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The trading performance can be improved in many ways. One way to do that is to utilise multi charts. Thanks to them you will be able to trade various assets simultaneously by opening a few separate windows. This will save you some time because you will not have to shift between tabs. Moreover, you will be able to see more information about the financial instruments you are currently trading. This article will tell you what you need to know about multi charts feature.
Key Takeaways🔑
| →Multi charts can improve trading performance by allowing traders to monitor multiple assets simultaneously. |
| →They help traders find correlations between markets and better understand price movements. |
| →Multi charts can also be used for multi-timeframe analysis, providing valuable insights into market trends. |
How to use multi charts on the IQ Option platform
Log in to your IQ Option account and find the chart grids icon. You will see then multiple options for setting the chart grid. Your choice will depend on the quantity of the assets you wish to trade.
Trading many different instruments
If you plan to trade different assets at the same time, using multi charts option will be very convenient. You will get the view of many charts simultaneously. You will be able to constantly follow the price movements for all of them. This improves your chances to catch the best moments to open trading positions.
Below you can see 4 charts for 4 different assets on one screen.
The maximum number of charts you can watch simultaneously is 9.
Finding correlations between the markets
Another way you can utilise multi charts is by finding correlations between the markets. Many markets influence each other in a direct or indirect form. Below you will find an example for the AUDUSD and NZDUSD currency pairs. You can notice that in general, they go up and down at a very similar time.
If you take, for instance, the EURUSD currency pair and gold you will see they are correlated too. But in their case, the relationship is quite different. Whenever the first asset is rising, the other one is falling and vice versa.
Comparing timeframes
You can also use the chart grids to compare the behaviour of the same asset on different timeframes. You may be fond of the short-term or long-term type of trading only. Still, it might be a good idea to check another timeframe in order to get a bigger picture. Examine two different timeframes for the NZDUSD currency pair in the screenshot below.
Pros and Cons of Using Multi Charts👍👎
Pros:
- 📈 Enables simultaneous monitoring of multiple assets, enhancing trading efficiency.
- 💹 Helps identify correlations between markets, leading to better trading decisions.
- 🕒 Facilitates multi-timeframe analysis, providing a comprehensive understanding of market trends.
- 🔍 Reduces the need to switch between tabs, offering a streamlined trading experience.
Cons:
- 🖥️ May require a powerful computer or device to handle multiple charts without lag.
- ⚠️ Can lead to information overload, making it harder to focus on specific trading signals.
- 📊 Learning curve for those unfamiliar with multi-chart analysis.
| Assets to Monitor | Benefits of Monitoring |
|---|---|
| Currency Pairs | Identify correlations, trends, and potential trading opportunities. |
| Stocks | Monitor stock prices, market movements, and company news for informed trading decisions. |
| Cryptocurrencies | Keep an eye on price fluctuations, trends, and market sentiment to capitalize on opportunities. |
| Commodities | Track supply, demand, and global economic factors affecting commodity prices. |
| Indices | Evaluate overall market performance and identify potential trends. |
Summary
Multi chart feature widens your trading possibilities and it can significantly improve your results. Remember you can open up to 9 charts at the same time.
Use chart grids in a way that responses to your needs. You can trade many different assets simultaneously, compare the behaviour of the price for one asset on different timeframes or analyse the instruments that are in correlation with each other.
IQ Option offers you a free demo account. Try this new feature there. You will trade with virtual cash so you will not lose your own money. After some time spent on the learning and practising move to the live account. Do not forget to share your thoughts about multi charts in the comments section which you will find down below the site.
Enjoy trading!
Q&A: Frequently Asked Questions about Multi Charts📚
- Q: How many charts can I monitor simultaneously using the multi-chart feature?
- A: You can monitor up to 9 charts at the same time using the multi-chart feature.
- Q: What devices are suitable for using multi charts?
- A: A powerful computer or device is recommended to handle multiple charts without lag. Ensure your device meets the minimum requirements of your trading platform.
- Q: Can I use multi charts for all types of assets?
- A: Yes, multi charts can be used for a wide range of assets, including currency pairs, stocks, cryptocurrencies, commodities, and indices.
- Q: Is there any downside to using multi charts for trading?
- A: One downside is the potential for information overload, making it harder to focus on specific trading signals. It's essential to stay organized and develop a strategy to manage multiple charts effectively.
- Q: Can I practice using multi charts without risking my own money?
- A: Yes, many trading platforms, including IQ Option, offer free demo accounts where you can practice using multi charts with virtual cash.