Kraken Pro is an advanced charting and trading platform that comes with a suite of features and data visualization tools that may seem overwhelming to first time users. This article will help to break down the various components available and help you to understand how the platform works. With the frequent updates and new feature releases, the platform is ever changing, so even power users may benefit from taking the time to read through and potentially uncover new tools and settings.
Below, you can see the chart for the BTC/USD pair on Kraken. Each component is labelled and the following sections will detail the purpose of each of them:
1. OHLC Chart: This is the standard chart that many traders will already be familiar with. The appearance and data shown can be changed in the “Chart Style” menu.
2. Indicator Panels: The Kraken Pro platform comes with a large library of indicators including classics like Volume and the RSI as well as less common ones like the Chaikin Oscillator. Panels can be resized by dragging the top edge up or down on the screen. Indicators can be added and customized from the Analysis Tools menu
3. History scrollbar: By dragging the highlighted area left and right, users can move through historical OHLC data on the chart. If enabled in the Settings menu, there is also an events timeline available which will be displayed above the history scrollbar.
4. Toolbar: There are many options available here. From left to right:
- BTCUSD: Clicking this will open the market pairs menu. Users can view and search for trading pairs available on Kraken Pro, view BTC trading pairs, and view their Watchlist/Favorites.
- 1D: This is the time period for each candle. You can select anywhere from 1M (1 minute) to 1W (1 week).
- Star: This indicates whether you've added this trading pair to your Watchlist/Favorites.
- kraken.com: This is simply a link to Kraken’s homepage.
- Chart Style: This dropdown menu contains various chart styling options.
- Analysis Tools: Where all the indicators and overlays available can be enabled and customized. There is also an educational section for each tool which displays how it’s calculated and gives resources for reading more about the tool.
- Drawing: Various settings related to drawings are shown in this menu including whether lines snap to candles and are extrapolated by default. Users can also clear their chart drawings from this menu.
- Snapshot: Takes a downloadable snapshot of a user’s current chart configuration.
- Fullscreen: Makes the interface fullscreen.
- Auto/Manual: This toggles whether the Y-axis automatically adjusts to the current price or if it’s set manually by the user.
5. Drawing Tools: You can use these to draw directly on the chart. There’s everything from basic lines and shapes to Fibonacci Fans and Arcs. Snapping and extrapolating settings can be adjusted in the Drawing dropdown menu mentioned in section 4.
6. Depth Chart: This displays market depth for the trading pair. Buy and Sell walls are noted with their respective prices to the left of the chart.
7. Orderbook: The orderbook for the current trading pair. Bids are displayed below and asks are displayed above the last traded price in the center. The leftmost column shows the bid/ask price, the middle column shows the volume at that price, and the right column shows the cumulative volume for all orders up to that price.
8. Watchlist: Where your favorited/starred markets are displayed. This is also available in the top most toolbar as well as in the market pairs menu.
9. Market Activity: This displays the last trades to happen on the current pair by all market participants. Red indicates the trade price was lower than the last trade, while green indicates the trade price was higher than the last trade.
10. Trading form: Where you can actually create orders and open trades. Depending on the asset selected, you may see different options here such as “Leverage.”
11. Trading History: Where you can see your open orders, past trades, and open positions. There is also a trading settings menu in this panel as well as the “Sync” button which manually syncs your session to the exchange.
12. Settings/Alerts Menus: Clients can enter their account settings by clicking the gear icon. They can also access their price and volume alerts by clicking the bullhorn icon.