Hello, Biswapers! Robi is here to talk about a new feature on Biswap for advanced trading — Expert Mode. At first glance, it may seem that additional features complicate the use, but this is not the case. The Expert Mode is created to simplify trading. Let’s take a closer look at what each tool is for and how to use it.
What is Expert Mode?
Expert Mode is a built-in Trading View platform on the Biswap interface that allows beginners and experienced traders to perform technical analysis. The feature has tools that help build charts, share strategies on social media, and forecast asset prices.
How to start?
To start advanced trading, go to the “Expert Mode” tab.
Now the following graph appears on your screen. There are a lot of numbers, tools and lines, but don’t be scared. I will explain what it is and what to do with it.
Let’s start with the Top Toolbar and Status line above it.
The Toolbar has 8 options: Timeframe, Chart View, Indicators, Action Management, Save option, Chart settings, and Snapshot function.
The Status line shows information about the symbol name, time interval, exchange platform and OHLC (open, high, low, and close prices).
Here you can choose the interval to follow the market trends over time.
Candlestick charts depict the current information on asset price fluctuations. In addition, each candle shows the open price/close price/high price/low price, along with the highest and lowest price in the period.
Select the way you would like to make your graphic.
Indicators & Strategies
Technical indicators are algorithms that predict the future price behaviour of an asset based on historical data. Based on their behaviour, traders decide about opening and closing trading positions. Expert Mode on Biswap allows you to choose many indicators to help you build your strategy.
So simple and easy: cancel or return your last move.
Save all charts for all symbols and intervals on your layout.
Chart settings allow the trader to change the charts’ appearance and personally adjust the design for themselves. You can also double-click on a candlestick to change the chart’s appearance.
Symbol — change the appearance of each candlestick on the chart.
Status line — customize the parameters displayed in the chart line above.
Scales — change the trackers by adding daily high, and low prices or a countdown to the bars close.
Appearance — make the chart design convenient for you.
Take a snapshot to save, share or copy your chart. You can even tweet it to keep your followers up to date!
Now let’s go to the left toolbar, which contains the most necessary tools for creating and drawing charts.
The tool allows you to choose a convenient cursor or eraser to track market trends / delete details.
Trend Line Tools
This toolkit is used primarily to draw lines and trend angles. Simple graphical tools like horizontal lines and geometric shapes help with basic chart analysis. A rectangle is convenient for determining price zones, and parallel channels allow you to display an upward or downward price trend.
Gann and Fibonacci Tools
This graphical tool allows you to draw the required number of levels and the proportional distance between them on the chart in one movement. It also helps determine the potential price correction and strong support and resistance zones.
Squares, boxes, and Gann fans are more complex elements for in-depth technical analysis. Professional traders use them. The Fibonacci tools are excellent for beginners — fan lines, time periods, arcs and spirals.
This tool can be called a tool for fantasy because it is used exclusively to highlight specific areas on the chart to highlight and fix essential moments for the trader.
Use this tool to comment, add footnotes and capture critical information or explanations.
Patterns are used in technical analysis to predict future price movements and determine position entry points. They are automatic, simplify the trader’s work and help during analysis. For example, the Elliott Wave pattern compares the price movement with an impulse and a zigzag, and if it finds a match, it displays the best of them on the chart.
Prediction and Measurement Tools
Using the tools presented here, the trader can quickly assess his long, and short positions, set such mechanisms as Stop Loss and Take Profit, get the P&L value, calculate the Risk/Reward ratio and much more. For example, by selecting Long or Short, the chart shows the information about the size of profit and loss in points and percentages, that the profit field is coloured in green, and the loss — in red, which allows you to visualize the ratio. By moving the Stop-loss and Take Profit lines, you can change the proportions, choosing the most acceptable option based on the technical picture.
This tool helps you to measure the distance between the bars simply and quickly. It shows the volume, how much the asset’s price has fallen or risen over the selected period, how much time has passed, etc.
Select a certain period to enlarge it on the chart.
The magnet allows you to attract the chart element to the nearest candles.
Stay in Drawing Mood
The tool was created so a trader could conveniently use a specific tool without switching to another one while drawing a chart. That is, all other functions will be blocked at this time.
Lock All Drawing Tools
Use this tool to fix all drawings at their current location and scroll through the graph without fear of accidentally removing an object.
Hide the drawings, indicators, or all of them.
Here you can delete only indicators, drawings or all of them.
Show Object Tree
The Object Tree feature allows you to see all the elements that have been added to the chart. In addition, you can hide some of them without deleting so that they don’t appear on the chart and then return.
To Sum Up
Expert Mode is an excellent opportunity for beginners and experienced traders to simplify the development of technical analysis using the tools described above. They contain many automatic patterns and indicators that help to predict the market situation.
Follow Biswap socials because soon I will tell you more about Expert Mode!
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