The global trading software market reached an overwhelming $8.9 billion in 2021. With the myriad of trading solutions available, it’s no wonder investors are becoming increasingly picky.
As a result, market players are striving to offer the best services. Instant access to reliable data is crucial to finding profitable opportunities and controlling risks. The more understandable the data, the easier it’s for an investor to make an informed decision. That’s why they opt for brokerages that provide market data in real-time and in the most digestible format possible.
If you’re thinking about launching your own trading platform, you’ve probably heard of TradingView. In this article, we’ll take a closer look at this platform, its API, and its use cases and costs.
What is a TradingView API?
TradingView is a technical analysis platform that provides comprehensive, understandable, and interactive charts. It aggregates data and then uses it for detailed technical analysis. TradingView is popular among both experienced traders and beginners due to its extensive features. The platform allows users to search and manage charts for any instrument, provides access to a variety of technical indices, enables social networking, and much more.
Users can also manage orders within TradingView, but to trade manually, they need to sync their broker accounts with the platform. For those who prefer algo trading, several code scripts are available, most of which were created by other members of the community. However, these are just some of the features – there are many more ways to benefit from integrating with this tool.
Now it’s time to jump to TradingView API. Essentially, TradingView data API can be thought of as a virtual database that stores the most recent (and historic) information about stock prices and their performances, as well as offers actionable insights into the market. Integration with this API also provides brokers with access to a huge community of traders and investors and can reach a wider audience through the platform.
How Does TradingView API Work?
TradingView rest API acts as a frontend for brokers’ backend systems. APIs, which stand for Application Programming Interface, can be described as a set of functions and protocols allowing you to build and integrate application software. They enable websites and apps to interact with data servers, access data and engage in other digital product functions. Without data providers’ APIs, for example, websites would have no new information and thus would stop showing real-time graphs and charts.
When an app makes a TradingView chart API request, it’s then used by the program to graph the stock’s activity on a chart and help develop a data-driven trading strategy. To display a real-time chart, a platform can send a TradingView API Get Price request every few minutes. To show long-term performance, a TradingView historical data request is made. This way, users see reliable, up-to-date information according to the application’s programming.
Why Use TradingView API?
Using API in the process of app development is a common practice, that helps to cut costs and decrease time-to-market. It allows to equip software with a comprehensive set of features quickly instead of developing each of them from scratch.
So, the main benefit of TradingView API integration with your solution is that it will allow you to offer multiple features to your users in the most cost- and time-efficient manner. With the help of TradingView data API, your users will be able to trade, place orders, and change the settings of those orders: cancel, amend, place on hold, and much more. Your platform will also be able to provide market data about prices and account statistics (order history, open and closed positions, trading balance, etc).
Another great feature worth mentioning is that TradingView developer API has a pre-made component and they allow third-party vendors to use their widget for drawing charts. For users, this means that there is no need to develop functionality from scratch.
What’s more, the platform offers flexible marketing tools. It allows integrated brokers to set exclusive branding – e.g., logo, motto, sign-up links, etc.
Cost of TradingView Services
Although available for free, the basic version of TradingView API gives quite limited access to its features. To get more control and obtain the full information, investors need to purchase a paid version of the instrument. There are 3 main plans available at ranging costs, with the first one starting from $14.95/per month, and the most advanced, the Premium version, costing around $59.95 per month. More information on the cost could be found on the TradingView website or by requesting a quote on the plan based on your needs. The cost of TradingView API integration for brokerages is formed individually.
To sum it up, integrating with the TradingView developer API enables bringing a more robust trading solution in a shorter time and ensures a better user experience due to access to valuable tools and data. Want to integrate your software with TradingView API? Or have an idea for a trading platform and want to build it from scratch? At Itexus, we’ve been helping financial services companies and fintech startups bring their ideas to life since 2013. We’ll be happy to contribute our expertise to your project. Contact us to find out how we can help.