In the fast-paced world of trading and investing, having access to reliable charting tools is essential. Here is a comparison of two popular solutions on the market, DXcharts® Lite and TradingView® Lightweight Charts.
Because both platforms offer a range of features and capabilities to meet the needs of traders and investors, this comparison between the two will highlight their respective advantages and disadvantages.
DXcharts® Lite
DXcharts® Lite is an open source charting engine that allows developers and enthusiasts to explore its capabilities. This version is freely available and provides essential features such as popular chart types, navigation, resizing, price and time axes, as well as events on charts, and snapshots.
It’s important to note that the Lite version is free and can be accessed and contributed to via GitHub. The API documentation for the DXcharts® library is readily available and includes many examples.
DXcharts Lite version
DXcharts® engine can be integrated into many different projects for free. It offers a wide range of chart types, including Baseline, Candles, Line, Area, Bars, Histogram, Hollow, with two, three, four, or five series to compare. There are also three types of price scales available: regular, percentage, and logarithmic.
Advantages of DXcharts® Lite:
User-friendly interface. DXcharts® Lite provides a seamless intuitive user experience with automatic scale zoom, mouse wheel zoom, and chart scrolling. The platform is designed with simplicity in mind making it easy for beginners to navigate and understand. The straightforward layout and clear charting features allow users to quickly analyse market trends and make informed decisions.
Versatile chart types. The Lite version supports eight chart types. The platform streams real-time data updates allowing users to stay on top of market movements.
Comprehensive market coverage. DXcharts® Lite provides a wide-ranging selection of asset classes and extensive market coverage. This includes a variety of financial instruments such as stocks, forex, cryptocurrencies, and more. Traders have access to a comprehensive selection of markets allowing for diversified trading opportunities.
Efficiency and speed. DXcharts® Lite is known for its efficiency and speed. The platform uses HTML5 based on canvas to ensure smooth chart loading and data processing. Traders can enjoy an uninterrupted trading experience, even during periods of high market volatility.
Snapshots. The snapshot feature is a handy tool that allows users to take and share chart snapshots anywhere.
Customisation: The platform offers users the ability to personalise their workspace allowing traders to customise their own theme or choose between the predefined dark or white ones. The basic level of customisation is typically sufficient for the needs of a basic trading workflow.
TradingView® Lightweight Charts
TradingView® Lightweight Charts is a charting platform for developers or enthusiasts who want to explore an efficient and user-friendly charting engine. It’s designed to be interactive and easy to use with features such as scale zoom, mouse wheel zoom, and chart scrolling.
Even though it lacks certain chart types, it supports popular ones such as Candlesticks & Bars, Area & Line, and Baseline. It also supports symbol comparison and several price series overlays.
TradingView Lightweight Charts
The open source version has only two price scales, log scale and percentage scale, but offers additional features for price scaling such as inverted scale, auto scale, manual scale, indexed to 100 scale. The charts can handle time intervals and date ranges with options for customised second-based timeframes.
Styling is flexible and customisable: it offers different colour themes, custom chart colours, and configurable font family options. The open source version of TradingView® is a condensed charting experience. Its API documentation is also available on GitHub.
Advantages of TradingView® Lightweight Charts:
Market coverage. TradingView® Lightweight Charts covers a variety of financial instruments across multiple markets. As with the DXcharts® Lite, this provides traders with the necessary diversification according to their trading opportunities.
Accessibility and compatibility. As a web-based platform, TradingView® Lightweight Charts can be accessed through any modern web browser. The charts are designed for optimal interactivity on powerful desktops with a mouse, and touch-optimised for tablets and phones. This flexibility ensures that traders can stay connected and access their charts from anywhere, at any time.
Vast community and social features. TradingView® website has a large and vibrant community of traders and investors. It provides a social platform where users can share ideas, strategies, and analysis with each other. This collaborative aspect can provide valuable insights and foster a sense of community among traders.
Note: For those entrepreneurs who have a Lightweight version embedded in their platform or tooI, this can also be a disadvantage as it redirects the target audience to the third party site.
Disadvantages to consider:
DXcharts® Lite. DXcharts® Lite may lack some advanced technical analysis features. Traders who require more complex technical analysis tools or access to a wider range of markets may find DXcharts® Lite to be somewhat limited in its capabilities. In this case, an upgrade to the paid version of DXcharts® is required.
TradingView® Lightweight Charts. While the open source version of TradingView® offers many features, it does have some limitations. Users of TradingView® Lightweight Charts may miss out on some premium features and data available with the paid subscription version.
In conclusion, both DXcharts® Lite and TradingView® Lightweight Charts can be considered valuable tools for traders and investors. DXcharts® Lite stands out for its user-friendly interface, versatility, speed, and customisability.
On the other hand, TradingView® Lightweight Charts shines with its large community, extensive market coverage, and accessibility. When choosing between these platforms, consider your individual needs, trading styles, and accessibility preferences.
The post Exploring Open Source Charting Options: DXcharts Lite vs TradingView Lightweight appeared first on The Fintech Times.
