Welcome to the world of eToro, a leading online trading platform known for its user-friendly tools that help traders analyze asset behavior and market trends. In this guide, we’ll dive into the essentials of finding and understanding eToro’s various chart types, as well as their advanced features.
Key Takeaways
| →eToro offers various chart types, such as Candle, Bar, Line, and Mountain charts, for different levels oftrading expertise. |
| →Finding charts on eToro is as simple as searching for an asset and clicking on the chart icon. |
| →Advanced features, such as Dark Theme, Heikin-Ashi and Renko Charts, and Pro Charts, cater to professional traders who require more personalization and in-depth analysis. |
| →Selecting the right chart type largely depends on your personal preference and ease of understanding. |
🔍 Finding Price Charts on eToro
Table of content
- 🔍 Finding Price Charts on eToro
- 📊 Understanding Chart Types
- 🕯️ Candle Chart (Hollow + Solid)
- 📊 Bar Chart
- 🏔️ Line / Mountain Chart
- 🚀 Advanced Features for Pro Users
- 🌑 Dark Background
- 🔮 Advanced Chart Types
- 💼 Pro Charts
- 📋 Pros and Cons of eToro Chart Types
- 🟢 Pros
- 🔴 Cons
- Read related topics: • Full updated eToro Review📝
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Ready to explore eToro’s chart offerings? Here’s how to find them:
- Enter the name of the asset you’re interested in (e.g., Apple stock, or AAPL) in the search bar
- On the asset page, click the chart icon to open the chart view.
- Navigating to the Chart times icon on the right-hand corner, see the image:
The chart view generally opens with a candle chart. Clicking on the expand icon on the top right of the screen provides access to several chart types and operations.
📊 Understanding Chart Types
Once you’ve opened the chart view, you can choose from various chart types. Let’s look at each type in detail:
🕯️ Candle Chart (Hollow + Solid)
Candle charts consist of consecutive Japanese candles and are designed for slightly more advanced users. Each candle has four distinct points: opening, closing, high, and low. Bearish candles are red, while bullish candles are green. With candle charts, you can easily analyze market conditions and work with technical indicators.
Edges of the candle depict open and closing prices of the period. The thin lines on either end, called wicks or shadows, represent highs and lows. Each candle tells a story about the prevalent market conditions. This is the reason that the candle chart is a popular option trend following traders. Another plus is that candle charts also work well with a number of technical indicators.
📊 Bar Chart
Bar charts may appear intimidating but are actually quite simple to read. Like candles, each bar has four points, with the opening and closing prices represented by the left and right feet, respectively. Bar charts are great for identifying trends and key price points, such as support and resistance levels.
Key price points, such as, support and resistance levels are also quite easy to identify. In addition, bar charts are used with numerous technical indicators to get a better view of the prevalent market conditions.
🏔️ Line / Mountain Chart
Line charts are the most basic chart type and only show the closing price. When the area under the line is filled, it’s called a mountain chart. Line charts are simple to read, making it easy to visualize developing trends.
🚀 Advanced Features for Pro Users
eToro offers a variety of advanced features, accessible through the settings menu, for professional traders who want more personalization and additional insights.
🌑 Dark Background
For those who prefer a dark background, eToro offers a Dark Backgrounds, which is especially convenient for dimly lit environments.
🔮 Advanced Chart Types
eToro also provides advanced chart options, such as Heikin-Ashi and Renko Charts, for traders who need more clarity and understanding. These charts offer unique ways of visualizing price movements and can be accessed directly from the settings menu.
The Heikin-Ashi chart averages price points and presents the data in the form of a Japanese candle chart. This is done to filter out the market noise. This chart type was developed by Munehisa Homma in the 1700s.
The Renko chart, also developed by the Japanese, is built using price movement. Most other chart types use both price and standardised time intervals. The word Renko is believed to have been derived from the Japanese word for bricks, “renga,” since the chart looks like a series of bricks. A brick is created based on the price movement, in pre-defined amounts. Each one positioned at a 45-degree angle above or below the prior brick. A brick positioned above is typically coloured green, while the one below is typically coloured red.
💼 Pro Charts
Pro Charts, designed for professional-level users, offer numerous options to visualize and analyze market trends for a specific asset. The Pro Charts interface also allows for comparison of multiple parameters and access to advanced chart types.
Once in the Pro Charts interface, the settings menu (on the top right corner of the screen) offers a plethora of options to visualise and analyse market trends for a particular asset. It also offers features and functions to compare multiple parameters. The advanced chart types (described earlier) can also be accessed through this menu.
📋 Pros and Cons of eToro Chart Types
Each chart type has its advantages and disadvantages. Let’s explore them:
🟢 Pros
- Variety: eToro offers a diverse range of chart types, catering to different trading styles and experience levels.
- User-friendly: eToro’s chart types are designed to be easy to read and understand, even for novice traders.
- Advanced features: eToro provides additional features and advanced chart types for professional traders who need more customization and analysis capabilities.
🔴 Cons
- Initial complexity: Some chart types, like Bar and Candle charts, can be intimidating for beginners, requiring a learning curve to fully grasp their nuances.
- Overwhelming choices: With so many chart types and advanced features available, it may be challenging for some users to decide which chart best suits their trading style.
In conclusion, eToro’s versatile chart offerings cater to different trading styles and experience levels. Understanding and selecting the right chart type is essential for successful trading. Don’t be afraid to experiment with various chart types using eToro’s practice account, and find the one that best suits your personal preference and trading style. Happy trading! 🎉
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GENERAL RISK WARNING
- ▸eToro is a multi-asset platform that offers: Stocks, Crypto assets, and CFDs.
- ▸CFDs are complicated and can make you lose money quickly because of leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. Think about if you understand how CFDs work and if you can afford to take the risk of losing your money.
- ▸Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.
- ▸Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.
- ▸Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
- ▸eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity-specific information about eToro.
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Author & Expert Trader - Financial Analyst :
