Pro's and Con's of TradingView Vs NinjaTrader
TradingView and NinjaTrader are two different platforms - each with their own pro's and con's. So let's discuss their strengths and weaknesses. We're going to be comparing Tradingview Premium with NinjaTrader 8.
We have broke these down into a few different categories:
TradingView Vs NinjaTrader By Category
Getting Started With Each Platform
Conclusion: TradingView is easier to get started because there is nothing to install or setup.
Tradingview is very easy to get started because it's a webpage. There is no configuring a data feed, you just type in what you're looking for and you can pull up a chart. This is the appeal to a lot of people because they can get up and running fast.
NinjaTrader is a bit more difficult to get started because the average user expects to download a platform and have full data. However when you download the platform, all you have is the platform. You then need to connect a data feed. NinjaTrader has since made this easier by asking people before they download the software if they need a data connection, but many people say no only realizing later that they do. So its not as simple as opening up a webpage because there is a program that has to be downloaded and setup so expect to spend a little more time here.
If you love your indicators, there is a total of 129 indicators in NinjaTrader. TradingView is close and has 113 built in tools.
TradingView vs NinjaTrader - Cost Analysis
Conclusion: TradingView is so much more expensive than NinjaTrader
2 years: $1,438.80 (59.95
* 24 Months)
5 years: $3,597.00 (59.95 * 60 Months)
NinjaTrader: Isn't charged monthly but as a one time fee of $1088.00
If you compare both for 5 years your looking at a substantial cost savings using NinjaTrader.
Tradingview is free for charting with delayed data. However the minute you want to get real time data or you want to execute a trade through them you'll be paying a lot. One of the things I hate about their pricing model is they charge you based on how many chart windows you want to open.
Let's say normally on your desktop platform you've had 8 charts opened at one. If you want to do the same with Trading View you'll have to pay them $60usd a month at the time we wrote this article. That $60 adds up quick as you can imagine - that's $720 a year. And over 5 years that's 3,600usd. Compare that with NinjaTrader and your going to pay $1099 or about a 3rd of the price of Tradingview and you can do so much more.
Conclusion: Both platforms have limited brokers they connect too. NinjaTrader does connect to some more recognizable industry names.
This might look like a decent list but all of these are "supported through CQG API only"
- WH-Selfinvest (only Futures/Options Account)
- AMP Global Clearing
- Advantage Futures
- Dorman Trading
- Phillip Capital
- Rosenthal Collins Group LLC
- Robbins Trading
- Straits Financial
- NinjaTrader Brokerage
- Interactive Brokers
Order Types Supported By Platform
Conclusion: NinjaTrader will support more order types and advanced ways of placing orders.
Order types are limited in TradingView. For example, it was only on Apr 19, 2019 that TradingView started supporting trailing stop losses in Oanda. You would then need to find out from TradingView what order types are supported and what ones are not?
NinjaTrader on the other hand has many order types that are supported and the ones that are not supported on the broker themselves (like MIT orders) can be simulated on the client side for some brokers too. Therefore NinjaTrader will easily win on order types.
Using TradingView vs NinjaTrader
Conclusion: NinjaTrader supports a full programming language - Win for NinjaTrader in this category
TradingView uses their own "pine" programming language which is cloud based and your limited on how many resources you can use. Thus your indicators and what you can do are also very limited.
NinjaTrader on the other hand is using local resources and thus you can create whatever you need. TradingView is putting limits on your trading and what you require and forcing you to trade inside a box isn't good and they do it because they are cloud based.
Take something as simple as our free news indicator for ninjatrader. Something like this would be impossible to do in TradingView's pine language. However having news events to warn you about upcoming news can be extremely useful. You might move stops up sooner, or hold off entering a position. A simple tool like this can potentially reduce risk by keeping you informed. It's something you can do with NinjaTrader.
Your Trading Workspace
Conclusion: NinjaTrader will let you use endless amounts of chart windows, tabs and workspaces.
TradingView will really fall apart in this category because they let you see a limited number of charts all at once. At the time of writing this article the max you can see is 8. That's if you're paying top dollar. If you have one of their more basic packages you'll probably only be able to see 1 or 2 of the charts at once.
NinjaTrader on the other hand will let you open as many windows as you want and as many tabs as you want. If you trade multiple markets this will become even more important.
Conclusion: Mix bag - No Clear Winner
TradingView has an app but the performance of this app seems to have tanked after reading recent reviews. People are complaining about a sluggish chart and even questioning what they are paying for in their subscription if the app can't be used.
On the other hand NinjaTrader doesn't even support and app and focus their dev cycles on their desktop product. I would actually agree with NinjaTrader on this because they will connect to other brokers. Eg. NinjaTrader doesn't have an app but Interactive Brokers (who NinjaTrader supports) does have an app. NinjaTrader doesn't need create the wheel again by creating an app as that would also take time away from their product development. Let the brokers create apps and do what they do best.
An app for NinjaTrader would probably be a disaster cause it could never be as feature rich as as their main platform so I hope they never try to attempt this path.
Alerts Within The Platform
Conclusion: NinjaTrader wins as they allow for unlimited alerts.
You would think any trading platform would have alerts - and both of these do. However TradingView sets limits on how many you can have. There is really no other reason for them to do this except to get users of theirs to spend more money. Can you imagine if you were only limited to 8 alerts?
Because TradingView is stopping alerts from being used, then you can only image all their other limits to which there are many. Eg, if you want to use range bars, your going to get bumped up a package. If you want to export your chart data, you will get bumped up to another package. This is why in our cost analysis we had to review the 59.95 package as that would give you most of the features.
There is no real learning curve for TradingView which is why its a widely popular platform. Users head to a website and bamm, everything is there - just very limited.
NinjaTrader on the other hand will have a much bigger learning curve but not to worry, we have a bunch of tutorials to help you out, just keep watching the ones in blue.
Final TradingView vs NinjaTrader Comments
If you're out and about and just need a quick check on quotes, TradingView can be a useful webpage. They have a large social room (which i'm still pretty sure is just a distraction as the conversations are not very insightful) but its a great place to see a chart and check a quote.
NinjaTrader however is more useful as a trading platform and doing what they do best. It will be what you will use 80% of the time and only when you need quick access to a chart will you load up the TradingView website.