TradingView: Tips for Better Chart Setups & Layouts - TradingOnramp (2024)

Are you a trader or technical analyst struggling with cluttered or uninformative charts on TradingView? Or perhaps you’re new to this cutting-edge charting platform and eager to customize it to your liking? The visual aspect of trading is pivotalafter all, a clear chart is like a clear mind: it paves the way for disciplined, profitable trading decisions. In this comprehensive guide, we’re going to delve into the art of fine-tuning your TradingView experience. We’ll cover tips and tricks to optimize your charts and layouts, ensuring you’re equipped with the knowledge to make your analysis more efficient, accurate, and tailored to your trading style.

Understanding the Basics of TradingView:
TradingView is a popular browser-based charting platform used by traders and investors worldwide to analyze financial markets. It’s praised for its wide array of technical analysis tools, social networking features, and user-friendly interface. Before we delve into customization, ensure you’re familiar with the fundamentals of TradingView. Grasp the tools at your disposal, learn how to navigate the platform, and understand what each feature contributes to your analysis.

Customizing Chart Types and Styles:
One of the first steps to creating an effective chart is selecting the right chart type and style that suits your trading strategy. TradingView offers a myriad of options, from the traditional candlestick and bar charts to more specialized ones like Heikin Ashi or Renko charts. It’s crucial to choose a type that you’re comfortable with and that best represents the price action for your analysis.

To switch between chart types, look for the chart type dropdown menu at the top of the chart window. Experiment with different styles and see which one gives you the best insight into market conditions. Keep in mind that while aesthetics matter, clarity is king. Choose color schemes that are easy on the eye but also distinctly highlight important aspects like opening/closing prices and highs/lows.

Setting Up Indicators Strategically:
The power of TradingView lies in its vast selection of technical indicators. However, an overcrowded chart can impede your ability to make swift decisions. To avoid this, only apply indicators that you thoroughly understand and that complement your trading methodology. For instance, if you follow trends, using moving averages and trend lines would be more advantageous than oscillators, which are better suited for range-bound markets.

When adding indicators in TradingView, you can customize them by clicking on the cogwheel beside the indicator name and adjusting the settings to your preferred parameters. You can also change line colors and styles to differentiate between multiple indicators on the same chart, which is helpful for quick visual differentiation.

Leveraging Drawing Tools and Annotations:
Effective annotation of charts can be as crucial as the analysis itself. TradingView’s drawing tools are diverse, offering everything from simple horizontal support and resistance lines to sophisticated Fibonacci retracement tools. The key is using these features to highlight significant chart patterns and price levels without creating visual noise.

Remember to lock your drawings once they are in place to prevent accidental adjustments. It’s also beneficial to periodically review and clean up obsolete drawings to keep your charts relevant to the current market structure. To further organize your analysis, TradingView allows you to create layers for your drawings, making it easier to switch between sets of analyses without cluttering a single chart view.

Creating and Saving Layouts:
One of the most appealing aspects of TradingView is the ability to save multiple chart layouts, enabling you to switch between setups for different assets or trading strategies with ease. Each layout can hold a variety of timeframe charts and indicator combinations which can be invaluable when tracking multiple markets or when employing both short-term and long-term analysis concurrently.

To save a layout, simply click on the ‘Layout’ button located on the toolbar and select ‘Save Layout.’ You can organize your saved layouts by naming them according to their purpose, like “Forex – Day Trading” or “Stocks – Long Term Analysis.” If you have a TradingView Pro account or higher, you can even save multiple layouts that can be opened simultaneously for an even more comprehensive overview.

Timeframe Management for Superior Analysis:
One aspect where many traders either thrive or struggle is in managing their chart timeframes. While a lower timeframe can provide granular details regarding price action, a higher timeframe chart offers a macro perspective on market trends. A balanced approach, often referred to as ‘multi-timeframe analysis,’ can facilitate a comprehensive market view.

Within TradingView, accessing different timeframes is straightforward. On the horizontal toolbar at the bottom of the chart, you’ll find a range of predefined timeframes. Utilizing shortcut keys can also speed up your ability to switch timeframes, allowing for faster comparative analysis. Always ensure that the timeframes you use corroborate rather than contradict each other, as consistency across timeframes can reaffirm trade setups and boost confidence in your analysis.

Optimizing for Mobile Use:
TradingView’s versatility extends to its mobile application, providing the freedom to monitor and analyze the markets on the go. While screen real estate is more restrictive on mobile devices, you can still create effective chart setups by focusing on simplicity and prioritizing essential information. Use larger timeframes, minimize the number of indicators, and employ clear, legible annotations. When setting up your mobile TradingView charts, think minimalismeach element should serve a direct purpose for your mobile trading or analysis needs.

Keeping an Organized Workspace:
There’s an art to maintaining an organized TradingView workspace. Properly labeling your charts and indicators, utilizing the ‘Watchlist’ feature to keep track of interesting instruments, and arranging your layouts for easy access can significantly hasten your reaction time to market movements. An orderly TradingView workspace is not merely about aestheticsit’s about functionality and creating a trading environment that is efficient and conducive to focused analysis.

Staying Current with Platform Updates:
Given how proactive the team behind TradingView is in implementing enhancements and new features, staying abreast of the latest updates can provide you with additional tools and functionalities that can improve your chart analysis. Ensure you regularly check the ‘What’s New’ section on the site or keep an eye on official TradingView announcements.

Mastering TradingView is less about mastering the platform itself and more about mastering how you present and interact with the information it provides. Whether you’re a seasoned chartist or new to the game, take the time to customize your experienceit can mean the difference between a good decision and a great one. Remember, the platform is just a tool; the real power lies in the hands of the knowledgeable user who can harness it to its full potential. With these tips in hand, you’re well on your way to crafting a TradingView setup that’s not only visually appealing but, more importantly, fully optimized for strategic trading and analysis.

Remember, the journey to an effective TradingView setup is an iterative process. Continue experimenting, adjusting, and evolving your layouts as your trading evolves. As you become more proficient in personalizing TradingView to your specific requirements, your chart analysis and trading performance are bound to reach new heights. Happy charting!