Synthetic indices offer something different to investors looking to diversify their trading portfolios. Unlike trading instruments such as stocks, forex, and commodities, synthetic indices are generated using proprietary algorithms.
However, a common question many synthetic indices traders often ask is whether they can use TradingView to view and analyze synthetic indices. In this guide, we will cover everything you need to know about how to add synthetic indices on TradingView.
Can You View Synthetic Indices on TradingView?
Yes, you can view synthetic indices on TradingView. This then leads us to another question: does TradingView have synthetic indices?
Synthetic indices are generated using proprietary algorithms and offered by specific brokers. This means their availability on TradingView depends on whether your broker provides a compatible data feed and supports integration with the platform.
TradingView sources its data from exchanges, data providers, and broker partners. For you to search and display synthetic indices on TradingView, your broker must do two things. First, the broker must list synthetic indices; second, the broker must integrate its data with TradingView.
Prerequisites Before Adding Synthetic Indices
Before you begin adding synthetic indices on TradingView, ensure you have the right tools and access. Remember, while TradingView is a powerful tool, the availability of synthetic indices depends on your broker and the market data they provide.
First, you need a TradingView account. If you are a beginner, a free account is good enough for technical analysis. However, you can get the premium version if you want access to additional features such as multiple chart layouts, more indicators, and advanced alerts.
Next, you will need a broker that supports both synthetic indices and TradingView integration. Now, not all brokers offer synthetic indices, and even among those that have them, not every broker provides chart data directly through TradingView. So, before signing up for a trading account with a broker, confirm TradingView integration.
Last, understand the symbol names used by your broker. This is because synthetic indices reviewed on Syntxwiki may appear under different names or prefixes on TradingView. If you don’t know the name, locating them on TradingView will be difficult.
How to Add Synthetic Indices on TradingView
The first thing you need to do is to log in to your TradingView account. Once logged in, proceed to search for synthetic indices available through TradingView’s data feeds and connected brokers. If your broker provides indices through TradingView, they should appear in the search results.
Something worth pointing out: some synthetic indices may be listed under multiple exchanges or brokers. You should be keen during this stage and select the listing associated with your connected broker to ensure you’re viewing the correct price data.
Next, click the right synthetic index, and it will load onto your chart. You can then customize the chart by selecting your preferred timeframe and changing the chart type. Moreover, you can add technical indicators such as moving averages or the relative strength index.
After customizing your workspace, save your chart layout. This allows you to quickly access your preferred setup whenever you log in, saving time and ensuring consistency in your market analysis.
Article Disclaimer:
This article is for informational and educational purposes only and should not be considered financial or investment advice. Trading involves risk, and synthetic indices may not be available through all brokers or data providers. Always verify market availability, understand the risks involved, and conduct your own research before making trading decisions.
Caroline is doing her graduation in IT from the University of South California but keens to work as a freelance blogger. She loves to write on the latest information about IoT, technology, and business. She has innovative ideas and shares her experience with her readers.
