TensorCharts - Free charting webapp where you'll get to watch the whales
Image: Ever heard of footprint charts? Tensorcharts are a similar idea, you will surprised how much information you can get from a single glance at the chart.
Update: On 15 February of 2018 TensorCharts expanded the data collection from Bitfinex only to also include Binance, GDAX, BitStamp and BitMEX markets. If you like working with orderbook heatmaps and only basic indicators like bbands or fibs, at this point Tensorcharts are far more than an alternative to Cryptowatch.
The idea of TensorCharts is similar as the one behind Footprint Charts - the charts that will let you “see inside the bars” as their slogan says. It’s an advanced software tool particularly good for daytraders and scalpers, you can request a free demo here.
Tensor charts do something similar but in a web browser: while with footprint chart you can split the regular chart candle into blocks on the price axis (such as by 100 USD steps) and see the exact value traded there. Each footprint chart block is coloured and has a number inside that says exactly how much money was traded in that block. With tensor chart you only get part of this information: the blocks are coloured based on the relative volume traded there. It is like more precise volume flow.
Additional info you get with TensorCharts though is the orderbook visualisation: While the price action created by filled orders is displayed as green and red blocks for filled buys and sells, the limit orders waiting on either side of the market are done in shades of blue, distinguished by order size:
This makes it much easier to spot the walls, spoofers or someone painting support and resistance. To see a spoofer on a candlestick chart you really need to stop staring at the chart, open up the full orderbook and meditate for a while. Then, once the orders get pulled, there is no information left about them in the books. Contrary to that with the visualisation the past orders remain recorder after the candle close.
It also provides an idea about interminent support and resistance levels - you can clearly see the areas with most money in the orders. Here for instance significant buys on BCH:
Last but not least, the differences between the cryptocurrency markets also become apparent at the first sight.
This 5m visualisation on the ETHUSD market shows a lot of small orders, some of them coinciding into a resistance level:
On this BTCUSD 5m chart you see the differences in order sizes are more marked, there are a few key levels with huge orders but the rest of the orders filling the space in between is insignificant in comparison:
TensorCharts are available free for now pulling data from several exchange APIs: Bitfinex, Binance, GDAX, BitStamp, BitMEX. The platform is built on collateral data from the developer’s other project.
The other project is called cointerminal.io. There is another project named CoinTerminal which is a news aggregator like Bloomberg terminal for cryptocurrencies, it is a paid one and has nothing to do with cointerminal.io.
Cointerminal.io is focused on market statistics. You can choose your favourite cryptocurrencies and get price development by 1H, 4H, 1D and 15D and also an indicator overview (MACD, RSI). There are price alerts and also a trading interface where you will be able to connect to cryptocurrency exchanges via API - cointerminal.io will be a paid service and tensor charts should be available in the PRO version.
The charts from the standard version are about as good as cryptowatch. They have the option to switch between candles and Heikin-Ashi and include set of the most used indicators (MACD with a divergence callout) when you click on “Analysis”. A lot of these functionalities are still under development but you can already sign up to see it for yourself - it’s all still free but limited. Here are two invite codes:
Learning to use TensorCharts
For the basics, there is a couple of walkthrough videos on YouTube (cca 1 minute each).
Our trading strategy post on scalping features TensorCharts heavily. You can read it here or download it in PDF below.
CVD or Cumulative Volume Delta is an indicator available from the updated version of Tensorcharts. If you learn to read it properly it helps you spot price reversals - hence the note in the tutorial below about the predictive game.
FULL TENSORCHARTS MANUAL
The community-sourced documentation is now available as a website at docs.tensorcharts.com.
Summary: Powerful tool
If TensorCharts had programmable indicators it would be a clear winner over TradingView. The charts alone can give a trader quite a good edge if they are used right - it’s perhaps strange to call for it but this really should be a paid tool. For now you can make do with the combination of TradingView and TensorCharts and hope the TensorCharts server won’t get too overloaded.
And if you aren’t sure how you could make use of this kind of chart, watch out for a more detailed post in Strategy later this week.
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About the author
Written by tradingfanbois
JMT under the Twitter handle @tradingfanbois has been deep in bitcoin markets since late 2014. It is the person who takes care of our office. Also answering your Quora questions regarding Bitcoin, cryptocurrencies and technical analysis.
Opinions are author's own.