternative, these platforms—TakeProfit, Koyfin, TC2000 and TradingView itself—offer charting, multi-asset coverage and customizability. They combine technical analysis, community features and multi-asset access, good for traders who need both depth and flexibility. Why Comprehensive Platforms Win Comprehensive multi-asset platforms are the best TradingView alternatives because they support multiple assets and cater to different trading needs. They are especially valuable for traders who need multi-market data, advanced charting and analytical tools in one platform. And platforms like TakeProfit and TradingView offer community-driven insights and custom scripting which is a must-have for active and collaborative traders. Final Thoughts When choosing a TradingView alternative consider not only the platform’s features and cost but also your own trading goals. Each platform has its strengths and weaknesses so knowing your trading needs—whether it’s data depth, asset diversity, community support or execution capabilities—will help you find the right one. For many a comprehensive multi-asset platform is the best of both worlds, a powerful tool to navigate the markets.