Zerodha, a leading Indian brokerage firm, offers a powerful trading platform that integrates with TradingView, a popular charting and social trading platform. By combining the strengths of both platforms, traders can access a wide range of tools and features to enhance their trading experience. In this article, we'll explore the Zerodha TradingView settings, helping you make the most of this powerful integration.
Before we dive into the settings, it's essential to understand that Zerodha supports two types of TradingView integration: PaperMoney (for practice trading) and Kite (for live trading). The settings for both are similar, but the impact of your trades differs. Let's start by discussing the general settings that apply to both integrations.
General Zerodha TradingView Settings
The general settings apply to both PaperMoney and Kite integrations. These settings help you customize your TradingView experience according to your trading style and preferences.
To access the general settings, click on the gear icon located at the bottom left corner of the TradingView chart. This will open a panel where you can adjust various settings.
Chart Settings
TradingView offers a vast array of chart types, indicators, and drawing tools. You can customize your charts by selecting the preferred chart type (like Candlestick, Line, or Bar) and adding or removing indicators. To do this, click on the 'Add Indicator' button and select the desired indicator from the list. You can also adjust the indicator's settings by clicking on the gear icon next to it.
Moreover, you can save your custom chart layouts and apply them to other symbols. This is particularly useful if you have a specific set of indicators and tools that you use for analyzing different assets. To save a layout, click on the 'Save Layout' button and give it a name. To apply a saved layout, click on the 'Load Layout' button and select the desired layout.
Watchlist and Alerts
TradingView allows you to create and manage watchlists, which are essentially custom lists of symbols that you want to monitor. To create a watchlist, click on the 'Create Watchlist' button and give it a name. You can then add symbols to this watchlist by clicking on the '+' icon next to the watchlist name.
You can also set up price alerts for the symbols in your watchlist. To do this, right-click on the symbol and select 'Create Alert'. You can set the alert type (like price, volume, or custom), the alert condition (like above, below, or equal to), and the alert frequency (like once, always, or only once). Once you've set up your alerts, you'll receive notifications whenever the alert condition is met.
PaperMoney Zerodha TradingView Settings
PaperMoney is Zerodha's paper trading platform that allows you to practice trading with virtual funds. The settings for PaperMoney are similar to those for Kite, but there are a few key differences that you should be aware of.
One of the main differences is that PaperMoney uses virtual funds, so you won't be able to withdraw or deposit real money. However, you can adjust the amount of virtual funds you have by clicking on the 'Funds' tab in the left-hand menu and then clicking on the 'Add Funds' button.
PaperMoney Account Settings
In the 'Account' tab, you can view your account details, including your account number, account type, and margin requirements. You can also enable or disable various features, such as the ability to place orders using the 'Place Order' button or the ability to view your trade history.
You can also adjust your risk management settings in the 'Account' tab. Here, you can set your default risk percentage, which determines the maximum amount of your virtual funds that you're willing to risk on a single trade. You can also set your default stop loss and take profit levels.
PaperMoney Trade Settings
In the 'Trade' tab, you can view your open positions, your order history, and your trade history. You can also place new orders using the 'Place Order' button. When placing an order, you can choose the order type (like Market, Limit, or Stop Loss), the quantity, and the price.
You can also modify or close existing orders using the 'Modify Order' or 'Close Order' buttons. When modifying an order, you can change the order type, quantity, or price. When closing an order, you can choose to close the entire position or a portion of it.
Kite Zerodha TradingView Settings
Kite is Zerodha's live trading platform that allows you to trade with real funds. The settings for Kite are similar to those for PaperMoney, but there are a few key differences that you should be aware of.
One of the main differences is that Kite uses real funds, so you'll need to deposit money into your account before you can start trading. You can do this by clicking on the 'Funds' tab in the left-hand menu and then clicking on the 'Deposit' button.
Kite Account Settings
In the 'Account' tab, you can view your account details, including your account number, account type, and margin requirements. You can also enable or disable various features, such as the ability to place orders using the 'Place Order' button or the ability to view your trade history.
You can also adjust your risk management settings in the 'Account' tab. Here, you can set your default risk percentage, which determines the maximum amount of your funds that you're willing to risk on a single trade. You can also set your default stop loss and take profit levels.
Kite Trade Settings
In the 'Trade' tab, you can view your open positions, your order history, and your trade history. You can also place new orders using the 'Place Order' button. When placing an order, you can choose the order type (like Market, Limit, or Stop Loss), the quantity, and the price.
You can also modify or close existing orders using the 'Modify Order' or 'Close Order' buttons. When modifying an order, you can change the order type, quantity, or price. When closing an order, you can choose to close the entire position or a portion of it.
In conclusion, understanding and customizing the Zerodha TradingView settings can greatly enhance your trading experience. Whether you're using PaperMoney for practice trading or Kite for live trading, taking the time to adjust the settings to suit your trading style can help you make more informed trading decisions. So, go ahead and explore the various settings and make the most of this powerful integration.