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What is Webhook in TradingView & How to use it for day Trading?

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What is Webhook in TradingView & How to use it for day Trading?

What is Webhook in TradingView & How to use it for day Trading? –  In a stock market, there is a common habit of buying shares, holding on to it for a long time and selling it when the time’s right.

However, there are some instances when shares are bought and sold at a very short notice.

That short notice can go as short as a few hours. Alternatively known as intraday trading, day trading happens when shares are bought and sold on the same day.

What is Intraday Trading?

Intraday trading is done by leveraging the price changes in the shares that happen on a short term basis.

While it previously involved looking at the market performance and statistics continuously, the need for that has reduced constantly due to online trading platforms.

Through online trading platforms like TradingView live, facilities like WebHook can help reduce the need of constantly checking the performance of the market to see if it is in your favor. Webhook is automated and is easily dependable.

What is TradingView?

It is an online trading platform where users can sign up and create custom indicators and to analyze the performance of financial assets.

Although it is widely operated from computers, it is also available in the form of an app and can be used by both iOS and Android mobile phone users.

This is one of the most sought after trading websites and is used by millions of traders around the globe.

Apart from stocks and forex, it can also analyze cryptocurrencies like bitcoin.

Easy to access, you can simply have a look at the data presented in the form of lines and bar graphs to see how the market or your financial assets are performing.

What is WebHook in TradingView?

TradingView has a facility that notifies you whenever the market or a particular financial asset is performing as per your expectations.

You can set the limit and the price and accordingly it will alert you.

It is a facility that allows its users to send a request to an URL whenever there is an alert about the market performing as per your requirements.

When an alert is triggered, TradingView sends a signal in the form of an alert message or audio signals.

How To Use in Day Trading?

You can now create your own WebHook in TradingView while using TradingView. Thankfully this does not require any coding experience, but just creating some alerts in your profile.

To do so, create your trading strategy by mentioning the pointers and add the Webhook condition to it.

It creates an URL that can be copied and pasted to any required field while trading.

After setting this up and once there is an alert about market’s performance meeting your requirements, the alert in Webhook will be triggered automatically

Conclusion

The need for an online trading app comes at a time when there are traders and investors of different types who have different financial goals.

To help integrate them together and to reduce human efforts, trading apps like TradingView live exist.

With interesting features like technical indicators and tools for charting, trading will not seem to be intimidating as it sounds.

Download Dhan or check out our blogs to know more about trading securities and financial assets online and how to use trading platforms.

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