Beginners guide on WingRiders DEX trading charts for token price, TVL, and volume
One of the key new updated tools on WingRiders interface are the graphs, which allow you to monitor and analyze the assets’ price movement, TVL, and trading volume within pools to develop trading strategies over time. With these charting tools, it is possible to create charts and customize technical indicators for:
You’ll find these graphs in the Pools section on WingRiders:
Technical indicators can take on varied shapes, patterns, and lines that help traders understand the price movements of any asset they are studying. In this guide, we will explore the various features of the updated trading charts and how to use the tools effectively, focusing on the token charts.
We will cover the following:
- Navigation of the trading charts
- Customizing the trading chart
- Adding Indicators to the trading chart
- Adding Drawing tools to the trading chart
- Saving and Sharing the trading chart
Navigation of the trading chart
The trading chart on WingRiders is interactive and user-friendly. You can zoom in and out of the chart by using the scroll wheel on your mouse. You can also drag the chart to the left or right by holding down the left mouse button and moving the cursor. The horizontal axis of the chart displays the time period, and the vertical axis displays the price. You can click on any point on the chart to view more detailed information about that point, including the date, time, and price.
Customizing the trading chart
You can customize the trading chart on WingRiders to suit your preferences. You can change the time frame of the graph by selecting a preset time frame (e.g., 1 hour, 1 day, 1 week, etc.) or by selecting a custom time frame. You can also change the type of chart (e.g., candlestick, line, area, etc.) and adjust the colors and thickness of the chart lines.
Many traders use candlestick charts and their patterns to conduct technical analysis. A candlestick pattern is a graphical representation of a price movement on a candlestick chart. Candlestick patterns are utilized in technical analysis to forecast future price movements based on the present chart trend. Using candlestick pattern indicators on WingRiders, you can locate these patterns on the chart. Despite the fact that the movements of such charts frequently appear to be random, they occasionally establish patterns that traders utilize for technical analysis.
These patterns are separated into bullish and bearish indicators. Bullish patterns imply that the price of a security will likely increase, and bearish patterns indicate that the price will likely decrease.
Adding Indicators to the trading chart
Indicators are powerful tools that can help traders analyze price movements and make more informed trading decisions. WingRiders offers a wide range of indicators, including Moving Averages, Bollinger Bands, Moving average convergence/divergence (MACD), and more. To add an indicator to the trading chart, you can click on the “Indicators” button and select the indicator you want to add. You can then adjust the parameters of the indicator to suit yourneeds.
Traders employ indicator-based research to determine which trades to execute and where to enter and exit them. The WingRiders charting tool includes numerous market analysis indicators based on industry-standard formulae. Indicators are computations based on price or volume that are presented on a chart.
Some indicators provide clear buy and sell indications, while others must be interpreted according to a particular trading approach. Most traders who employ indicators employ multiple types that complement one another nicely. Based on these indicators, they search for a combination of signals.
Adding Drawing tools to the trading chart
Drawing tools are another useful feature of the trading chart on WingRiders. This toolbar contains charting and drawing tools required for the chart area. Simple lines as well as long/short positions can be created here. By right-clicking each tool, an expanded selection appears, enabling more alternatives to be displayed. While the default tool set includes basic tools, more complex tools are available here. They allow traders to mark important points on the graph and draw trendlines, channels, and other shapes to help visualize price movements. To add a drawing tool, you can click on the “Drawing Tools” button and select the tool you want to use. You can then draw on the graph by clicking and dragging your mouse.
One of the drawing tools is a trend line. Trend lines are useful for identifying and confirming trends. A trend line is a line drawn on a chart that links at least two price points and is frequently extended ahead to indicate areas of support and resistance. Positively sloped lines that support price action indicate that net demand is increasing. We have a bullish trend as long as the price movement remains above this line. Lines with a negative slope that function as price resistance indicate that net supply is increasing. We have a bearish trend as long as the price movement remains below this line.
Price will typically retest a sloped trend line numerous times before breaking, at which point we may see a trend reversal. The more points that can be connected, the stronger the trend line. Various techniques have varied parameters for how far apart connected price points can be and whether they should connect wicks or candle bodies, but all trend lines eventually break. TradingView has a clever sketching tool for graphically identifying trend lines on a chart. This tool can also be used to show trending indicators.
Saving and Sharing the trading chart
You can save and share your trading chart images on WingRiders to collaborate with other traders or to keep a record of your analysis. To save a graph image, you can click on the “Save chart image” button. To share a graph image on Twitter, you can click on the “Tweet chart image” button and it will appear in your Twitter profile. You can also share the link to the image of your chart by pressing the “Copy link to the chart image” and then sharing this link with others.
WingRiders’ trading chart is a powerful tool that can help traders analyze price movements and make more informed trading decisions. By using the navigation, customization, indicator, and drawing tools, you can create customized graphs that suit your needs and save and share your work with others.
Enter WingRiders and start using the new charts here.
