In this article, I will discuss what the magnet means on TradingView charts and how it enhances the trading experience.
The magnet feature is a powerful tool that allows users to achieve greater precision when analyzing price movements and placing chart elements.
Understanding its functionality can significantly improve your charting accuracy and overall trading strategy.
Overview of TradingView as a Trading Platform
TradingView is the ultimate web-based trading platform that provides helpful tools, which include but are not limited to clever chart designs and social network solutions.
It is open to all kinds of trading- users trade in stocks, cryptocurrencies, forex currencies, and commodities.
Of course, there are many people’s opinions, so users can speak out there, which can be useful for everyone. Therefore, it’s a good platform for both beginner and advanced traders.
What Does The Magnet Mean on Trading Tradingview Chart
In the TradingView platform, a magnet-shaped icon designates the “Magnet Mode” function.
This enables your pointer to attract key price areas and/ or chart components like horizontal lines.
This feature increases the precision of the object placement, drawing, support, and resistance level analysis to create a better chart for any trader trading platform.
How To Turn on Magnet Mode in TradingView India?
To enable Magnet Mode in TradingView India, perform the following actions: Open a chart and find the icon on the left-hand side.
Next, click on the arrow sign at the top, referred to as the “Select” tool.
When the options menu appears, check the box that says “Snap to Objects” or click the magnet icon.
This way, the Magnet Mode will be switched on, whereby the cursor snaps to the relevant price levels and any chart elements when analyzing them.
How Do I control magnetism in TradingView?
The Toucan TradingView allows you to turn on and off the magnet feature, which can help control the positioning of different elements in the charts.
When Curve drawing tools are selected, changing the position of these elements becomes very easy when Transfer Mode is turned ON.
To do that, you must select the magnet icon, and either pressing it or clicking the right mouse button will turn the magnet feature on or off.
Capture settings can also be modified: Drag the element with a Large Delete key pressed; in other words, perhaps you may superimpose trend lines onto curves.
Try all settings and methods of drawing to achieve the best visualization on the trading charts.
What is the difference between a strong magnet and a weak magnet?
Magnetic field strength:
- Strong magnet: Able to produce a strong magnetic field that can effectively exert a strong force even over relatively long ranges.
- Weak magnet: Can exert lesser magnetism and, therefore, weaker forces and attractive ranges.
Attraction:
- Strong magnet: Able to pull and hold large-sized ferromagnetic objects, which can be best utilized in most industrial settings.
- Weak magnet: Able to only attract lighter/ smaller magnets and not hold them sufficiently.
Durability and Composition:
- Strong magnet: Most of the time, these are made of rare earth materials such as neodymium to increase their strength.
- Weak magnet: This is mostly made up of ceramic, alnico, and other less powerful materials that lose magnet capabilities.
Applications:
- Strong magnet: It can be applied in an MRI machine, electric motor, or, more or less, magnetic storage devices.
- Weak magnet: Used in easy applications such as craft projects, advertising signs, or, for example, refrigerator magnets.
Benefits of Using the Magnet Feature
More Control: With the help of the magnet tool, users can easily align indicators and objects with the most significant price points.
Efficient Charting: Currently reduces the chances of errors regarding drawing support, resistance, and trend lines.
Better Visualization: Price action can be depicted more clearly to the traders, thus facilitating better choices.
Better Charting Process: The charting process is advanced, and the focus can be directed toward the analysis instead of moving the objects.
Easier Access: This is suitable for both novice and seasoned traders.
Conclusion
Overall, the magnet feature in TradingView is an excellent tool for improving the accuracy and efficiency of charts.
It makes it possible for users to pull themselves to important price levels of the chart and easily draw and study the trends.
Ultimately, such functionality also improves trading decisions and can be considered an important feature that both beginners and seasoned traders would benefit from.
