Beginner’s Guide on How to Add Synthetic Indices on TradingView

Nowadays, the way you study financial markets is quite different from the way it was done several years ago — thanks to the coming of advanced trading platforms. It is now common for many beginners to seek new ways to explore synthetic indices. This is because they can track these instruments at any time without depending on regular stock market hours.

It is critical that you learn how to add synthetic indices on TradingView if you prefer chart analysis, indicators, and organized layouts before making decisions.

What are synthetic indices?

We can define synthetic indices as simulated market instruments that are a product of mathematical systems (algorithms) that imitate the price movements and volatility of real markets. The key difference of these instruments from stocks or forex pairs is that they are not tied to economic news, geopolitical shifts, or company earnings.

Does TradingView have synthetic indices?

As a new trader, a common question you may be asking yourself is: Does TradingView have synthetic indices? The direct answer to this is not natively.

TradingView doesn’t list synthetic indices as built-in instruments from brokers such as Deriv (the broker known for offering the most widely recognized synthetic index products). However, you can use workarounds that allow you to view and analyze synthetic index data within the TradingView platform.

How do you add synthetic indices on TradingView?

You can follow the steps below to get synthetic indices visible on TradingView:

Step 1- Connect via a compatible broker

Some brokers that offer synthetic indices provide users with TradingView integration through their own platforms. You just need to log in to your account, say the Deriv account, and select the TradingView Chart option within the platform. On selection, it loads a version of TradingView preloaded with synthetic instruments.

Step 2- Use the symbol search

On getting inside the TradingView-powered chart on your broker’s platform, go to the top-left and click on the symbol search bar. Enter the name of the synthetic index you want, such as “Boom 1000” or “Volatility 75 Index.”

Step 3- Apply it to your chart

Pick the instrument from the dropdown list. You will see it load directly onto your chart. From there, you can apply indicators, draw trendlines, and do your full analysis.

Step 4- Explore further resources

For you to sharpen your understanding of synthetic indices beyond just charting, you can check out reliable resources like Syntxwiki. This is a dependable knowledge hub covering trading strategies and instrument breakdowns, as well as practical guides specifically meant for synthetic index traders.

What are some tips for analyzing synthetic indices on TradingView?

Here are some tips that can help you explore synthetic indices on TradingView:

•   Use volatility indicators- ATR and Bollinger Bands work particularly well, especially because of the algorithm-driven price swings
•   Stick to a fixed time frame- Avoid overtrading, which can happen given that these markets operate 24/7. The secret is to discipline yourself around your session times pays off.
•   Backtest freely- Take advantage of the consistent historical data, which is not distorted by historical events, to backtest.

Final thoughts

With the above steps and tips, you now know how to add synthetic indices on TradingView, which is critical as it opens a new range of trading possibilities. This is especially necessary if you want to enjoy consistent market access without relying on traditional financial hours.