ChartAlerts Scanners & Analytics — Reducing chart time significantly.
ChartAlerts is a tool that is designed to save traders time and efficiently highlight multiple trade opportunities. I have been using this tool since the beginning of 2020 and I can confidently say that it has saved me countless hours of scanning charts and looking for trade opportunities, especially when it comes to alt-coin trading.
Throughout the year, I have been watching the ChartAlerts team improve their platform and add new features to make a more effective and beneficial tool for users. I have been fortunate enough to test the platform on numerous occasions before they have been made available to the public. In this article I want to share more about two of the new features that have been introduced which are the Scanners and Analytics pages, and how I personally use them to my advantage.
Scanners
Simply put, the scanners will allow you to view personally tailored trade opportunities in realtime. For example, if you want to customise your search and find all of the BTC pairings that are listed on Binance based on the 4H timeframe that are closest to a support level, you can do this by applying this exact criteria to your filters.
As you can see from the above example, I have found a number of alts that are currently sat at support levels based off the above criteria. As well as support, the scanner shows a variety of indicators such as how far away price is from a range of MA’s or what the RSI is which can be great for confluence and help you decide if you want to take a specific trade. If some of these columns are irrelevant to your trading style, you can simply choose which ones you would like to hide.
To view the chart of a specific pairing, I can simply click on the pairing name and a new tab will open in Trading View. ChartAlerts supports a number of exchanges such as Bybit and FTX as well as a variety of timeframes and both BTC/USDT pairings.
As a part time trader with a day job, I personally use the scanner every morning as I like to spend time figuring out which trades I would like take, place bids or monitor before I start work. I used to spend around 1 hour every morning manually checking random coins on Trading View but now I can do this in a much more time efficient manner (around 10 minutes) by having the coins that might be of interest to me, highlighted by the scanner.
How the scanners differentiate from alerts
As some of you may be aware, the first big feature from ChartAlerts was automated and customised alerts. Users receive customised notifications via a personal Telegram channel which highlights when a coin may be hitting a criteria that you have created on the ChartAlerts website. For example, a coin could be approaching support, resistance, crossing an MA, etc. The problem I personally have with alerts is I’m usually asleep for the daily close which typically triggers a large amount of my alerts. By the time I wake up and check the alerts, the opportunity has usually been and gone.
With the scanner presenting the opportunities in realtime, it is much more accurate and provides me with the most up to date data. The alerts are still useful throughout the day as I am notified of a potential trade opportunity quickly and can act on this, but the scanner is a more effective tool for a market overview in realtime. I’m pretty confident that both features will continue to play a big part in my future trading.
Analytics
The other new addition to the platform is the analytics page. I see this as a more noob-friendly market overview and is really useful for my morning market overview. Instantly displayed is an overview of coins that may be of interest depending on your trading criteria.
Here you can see which coins are oversold, close to support or resistance or hovering above a particular EMA. In my opinion, the analytics page is a more noob-friendly feature because it is much easier on the eye and doesn’t require as much in-depth knowledge around technical analysis. Although not demonstrated above, the analytics feature also offers an overview of Longs vs Shorts and Open Interest vs Price.
Conclusion
Although I feel that ChartAlerts can definitely be a useful tool for all traders, I do strongly feel that part time traders who must be more efficient with their time will benefit the most from these new features. I personally use ChartAlerts every morning to see what opportunities the market is offering and from this information I can then decide what orders I would like to create for the day, which trades I’d like to cut, etc.
I think it’s important to realise that the Scanners and Analytics pages aren’t the only features, these are just the most recently added. The Dashboard and Alerts also provide value for traders which create a more well rounded tool overall.
What I do like is how the ChartAlerts team are continuously working and improving the tool by providing high quality features and listening to user feedback which is really reassuring to see from a UX (user experience) point of view.
The bottom line for me is; time is money. So the subscription cost for full access to the platform is well worth it for any serious trader, in my opinion.
Links
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Disclaimers
- This is not a paid promotion or ad.
- The link to the ChartAlerts website is my own referral link.
- It is entirely your choice to use ChartAlerts, I am simply sharing my experiences and how it has impacted my personal trading.
- This is in no way professional or financial advice.
