āThe illusion of randomness gradually disappears as the skill in chart reading improvesā - John Murphy
Hello Traders,
This quote by renowned market technician profoundly captures the importance of charts in trading. At Dhan, we deeply resonate with this perspective. This is why charts have been the primary focus for us from day one, and we are glad that many Super Traders use Dhan charts as their primary charting platform for studies, analysis and as well as execution.
Our efforts to improve the charting experience have been varied and extensive through the past times. We have integrated two of the leading charting libraries - TradingView and ChartIQ, to provide a robust and comprehensive charting solution. Features like Trade on Charts, Options Chain on Charts, Baskets on Charts, coupled with advanced data-analytics, synchronisation of drawings, templates, and layouts across dhan platforms, ensures a consistent and efficient charting experience. These drawings and layouts are also securely stored on our backend servers for easy access and management. Another tool, Scalper on TradingView, which helps traders to quickly enter, exit and manage trades on charts, is highly used by traders. Also to recollect that Dhan is the first stock broker from India to introduce execution capabilities with Trade directly via TradingView.
We introduced āFlash Tradeā some time back on Dhan and Options Trader (app and web) ā a special tool designed for Options Buyers. This feature helps traders to reflect their market outlook on index or popular instruments through options. It has been a great help for option buyers in making timely entry and exit decisions. We received an overwhelming response to this feature. However, one key element was missing similar functionality on Charts. Recognising the importance of charts again, we have now developed a new tool on Charts.
Introducing: Scalper on Charts in Options Trader app
To use Scalper on Charts, there is a banner on the home page, right below the options dashboard. Click on it to access the feature. On clicking, multi tab charts will open with default instrument. You will find a dropdown menu in the top-right corner, allowing you to choose your preferred instrument. By default, the app displays charts for the Spot, At-The-Money (ATM) call options, and ATM put options across three different tabs.
Letās assume that if you are bullish about the market, press the āUpā button to buy the selected Call option. On the other hand, if your market outlook is bearish, press the āDownā button, which will facilitate the purchase of the selected Put option.
We have made selections here very simple for you. By clicking the āsettingsā icon, you can change & select the Options Contract and Lots Size to trade. It enables you to quickly discover options contracts based on Open Interest (OI), Volume (Most Traded), and ATM. You can select the expiry, specify the exact strike price, and determine the number of lots for your trade. For orders that exceed the freeze limit, the system automatically slices them via Iceberg orders.
Further, once you have created the Open Position or Pending Order, you can manage it directly on the charts itself. Alternatively, there is a āPositionsā tab that leads you to the āManage Positionā screen of individual open position. Similarly, the āOrdersā tab is also available to view all the orders of the same underlying, along with their current status, ensuring you have a comprehensive view of your trading activities on the same screen.
We hope the combination of two highly used features on the Dhan app (Scalper and Trading on Charts) will be helpful and make your trading more efficient & smoother.
Use this feature on Options Trader app - āOptions Trader by Dhan on the App Store
Let us know your feedback about this newly added feature for Option Traders.
Happy Trading
Naman
