The basic Binance chart is a trading window that has not been set up with charts. In fact, it’s not necessarily bad because it provides candles, trading volume, and moving averages by default.
However, there are definitely those who want to add other indicators and seek new strategies. So, while they may try different things, it’s not as easy as it seems.
Today, I would like to explain how to set up Binance charts very simply. I will cover the details below.
Binance chart settings
First, please access Binance on your PC. The reason for accessing it on a computer is that the mobile version has limited indicator options, so please use your computer for precise trading.
Next, please enter the futures trading screen and select Indicator. Then, you can add the indicators you want.
However, for beginner investors, it is not easy to choose which one is better. Therefore, in this post, I would like to introduce two indicators that anyone can easily apply.
These are Bollinger Bands and RSI. I will explain each one.
Bollinger Bands
First, let's talk about Bollinger Bands. You may have heard of it, but to explain simply, it is an indicator created by a financial analyst named John Bollinger.
First, search for Bollinger Bands and complete the Binance chart settings.
So, the key is how to look at this. The method is simple.
As you can see, when the range expands significantly in a short period of time, you should buy when the price rises. So, when should you sell?
This is also very simple, but you should sell when the candles try to break through the Bollinger Bands or have actually broken through.
However, this indicator is not 100% accurate. Therefore, if you make mistakes in cutting losses or taking profits, you could incur significant losses at once. So, please understand it as a reference rather than blindly trusting it.
RSI
Next, we will look at the RSI. This is called the Relative Strength Index, which is an indicator that compares the pressure of price increases and decreases.
This is a technique that I personally recommend because it's much simpler than Bollinger Bands. Once you complete the Binance chart settings, you will see a screen like the one above.
At this time, if the RSI is below 40 based on the weekly candle, it is considered undervalued, and if it is above 60, it is considered overvalued.
On the other hand, when focusing on the 1-hour candle, the RSI is generally at a low point when it's around 25. Therefore, I suggest that you, the readers, pay special attention to the two indicators I mentioned today for your judgment.
Today, we briefly learned about how to set up Binance charts. I hope you will always remember to understand the 'basics' rather than cramming various indicators into your head by setting multiple indicators.
If you haven't signed up for Binance yet, please register through the link below. By signing up through this link, you can receive a 20% discount on fees, which is a very simple benefit you can get upon first registration. Therefore, I recommend that you don't miss out on this.