How To Read Webull Charts – Easy 2021 Step by Step Guide

If you are new to stocks or options trading, reading stock charts is one of the most intimidating skill to master.

Hopefully, Webull platform introduces very intuitive stock charts.

This easy step by step guide will bring you an in depth view into how to read Webull charts so that you can easily focus on growing your account.

How To Read Webull Charts | Webull Charts Settings

Whether you are using the Webull App or its desktop version, setting up the Webull charts for stock analysis follows the same steps.

The main difference is that on the mobile App, you will have the luxury to choose between advanced chart and simplified chart.

The simplified chart as its name suggest provides less indicators than the advanced ones.

I am of the mindset to keep the number of indicators quite small on a stock chart.

The reason is because many beginner traders get distracted quite easily with too many indicators.

Despite this approach, I often see many traders confused with my charts on Tradingview which only show a handful of indicators.

How To Access the Chart Setting on Webull App

In the new Webull App interface, after you select a stock, the first icon on left s the stock chart.

The view below may be different for you the first time if you have not set up your chart settings yet.

How TO Read Webull Chart - A view on how to Access the Chart settings on Webull App
Accessing Webull App Settings

On the bottom right hand side of the above view, click on the tiny chart icon.

This will take you to a menu similar to the one below.

The displays is the chart Toolbox with multiple menus we will be using later on.

How To Read Webull Charts - How To Access Webull Tool box on the App
Webull Chart Toolbox

How To Setup Your Webull Stock Charts

Next step is to click on settings to gain access to the chart settings.

On this page, you will be able to easily and quickly select different items.

The first of which is advanced vs simplified chart we introduced earlier.

I am always using the advanced chart.

How To Red Webull Charts - Charts settings menu on Webull App
Chart Settings Menu on Webull App

The main items to choose from the menu are as follows:

  • Indicators on Main chart: I have this one turned on so that i can see detail about any stock on the main chart
  • Sub-Charts: You can determine if you want sub-chart to match the main chart on the full screen
  • Chart Height: I selected High because most stocks in 2021 are going up and down
  • Including Extended Hours: I am hiding this one because a simple quote reading is enough for me in pre-market.
  • Corporate Actions Display: By selecting this, you will be able to see indicators on your charts about Dividends, splits and Earnings.
  • Keep Drawings on all Time Frames: you will have the ability to draw on your charts no matter the selection of timeframe
  • Candle Style: I always use solid candles in all my charts. The other choice is hollow candles if you would like to try them.

Blow is a view of the difference between the hollow candles and the solid candles.

How To Read Webull Charts - Hollow Candles vs Solid Candles
Hollow Candles vs Solid Candles on Webull Charts

Webull Technical Indicators

If you are into technical analysis, Webull App technical indicators will not disappoint you.

On the contrary, Webull bring a slew of fancy indicators to technical analysis lovers on its main chart as well as on the Sub chart.

Just in case you may be new to stocks charts reading, the main chart is the one with the candlesticks usually on top while the sub charts are below it with key indicators.

Lets explore what is available in each category.

Webull Main Chart Indicators

On my main chart, I like to keep three main indicators.

These are the Exponential Moving Averages or EMA, the Bollinger Bands and the Volume Weighted Average price also known as VWAP.

How To Read Webull Charts - List of Main Chart vs Sub Chart Technical indicators
Webull Main Chart vs Sub Chart Technical Indicators

I know you may have seen other traders use the Simple Moving Averages.

The difference between the two is that the Exponential Moving Average reduce the lag of this indicator by giving more weighting to the most recent prices.

For instance if we are calculating EMA8, the last 3 candles have more importance than the first five.

A good analogy I like to use when teaching traders is that if you want to know your future, the most recent history ( let’s say 3 years or 3 months or 3 days) is more telling than what you did many years ago.

How To read Webull Charts - How to setup moving averages
Setting Up Moving Averages on Webull Charts

In order to setup your moving averages, just enter the number of period for each either manually or using the slider as shown above.

Then select your desired color for each.

I like using yellow for my EMA8 and green for my EMA20 in case you were wondering.

Related Video : How Long It Takes To Make 1000% Option Trading Our Gang$Ta Strategy

Why I Use EMA8 and EMA20 on my Webull Chart

I set up all my charts with 2 EMAS: EMA8 and EMA20 meaning the 8-period (understand candles) and 20-period.

This is true regardless of the timeframe at which I am studying the chart.

The reason for this because it helps me identify momentum changes quite easily.

You see the EMA8 is the recent momentum while the EMA20 is the older momentum.

Therefore, the EMA8 direction is always telling me what the immediate future may be.

Hence, when the EMA8 crosses the EMA20 in either the bullish or bearish direction, there is a strong conviction in that direction.

Consequently, we can then trade that direction with great confidence.

How To Read Webull Charts - How ToTrade Crossover of EMA8 above EMA20
Crossover of EMA8 above and below EMA20 on PINS Daily Chart

In the above PINS daily chart, I highlighted 5 recent occurrences of EMA8 crossover of EMA20.

Three of such instances were bullish (EMA8 crossing above EMA20) and two were bearish (EMA8 crossing below EMA20).

Should you be wondering how often this happens, the answer is more often that you may think.

This strategy of EMA8 is known as the cross of death (bearish scenario) or the golden cross (bullish scenario).

You can use this in your day trading as well on lower timeframes.

I use the 15 minutes timeframes for day trading.

The only difference is that stocks will tend to have multiple directions throughout an intraday thus several of these crossovers may be false positives.

Here is a nice homework for you.

Please use the Live dynamic chart below to study any stock of your liking and try to identify how many crossovers of EMA8 an EMA20 you could have capitalized on using your new learned trading strategy.

The above chart is interactive so that you can change the stock to analyze.

Modify the styles of the Bollinger Bands and EMAS Lines to match our PINS chart from above.

I provided you a watchlist of stocks the right you can start analyzing today.

Feel free to leave me your comments with the results of your Sandbox experience.

Drawing on Webull Charts

Yes you can draw on Webull charts and it is quite easy.

The choices range from basic trendline, horizontal , vertical , extended and ray lines.

Patterns and Fibonacci lines are also available.

As you may know from my YouTube videos, those are my personal favorites.

To make it an all around great experience charting on Webull App, you will be able to add Text annotation to your charts.

How To Read Webull Charts - How To Draw Fibonacci Retracement on Webull Stock Chart
Fibonacci retracement on Webull PINS chart

Above you can see the Fibonacci retracement of PINS stock between the High of $87.46 and the Low of $53.94.

Trading Fractional Shares on Webull - How to Buy Fractional Shares

Fractional Shares Trading On Webull – 2021 Easy Guide

Google CEO recently announced that the company is not looking to split their stock because Fractional Shares are available to investors. A week later, we now can officially trade Fractional shares on the Webull App trading platform. This article will give you a step by step tutorial on everything you need to know on fractional shares trading on Webull. Table of Contents What Is Fractional Shares Trading Why Do People Trade Fractional SharesFractional Shares and Dividends Legal Impact of Fractional …

Read More

900% Profit on QQQ Option Trade

How To Trade QQQ Options For Big Profit

QQQ Options recently introduced daily Options just like its SPY counterpart. The prospect of being able to trade cheaper options contract on QQQ ETFs should excite many day traders. In this Day trading Tutorial, we will share our step by step strategies on how we can now day trade QQQ Options for big profit. Ticker Tape by TradingView Table of Contents How To Trade QQQ Options | What is QQQ ETFTop Holdings in QQQ ETFsWhat Are some of Good Alternatives …

Read More

Option Trading Success stories - How we made 3400% ROI on #Doordash options

Option Trading Success Stories

Option Trading Success Stories are meant to inspire aspiring traders as well as motivate “struggling” ones. In this article, we aim to bring you the option trading success stories from Successful Tradings traders. Our goal is to show that ordinary people can achieve success in this profession by following the simple concepts and discipline required. Table of Contents Option Trading Success Stories | What is Success ?Option Trading SuccessOption Trading Success RateOption Trading Success Stories | Meet Our Super StarsMeet …

Read More

How To Use Webull Volume Analysis

How To Use Webull Volume Analysis

The new Webull Trading App offers plenty on new tools and features to help stocks and options traders. In this discussion, we will be focusing on How to Use The Webull Volume Analysis feature. With the intended goal to incorporate this tool into your trading strategy to help grow your account. Table of Contents How To Use Webull Volume Analysis | What Is Volume in Stock TradingWhat is Good /Strong VolumeHow To Analyze Stock VolumeHow To Use Webull Volume Analysis …

Read More

How To Trade Options on Webull : 2021 Step-by-Step Guide

Webull Options trading has been lacking for a long time. Finally, the platform has decided to step up to its many customers requests and introduce a slew of features in 2021 including Options Tradings. By the end of this tutorial on How to Trade Options on Webull App or Desktop, you will be equipped with the knowledge to set up your Webull options trading App or the Dashboard, access the the training course offered on the App version of Webull, …

Read More

How To Include Multiple Chart Layers

Displaying multiple layers on the charts is a very nice convenience to avoid going back and forth to look for needed information.

To do so, simply select from the view below which layers you would like to see and hide the ones you rather not have on your chart.

How To Read Webull Charts - How To Use Webull Charts Layers
Webull Charts Layers Selection

Corporations actions are Earnings, Dividends or Investors days when the company is providing updates to analysts.

How To Setup Dual Charts On Webull App

Dual charts on webullprovide you will the abilityto see twocharts simulatenously.

This can be advantageous when trading two stocks and following their progress on their chart.

I used this feature during the writing of this post as I was making nice profit on PINS ( over 100% gain on 71 JUL16’21 71 PUTS) and AMC29 PUTS. These ran from 26 cents to over $1.

Here is the what the dual charts for these two stocks look like on my Webull mobile App.

How To Read Webull Charts - View of Dual Charts for PINS and AMC stocks
Dual Charts View for PINS and AMC

Are Webull Stock Charts better than TradingView’s ?

Most brokers do not put enough emphasis on their charts.

I know several ones who leverage the advanced charting capability of TradingView.

Hence the question, how does Webull charts measure the the standard ?

The Replay Button on Webull Charts

Just the presence of the awesome Replay feature on Webull chart puts its above 99% of the other brokers.

Therefore, Webull Replay matches what TradingView has been providing to traders for years.

One main difference in favor of Webull is that this feature is free whereas you will need a paid version of TradingView to enjoy it.

How To Use The Compare Feature on Webull Stock Charts

Not to be outdone by the Tradingview high standard, Webull charts provide you the ability to compare up to three stocks on the same chart.

The reference stock (PINS in the view below) is charted and the compared one moves is shown as a % for the selected time window.

As you move your time window, the reference date change and the % change adjusts automatically.

How To Read Webull Charts - How TO USe the compare ffeature on WebullCharts
Webull Compare Feature Showcasing PINS vs AMD

CONCLUSION

We shared an in depth scrutiny on how to use Webull intuitive and innovative charts.

Having the ability to quickly perform technical analysis is key for traders either on the GO or behind their desktop.

I encourage you to take advantage of the strategy we outlined within this discussion to take your trading to the next Level.

900% Profit on QQQ Option Trade

How To Trade QQQ Options For Big Profit

QQQ Options recently introduced daily Options just like its SPY counterpart. The prospect of being able to trade cheaper options contract on QQQ ETFs should excite many day traders. In this Day trading Tutorial, we will share our step by step strategies on how we can now day trade QQQ Options for big profit. Ticker Tape by TradingView Table of Contents How To Trade QQQ Options | What is QQQ ETFTop Holdings in QQQ ETFsWhat Are some of Good Alternatives …

Read More

How To Use Webull Volume Analysis

How To Use Webull Volume Analysis

The new Webull Trading App offers plenty on new tools and features to help stocks and options traders. In this discussion, we will be focusing on How to Use The Webull Volume Analysis feature. With the intended goal to incorporate this tool into your trading strategy to help grow your account. Table of Contents How To Use Webull Volume Analysis | What Is Volume in Stock TradingWhat is Good /Strong VolumeHow To Analyze Stock VolumeHow To Use Webull Volume Analysis …

Read More

How To Trade Options on Webull : 2021 Step-by-Step Guide

Webull Options trading has been lacking for a long time. Finally, the platform has decided to step up to its many customers requests and introduce a slew of features in 2021 including Options Tradings. By the end of this tutorial on How to Trade Options on Webull App or Desktop, you will be equipped with the knowledge to set up your Webull options trading App or the Dashboard, access the the training course offered on the App version of Webull, …

Read More

How To Trade Options - A Watchlist of Options contracts with bid and Ask Price

How To Trade Options: The Ultimate Step-by-Step Guide

Want to trade options? Good for you! It can get pretty complicated though so you’ve got to make sure you’re doing it right. Luckily, you’ve found us! We’ve got all the answers. Ready to find out about how to trade options like a pro? Let’s get into the details.

Leave a Comment