How To Paper Trade With TradingView And Mizar?

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If you’re reading the article, you might have heard a word or two about TradingView charting tool featuring stock, options or crypto paper trading. This write-up elaborates on TradingView limitations and explains why & how you can combine the platform with Mizar paper trading for a fuller and safer live-testing experience.

Key Takeaways

  • Advanced analytical tools and testing your strategies live may significantly increase your profits and limit losses.

  • TradingView and other platforms offer backtesting and limited live testing. Both may not be accurate and are usually limited to signals only, not strategies.

  • Mizar features Live testing, which is much better than backtesting because you don't have the risk of overfitting your model [Mizar testing model is much more flexible than backtesting simulations].

  • For better trading performance, you can combine TradingView or other platforms with Mizar Live Testing

Paper Trading TradingView

TradingView stands as a robust, community-driven platform tailored for traders, investors, and market enthusiasts. At its core, TradingView provides a suite of analysis tools to dive deep into various markets, from the dynamic world of cryptocurrencies to traditional stock exchanges. By fostering a community of active users, TradingView has established itself as a hub for sharing insights, strategies, and real-time market thought

Key Features:

  1. Premade Technical Trading Indicators: Enhance your analysis with a diverse range of technical indicators readily available on the platform. Whether you're looking at momentum, volatility, or trend-following indicators, TradingView has you covered.

  2. Volume Profile Indicators: At just one click, access in-depth volume profile indicators that help you understand market liquidity and where significant trading activities are concentrated.

  3. Candlestick Pattern Recognition: Make better trading decisions with the platform's ability to identify and highlight crucial candlestick patterns that could suggest potential market movements.

  4. Modified Templates for Indicators: Customize your analysis by leveraging modified templates. This feature allows you to tweak standard indicators to better fit your trading style or strategy.

  5. Advanced Drawing Tools: Sketch, plot, and mark your charts with an array of drawing tools tailored for market analysis. These tools make it easier to visualize trends, support and resistance levels, and other vital aspects of charting.

  6. Multiple Timeframes: Get a holistic view of the market by analyzing data over various timeframes - from one-minute charts to monthly overviews.

  7. Automated Fibonacci Retracement: Simplify your technical analysis with the automated Fibonacci retracement tool, which aids in identifying potential support and resistance levels based on the Fibonacci sequence.

Paper Trading on TradingView:
TradingView isn't just about charting and analysis. The platform also offers a competitive paper trading system, ideal for those looking to practice their trading strategies without risking real money. While this system provides an avenue to test trading signals, it does have its limitations:

  • It's important to note that while you can simulate trades based on signals, the system doesn't allow for comprehensive strategy testing.

  • The paper trading terminal provides a hands-on approach where users manually open signals. For each trade, you can define one Take Profit and one Stop Loss level, ensuring you practice risk management even in a simulated environment.

paper trading robot

Understanding TradingView Paper Trading Capabilities and Limitations

TradingView Paper Trading Explained:
TradingView, widely recognized in the trading community, provides a platform that amalgamates chart analysis with a practice ground known as 'Paper Trading'. Although it’s particularly celebrated for its comprehensive charting tools and collaborative community of traders, the platform also extends its functionality to a simulated trading environment, paper trading, albeit with certain limitations.

  1. Strategic Testing:

    Delve into the intricacies of trading by testing strategies on the platform. Whether you're considering Dollar-Cost Averaging (DCA), devising multiple take profit points, pinpointing different entry zones, or setting up multi-tiered stop-loss mechanisms, TradingView's Paper Trading offers a sandbox to experiment in.

  2. Automated Strategy Trials:

    For traders inclined towards automation, TradingView enables testing of automated strategies. Here, signals generated within TradingView serve as the backbone for these simulated trades.

  3. In-depth Analytics:

    Beyond mere trading simulations, gain insights into your virtual trading performance. Evaluate accumulated profits, understand drawdown levels, and get a holistic picture of your paper trading prowess.

For a step-by-step guide and best practices, don't miss our tutorial on TradingView paper trading.

Mizar: A Stellar Alternative for Advanced Automated Trading

Venturing beyond TradingView, let's explore the depths of Mizar, a distinguished automated trading platform known for its expansive capabilities in live-testing investment strategies and providing a suite of advanced analytical tools.

Key Highlights of Mizar Platform:

  • Live-Testing of Investment Strategies: Mizar transcends beyond mere simulation, offering traders the capability to live-test their investing strategies, ensuring real-time validation of their market hypotheses.

  • Advanced Analytical Proficiency: The platform stands out with its ability to furnish traders with advanced analytical tools, aiding in a more nuanced and data-driven decision-making process.

  • Integration with TradingView: Remarkably, Mizar offers compatibility that allows traders to amalgamate select functions from TradingView, effectively combining the strengths of both platforms to optimize trading performance.

And here's the icing on the cake - Mizar's compatibility with TradingView. By combining the functionalities of both platforms, traders can tap into a synergistic trading experience, blending the best of both worlds for optimal results.

How to Paper Trade with TradingView and Mizar?

You can follow the steps described to get started with paper trading on TradingView and connect to Mizar automated trading platform. Here’s a step-by-step breakdown.

  • Identify the Chart & Indicator

  • Create Your TradingView Alert

  • Pick Your Bot on Mizar 

  • Integrate Your DCA [Dollar-cost average] Bot Into The Alert

  • Flex Other Bots & Test

Check the Mizar Pine Script tutorials to learn how to execute your trading strategies via Mizar

Crypto Paper Trading: Integrate Your TradingView Alert Into Bot

Here’s a detailed video guide on adding your custom TradingView alert into the Mizar bot captured by one of our traders. 

Crypto Paper Trading: Flex Other Bots & Test

Mizar offers a wide range of trading bots you can use to benefit from bullish, bearish, and sideway markets alike. Most importantly, you can build and test whole strategies in a safe environment — the feature TradingView virtual account doesn’t provide. 

You may pick various bots from the marketplace, build your very own custom bots and combine them with advanced trading alerts from TradingView to get the best returns on your investment. Let’s now talk about Mizar in detail. 

Crypto Paper Trading with Mizar 

Here’s what you can do with Mizar automated trading platform.

  • Manage your orders by Dollar-Cost Averaging [DCA

  • Manage your order via multiple entries, take profits/stop loss, and much more. 

  • Test your strategies in real time with paper trading features on Mizar. Track performance with no risks, test high-risk strategies and manage orders for the best results.

  • Advanced analytics, realized/unrealized PnL, drawdown, Sharpe ratio, and much more.

Live testing is the cornerstone of your safer trading experience, which is why limited testing features may cut off your potential profits or cause losses. To avoid such situations, Mizar offers fully-fledged strategy paper trading. You can mirror real-life conditions in a safe environment to put a strain on your strategies. Moreover, live testing implies you don't have the risk of overfitting [the model is useful for a specific data set, not others] your model.

Accurate live testing by Mizar maximizes your chances to mirror real-life trades by evaluating the best intervals for a specific strategy, advanced data feeds, and other high-level tools. Let’s boil down some of them for clarity.

Crypto Paper Trading: Profit and Loss (P/L)

P/L is one of the most important parameters to track your trading success. There are many ways to measure the P/L ratio. Mizar combines some of them for the most accurate estimate. Some of the variables include Year-to-Date (YTD) P/L, transaction-to-transaction P/L, and open & closed positions. This is the initial step toward further trading strategy analysis. 

Crypto Paper Trading: Drawdown

Drawdown is the percentage between peak and trough. Imagine you invest $50k as initial capital. After all the executed trades, your paper trading portfolio shows a loss of $5k before bouncing back to the initial $50k. The drawdown is 10%. You can set a specific range or average drawdown over the testing period. If the strategy exceeds the drawdown specified, you may consider other strategies. 

Crypto Paper Trading: Sharpe Ratio

The Sharpe ratio compares your returns with the risk by dividing the excess returns by a measure of volatility to evaluate performance. The parameter may either use historical returns or forecast feeds. The higher Sharpe ratio indicated better performance. You may set the ballpark figure around one [1] and reconsider strategies if they drop below that. The Sharpe ratio should be used sparingly, combined with P/L, drawdowns, and more.

Mizar paper trading features many more tools for accurate backtesting. If you want to experience paper trading to the fullest, make sure to try out the Mizar features for free.

Closing Thoughts

Even though TradingView free paper trading simulator is a powerful tool to test trading signals, it still lacks multiple features other trading platforms have. Relying on signals alone can affect your trading badly, which is why you might want to combine TradingView with more advanced paper trading tools like Mizar. Learn more about using trading signals and automated trading bots for profits.


What is Paper Trading?

Paper trading is a trading simulator allowing you to test strategies and practice buying and selling assets without any risk of loss. 

What is Paper Trading Account?

A Paper trading account is your simulated trading account, allowing buying and selling of assets in a safe environment. 

What is Paper Trading on TradingView?

TradingView paper trading account allows you to buy and sell assets with no risks. You can also develop crypto trading signals and build strategies around them.

How to Start Paper Trading?

You can start paper trading by opening an account on any platform that supports paper trading. Mizar crypto paper trading platform is one of the best paper trading solutions on the market.