You need a sophisticated charting tool and technical indicators for practical technical analysis。eToro is one of the popular trading platforms that offers many useful features for technical traders。Recently, the company launched ProCharts, a brand new charting tool that provides in-depth technical analysis of various financial markets.。

With ProCharts, you can easily update your favorite tools at any time and use technical indicators for market analysis。Let's explore all the features and benefits of eToro ProCharts in this article。

eToro ProCharts Introduction

ProCharts is an advanced charting tool created by eToro brokers for the best interests of their clients。Through customer feedback, eToro eventually discovered the trader's needs and worked hard to meet them。

eToro's ProCharts is a handy tool for technical traders。It gives traders access to live charts customized to their liking。Its biggest advantage is that you can open multiple charts of different assets at the same time, or open multiple charts of the same asset with different parameters。This way you can see the whole picture of the market, which is very helpful for your analysis。

It is worth mentioning that ProCharts is only available to silver-rated eToro customers.。To upgrade your level to silver, you must deposit at least $5,000 in your trading account。Your status will be automatically updated within 24 hours after meeting the level balance requirements。

Benefits of using ProCharts

eToro's ProCharts are ideal for day traders and long-term investors who want to gain valuable insights into current market trends to make informed trading decisions。The ProCharts feature offers several advantages over previous charting tools:

How to access eToro ProCharts？

To access ProCharts, you need to follow these steps:

Go to eToro's official website and log into your trading account。

Click on the asset you want to analyze。You can choose:

• Click directly on the assets on the dashboard
• Using the Search Bar
• Select an asset in the watch list

In the "Charts" section, click the "ProCharts" button。

All done!Enjoy eToro's ProCharts feature to analyze the market。

How to trade professionally with ProCharts?

As a professional trader, you need to customize your charts to easily find all relevant information。First, your diagrams must be concise and easy to read。

It is best to use a neutral color for the background, such as white, gray or black。If you spend a lot of time watching the screen, it is recommended to change the default light theme to a dark color, as this will not tire the eyes too much。You can find this eToro ProChart feature in the upper right corner。

Second, you need to determine the chart type。Each type has a unique view of price movements and plays a different role in market analysis。

For example, a line chart simplifies the view of asset price movements by connecting closing prices with straight lines。This is ideal for analyzing trends over a specific period of time。At the same time, the candle chart provides more detailed market information, suitable for finding patterns in the chart。Press the candle icon to change the chart type。

Next, make informed trading decisions using eToro's multiple charts。Using a top-down approach, start with the long-term chart to determine the overall trend, then move to the medium-term chart to find entry and exit points。Finally, confirm the signal on the short-term chart before starting trading。To change the layout, click the square icon in the upper right corner。

Don't forget to use relevant indicators on each chart, but don't use too many, otherwise it will make the chart messy。These eToro indicators will help you better analyze the market and discover trading opportunities。Here's an example of a professional trader's final custom layout。

Conclusion

Based on the above explanation, we can see that eToro's ProCharts are the key to trading like professionals。It has highly customizable charts, including various types, indicators and drawing tools。The multi-chart function also allows you to choose from various layouts and open multiple charts at the same time。

After that, you can save the layout you have created so that you can use it again。The next time you start ProCharts, it will automatically display the last setting, so there is no need to set it every time。

FAQs

Is eToro's ProCharts worth a try?

ProCharts offers many advantages for beginners and professional traders, such as multiple charts。Typically, these features can only be found in advanced tools that require monthly packages。Fees can be quite expensive over time。Meanwhile, customers with an account balance of at least $5,000 can use eToro's ProCharts.。There is no additional charge for this feature and you can try it for free for 30 days at the beginning。

What other analysis tools does eToro offer?

In addition to ProCharts, you can use two other analytics tools to improve your trading。eToro Plus provides daily, weekly and quarterly in-depth market reports on various financial markets。Report topics are diverse, ranging from supply chain issues to interest rates。The tool can help traders conduct deeper research and identify trading opportunities。eToro Smart Portfolio allows traders to gain insights from other traders and incorporate these perspectives into their own portfolios。In this way, traders can diversify their portfolios and earn steady profits。

Where to visit eToro's ProCharts？

The feature is available on web platforms and mobile apps。It doesn't matter which platform you use as long as your account is eligible to access eToro's ProCharts。