An introduction to TradingView
Do you want to learn how to use TradingView or find out more about some of its advanced features?
TradingView is a powerful online charting and analysis platform used by millions of traders worldwide.
It offers a wide range of features, from basic charting tools to advanced technical analysis indicators.
It’s a versatile platform that can be used for a variety of trading strategies, from day-trading to long-term investing.
Its user-friendly interface and extensive suite of tools make it a go-to choice for traders in forex, stocks, cryptocurrencies and other markets.
This comprehensive guide will cover the essential features and tools available in TradingView for newbies.
We’ll then dive a little deeper and explain some of the more advanced options available in TradingView, such as writing your own backtesting scripts in Pine Editor.
What is TradingView?
TradingView is an online charting, trade analysis and trading platform offering a wide range of features to assist traders.
These features include technical analysis tools, ideas for trading strategies, custom indicators and alerts, news reports and a dedicated trading community.
The platform provides real-time data and allows traders to execute trades directly from the platform when connected to a supported broker such as MarketMates.
TradingView is known worldwide for its advanced analysis tools, which allow users to analyse price action on forex pairs, stocks, cryptocurrencies, CFDs and many other financial instruments.
It also enables customised backtesting of potential trading strategies to see if they may work.
Overview of the TradingView platform
The TradingView platform is accessible via web browsers, plus mobile and desktop apps for iOS and Android.
It is the most visited investing website worldwide, with over 60 million traders and users. It’s also the highest-rated finance app on the Apple app store.
Its user interface is quite intuitive and easy to navigate, even for beginners.
How to start using TradingView
Navigate to the TradingView website and sign up for either a free or paid account.
Then head to the navigation bar at the top of the page, select the ‘Products’ drop-down menu and choose ‘Supercharts.’
This will deliver you a basic charting workspace.
The workspace includes a charting area, toolbars, watchlists, and a security analysis information panel that can be customised according to your trading needs.
Top left toolbar: This toolbar contains tools for finding and comparing securities, adding indicators, changing chart types, setting alerts and managing templates.
Left toolbar: Houses drawing tools like trendlines, pattern tools, shapes and pitchforks. Also annotation, text and measurement tools.
Top right toolbar: Contains setup and layout saving options, a search function, chart settings, screenshot and publish options.
Right toolbar: Contains watchlists, alerts, object tree and data window, ideas, chats and ideas stream.
Lower toolbar: Includes features like the stock screener and strategy tester, and allows access to TradingView’s paper trading and Pine Editor, to customise indicators and backtest. It also allows access to connect to your broker and live trade.
How to create a new chart in TradingView
To create a new chart and adjust basic features:
- Create a new chart: Go to the top right toolbar. Under it, at the top of the watchlist, click the Add Symbol icon
to open a new chart tab. This brings up an ‘Add symbol’ box, where you can search for an asset and add a new chart to your watchlist.
- Choose your chart type: Select your desired chart type (candlestick, line, bar, etc.) using the chart type selector
located on the top tool bar. - Timeframe: Adjust the timeframe from minutes to hours or days using the timeframe selector
. - Add indicators: Once your required chart is displayed, add any indicators using the Indicators icon
.
How to search for an asset in TradingView
Use the Symbol Seach icon 
on the top left toolbar to find a specific stock, fund, forex pair, cryptocurrency or other financial instrument you’d like to analyse.
Type in or search for the asset or ticker symbol either by name or by letters.
When your desired security appears in the watchlist, click it to have the price data appear in the main charting area.
Changing your chart view
Changing your chart view, adding trendlines and comments
Once you see the candlesticks of your chosen security, you can:
- Move the scale of the candlestick chart pattern
- Change the timeframe of the chart
- Show a different time range for the candlesticks
- Add indicators to your chart
- Add trend lines, buy and sell points, patterns, notes and icons to your chart screen
How to compare two or more securities
Now you may want to compare the price action of one forex pair with another, or one cryptocurrency with another.
To compare symbols, click the Compare or Add Symbol icon 
on the top left toolbar.
Type in the name or ticker of the security you wish to compare with the existing one in the main chart area.
Once you’ve selected a second security to compare, TradingView will add the details of the second security to your chart workspace.
Now you have the price action of two securities on your chart workspace, you can choose how the price action is displayed (line, bar or candlesticks).
Do this by clicking the name of each security in the top left corner and altering its settings.
Adding securities or pairs to your market watchlist
A watchlist is a list of securities (i.e. forex pairs, CFDs, stocks or cryptocurrencies) that you want to keep an eye on or are monitoring.
Think of it as your personalised list of stocks, currencies, commodities or cryptocurrencies that you’re interested in.
Watchlists allow you to organise your favourite financial instruments in one place, making it easier to track their price movements, news and technical indicators.
You can create multiple watchlists in TradingView, give them a name, save them and share them.
To add an asset to your watchlist, select the Add Symbol icon at the top of the right-hand box to add tickers to your watchlist for quick access.
To save, name and share your watchlist, click the drop-down menu at the top of the right-hand information box.
All options available are in the drop-down menu.
How to find additional information about an asset
At the bottom of the right-hand side information box is a sliding panel that can be lifted up or down to reveal additional security information.
Click the Metrics icon 
in this section to choose more technical information to display, such as buy or sell recommendations, oscillators and moving average meters.
Customising your profile, charts and templates
How to customise your TradingView profile
If you wish to join the TradingView social community you will need to complete your user profile.
Customising your profile is important if you wish to build your presence and connect with other traders.
To change your profile settings in TradingView, follow these steps:
- Click on your profile picture in the top left-hand corner.
- Select your name, and then slide right to see further options.
- Select ‘Profile Settings’ from the dropdown menu. Here you can update your display name, email address, phone number and other personal information.
- You can also change your profile picture by clicking the ‘Upload photo’ option next to your avatar.
- Click on the ‘Notifications’ tab to customise your notification preferences, such as email notifications for comments, messages and alerts.
- Once you’ve made your desired changes, click the ‘Save Changes’ button at the bottom of the page.
- Add social links: If you want to link your other social media or websites, use the social link fields to include links to sites like Twitter, LinkedIn or personal blogs.
- Adjust your privacy settings: You can control what others see by choosing to make your profile public or private.
How to customise trading charts
TradingView provides extensive options to customise your chart appearance:
Chart settings: The Settings icon 
located on the top right toolbar lets you change colours, scales, grid lines, and much more.
Once you open chart settings, there are various categories of changes available. These include Symbol, Status line, Scales and lines, Canvas, Trading, Alerts and Events.
The chart settings window can be picked up with your cursor (on the top name bar) and moved around your chart working area.
To change different aspects of a chart, use the left-hand menu to select the category of change. Clicking each one opens a different set of settings that you are able to change and customise:
- Themes: Choose from light, dark and custom themes.
- Colours: Customise the colours of lines, bars and text.
- Fonts: Adjust font sizes and styles.
- Layout: Change and rearrange panels and indicators.
Handy hints for chart customisation
Set your own time zone
Click on the time displayed at the bottom right of the main charting area to change the chart time zone to your specific location.
This can be useful if you want to know forex trading hours, for example.
This will ensure the forex market and stock market opening times displayed in your main charting area are correct for your region.
How to add text to charts
To add text to your TradingView chart, follow these steps:
Activate the Text tool: Click the Text icon 
on the chart toolbar.
Click on the chart: Click on the specific point on your chart where you want to place the text.
Type your text: A text box will appear. Type your desired text into the box.
Customise the text: You can customise the text’s appearance by:
- Font: Choose from various fonts.
- Font size: Adjust the font size.
- Font colour: Select a colour for the text.
- Background colour: Add a background colour to the text box.
- Text alignment: Align the text to the left, centre or right.
- Rotation: Rotate the text box to any angle.
Place the text: Once you’re satisfied with the text’s appearance, click outside the text box then pick up the box and move it to where you want it on the chart.
Handy hints for annotating charts
Adding text notations, arrows, long or short trade indicators, etc. is a great way to record your past trades.
Add notes to remind yourself of trade successes or mistakes, or particular price behaviour that you’ve noticed in relation to a news event.
How to save your charts
Saving your chart setups can be useful for future reference or for sharing with others.
To save your chart:
- Create your chart setup. Customise your chart with indicators and drawing tools or comments.
- Click the name of the chart at the top right of the chart workspace. This will bring up the ‘Save Layout’ option, and allow you to rename it, make a copy etc.
- Give your chart setup a descriptive name.
- Optionally, add a description to explain your chart setup.
- Click ‘Save’ or press Ctrl+S to save your chart idea.
- Check that the Autosave option is enabled to ensure any changes you make to the chart are saved.
To share your chart idea with others:
- Open your saved chart.
- Click the My Ideas icon
on the far right tool bar.
- This will bring up a window with instructions to copy, paste and share your ideas.
- Follow the instruction on the screen to share your ideas.
- You will be given an option to copy the link and share it with others.
How to draw trendlines
To draw a trendline on your TradingView chart, follow these steps:
- Activate the trend line tool: Click the Trend Line icon
on the chart toolbar.
- Choose your trend tool: E.g. a single trend line, an extended line, a cross line, a parallel channel, a regression trend, etc.
- Click on the start point: Click on the point on the chart where you want the trendline to start.
- Click on the end point: Move your cursor to the end of the trend and click the point where you want the trendline to end. The line should now be drawn on your chart.
- Customise the trendline: You can now customise the trendline’s appearance by right-clicking the line and selecting the Settings icon . Options include:
Line style: Choose a solid, dashed or dotted line.
Line width: Adjust the line width.
Line colour: Select a colour for the line.
- Place the trendline: Once you’re satisfied with the trendline’s appearance, click outside the line to pick it up and place it in any position on the chart.
Additional tips on chart notation:
- Use the grid: The grid on the chart can help you align your text and trendlines more precisely.
- Zoom in/out: Zooming in or out using your mouse wheel can help you fine-tune the placement of your text and trendlines.
- Experiment with different settings: Don’t be afraid to experiment with different font styles, colours and line styles to create visually appealing charts.
Creating your own chart template
Templates in TradingView allow you to save specific chart configurations, including the layout, indicators and drawing tools.
You can then apply your preferred settings to different charts, saving you time and effort setting up your chart view.
How to create a template
- Customise your chart: Adjust the chart’s layout, add indicators, draw trendlines and make any other desired modifications.
- Save the chart as a template: Click the Indicator Templates icon on the top toolbar to the left of the Alert icon.
- Select ‘Save Indicator template’: This will open a dialogue box where you can name your template.
- Choose a name: Give your template a descriptive name that reflects its purpose.
- Confirm to save: Click ‘Save’ to create the template.
Managing your templates
Here’s how to manage your saved templates:
- Access the template manager: Click the Indicator Templates icon.
- View and edit templates: You’ll see a list of your saved templates and a list of default templates you can choose from.
To edit an existing template:
- Right-click the template: This will open a context menu.
- Select options: A drop-down menu will give you multiple options for the template, such as add an alert, add a text note or remove indicators.
- Change settings: Click the Settings icon at the bottom of this drop-down list to change the settings of your template, such as colours, status line, scales, events, etc.
To delete a template:
- Click the Indicator Templates icon: This will open a context menu with your saved templates listed.
- Hover your mouse over the name of the template: This will bring up a trash can icon
to remove the template, or a star to add the template to your favourites 
.
- Click the trash can icon: This will permanently delete the template.
To apply a template to a new chart:
- Open a new chart: Navigate to the desired symbol or market.
- Apply the template: Click the Indicator Templates icon and select the desired template from the list.
- Auto applied: The chart will be automatically configured with your saved template settings.
How to use preset chart indicator templates
- Click the Indicator Templates icon
: - Select the Open template option from the bottom of the list
- Select a preset template: Choose from the list of available preset templates, which are listed under your own saved templates. These have names such as Displaced EMA, Oscillators, Swing Trading, etc.
- Apply the template: The selected template will be applied to your chart, adding the specified preset indicators and their settings.
Projection Tools
Long Position
Short Position
Purpose: These tools help you visualise potential profit and loss scenarios for long and short positions.
Features:
- Customisable entry and exit points: Set your desired entry and exit prices.
- Profit and loss calculation: Automatically calculates potential profits and losses.
- Risk management: Assess the risk associated with your trades.
Forecast
Purpose: This tool allows you to project future price movements based on specific patterns or indicators.
Features:
- Trendline extrapolation: Extend trend lines to predict future price levels.
- Pattern recognition: Identify and project common chart patterns.
- Customisable projections: Create custom projections using various techniques.
Bars Pattern
Purpose: This tool helps you identify and analyse recurring bar patterns, such as bullish and bearish engulfing patterns.
Features:
- Pattern recognition: Automatically identifies common bar patterns.
- Customisable filters: Filters patterns based on specific criteria.
Ghost Feed
Purpose: This tool allows you to overlay historical price data onto the current chart to identify potential future price movements.
Features:
- Timeframe selection: Choose the historical timeframe to overlay.
- Transparency adjustment: Adjust the transparency of the ghost feed to balance visibility.
Projection
Purpose: This tool offers a variety of projection techniques, including Fibonacci retracements, extensions and Gann angles.
Features:
- Multiple projection types: Choose from a range of projection methods.
- Customisable levels: Adjust the levels and ratios of the projections.
Volume-Based Tools
Anchored VWAP
Purpose: This tool calculates the Volume-Weighted Average Price (VWAP) for a specific period, anchored to a particular point on the chart.
Features:
- Customisable anchor point: Choose the starting point for the VWAP calculation.
- Timeframe selection: Select the timeframe for the VWAP calculation.
Fixed Range Volume Profile
Purpose: This tool displays the distribution of volume across a fixed price range.
Features:
- Customisable price range: Set the desired price range.
- Volume profile visualisation: Visualise the volume distribution using a histogram.
Anchored Volume Profile
Purpose: This tool displays the volume profile for a specific period, anchored to a particular point on the chart.
Features:
- Customisable anchor point: Choose the starting point for the volume profile calculation.
- Timeframe selection: Select the timeframe for the volume profile calculation.
Measurement Tools
Price Range
Purpose: Measure the vertical distance between two price points.
Features:
- Direct measurement: Click and drag to measure the distance.
- Price difference display: Displays the exact price difference.
Date Range
Purpose: Measure the horizontal distance between two time points.
Features:
- Direct measurement: Click and drag to measure the time interval.
- Time difference display: Displays the exact time difference.
Price and date range:
Purpose: Measure both the price and time difference between two points.
Features:
- Combined measurement: Simultaneously measures both price and time.
- Visual representation: Displays the measurement as a diagonal line on the chart.
Geometric Shapes
Shapes are a versatile tool in TradingView that can be used to highlight specific areas on your chart, add arrows, draw patterns or add other visual cues such as circles, triangles, arcs and curves.
You can choose from a brush or a highlighter to make chart features stand out, and can add curves and paths to your chart.
To use all the different shapes available in TradingView, follow these steps:
- Select the shape tool: Click the Brush icon in the toolbar.
- Choose a shape: Select the desired shape from the options available, such as rectangles, circles, ellipses, lines, arrows and text boxes.
- Draw the shape: Click and drag on the chart to draw the shape.
- Customise the shape: Once the shape is drawn, you can customise its appearance by:
- Colour: Change the colour of the shape’s outline or fill.
- Line style: Adjust the line style (solid, dashed, dotted).
- Line width: Modify the line width.
- Transparency: Control the transparency of the shape.
- Text: Add text to the shape, such as labels or notes.
Tips for using shapes
- Highlight key levels: Use rectangles or horizontal lines to highlight support and resistance levels.
- Mark important points: Use arrows or flags to mark important events or price targets.
- Create custom patterns: Combine multiple shapes to create custom patterns, such as head and shoulders or double tops and bottoms.
- Organise your chart: Use shapes to organise your chart and make it easier to read.
Using TradingView tools
Tools to use on TradingView charts
TradingView provides a variety of tools to enhance chart analysis. These can be divided in three basic areas:
- Drawing tools: Trendlines, channels, Fibonacci retracements and pitchforks.
- Indicators: Access more than 100 pre-built indicators and custom options.
- Measurement tools: Calculate price changes and time intervals between two points.
Drawing Tools
Crosshairs
Crosshairs are a fundamental tool for precise price and time analysis.
By hovering your cursor over the chart, you can instantly see the exact price and time coordinates of any point.
This is invaluable for identifying support and resistance levels, trendlines, and other technical indicators.
Trend lines
Trend lines are used to identify the direction of price movement.
By connecting a series of price points, you can visually represent uptrends or downtrends.
Trend lines can be customised with different line styles, colours and widths to suit your preferences.
Patterns
TradingView offers a range of pre-built patterns to identify common chart formations, such as head and shoulders, double tops and bottoms, triangles, and other candlestick chart patterns.
In addition, there are Elliott Wave patterns of various types, as well as cylic lines, time cycles and sine lines, which can be applied to your charts.
These patterns can be used in different ways to identify support and resistance levels and predict future price movements.
Fibonacci retracement
Fibonacci retracement is a popular technical analysis tool that uses Fibonacci numbers to identify potential support and resistance levels.
Using a Fibonacci retracement tool, you can automatically calculate key levels at 23.6%, 38.2%, 50%, 61.8% and 78.6% of a specific price move.
These levels can be used to set stop-loss orders, take-profit targets or identify potential entry and exit points.
Forecasting and measurement tools
TradingView offers a comprehensive suite of forecasting and measurement tools to enable you to carry out advanced technical analysis.
These are perhaps the most useful set of tools available to most traders, so we will look at them in detail.
Icons 
Icons are a visual way to mark specific points on your chart, such as important news events, support and resistance levels, or potential entry and exit points.
To use icons:
- Select the Icons tool: Click the Icons tool in the toolbar.
- Choose an icon: Select the desired icon from the available options.
- Place the icon: Click on the point on the chart where you want to place the icon.
- Customise the icon: You can customise the icon’s size, colour and rotation to suit your preferences.
Measure
The measure tool allows you to measure distances between two points on the chart, both horizontally (time) and vertically (price).
To use the ruler:
- Select the ruler tool: Click the ruler tool in the toolbar.
- Click and drag: Click on the starting point and drag the cursor to the ending point.
- Read the measurement: The ruler will display the measured distance in both price and time units.
Zoom
The zoom tool allows you to adjust the scale of the chart, focusing on specific areas of interest.
To use the zoom tool:
- Use the mouse wheel: Scroll the mouse wheel up to zoom in, and down to zoom out.
- Use the zoom buttons: Click the plus button to zoom in and the minus button to zoom out.
- Drag the zoom box: Click and drag a rectangular box on the chart to zoom in to that specific area.
Pitchforks
A pitchfork is a technical analysis tool used to identify potential support and resistance levels, as well as potential trend channels.
It consists of three trendlines that intersect at a central point.
To use the Pitchfork tool in TradingView:
Open the chart of the instrument you want to analyse.
- Select the Pitchfork tool from the selection in the Trend Line tools .
- Draw a trendline that you believe represents the overall trend. This line should be drawn through the significant highs and lows of the price action.
- Draw two lines that extend outward at a 45-degree angle from the central trendline. These lines are called the median lines.
Interpret the pitchfork:
- The median lines can act as potential support and resistance levels.
- The angle of the central trendline can indicate the strength and direction of the trend.
- A breakout above the upper median line or below the lower median line can signal a potential trend reversal.
TradingView indicators
Using indicators in TradingView
TradingView offers more than 100 indicators that can be used with your basic price charts.
These include popular options like Moving Averages, the Relative Strength Index (RSI), MACD, the SuperTrend Indicator and Bollinger Bands.
To add indicators:
- Click the Indicators icon on the top main toolbar.
- Select the indicator you want from the menu, or search from the menu to find a specific one.
- Click on the indicator you’d like to show on your chart.
- Close the indicator window, and your chosen indicator will be shown on your chart.
Customising indicators
Once an indicator is added to your chart, you can customise its settings to fine-tune its performance. To do this:
- Click on the indicator: Click on the indicator or one of its lines. This will select the indicator.
- Find the Settings icon: Go to the Settings icon next to the name of the indicator on the top left-hand side of your chart.
- Adjust the settings: Clicking on the Settings icon will allow you to adjust various parameters, such as:
Line style and colour: Change the appearance of the indicator’s lines.
Input parameters: Modify the input values used in the indicator’s calculations.
Plot type: Choose how the indicator is displayed (line, histogram, etc.).
Overlay or new window: Decide whether to overlay the indicator on the price chart or display it in a separate window.
Alerts: Set up alerts to notify you when the indicator triggers specific conditions.
How to save indicator templates in TradingView
Indicator templates are a great way to save your favourite indicator settings so you can easily apply them to different charts.
Here’s how to save an indicator template in TradingView:
- Open the Indicator Templates icon :
- Save the template: Click the ‘Save Indicator template’ button at the bottom of the settings window.
- Name the template: Enter a name for the template in the ‘Template Name’ field.
- Choose which elements to save: Choose whether to save the symbol and time interval along with the template.
- Save the template. Click the ‘Save’ button.
Your template will now be saved under ‘Indicator templates.’
You can apply the template to any chart by clicking on the Indicator templates icon and selecting the saved template you want to use.
Handy hints about indicators
Indicator descriptions
TradingView provides detailed descriptions of each indicator, explaining its purpose, calculation method and how to interpret its signals.
To see more information about an indicator, click the question mark that appears next to the indicator’s name.
This will bring up a side box with lots of useful information about the indicator and how to use it.
All indicator settings can be changed by choosing the Settings icon next to the indicator’s name at the top left of the main charting area.
By hovering your mouse over the indicator name, you can turn indicators on and off, alter their settings, remove them from the chart, and so on.
Popular indicators for forex traders
These are some of the most popular indicators for forex traders.
Here you can find out more about the best indicators, and the settings to use for different trading styles.
Moving Averages (MA)
Types: Simple Moving Average (SMA), Exponential Moving Average (EMA), Weighted Moving Average (WMA), etc.
Period: Adjust the number of periods used to calculate the MA according to your trading strategy – longer period are used for longer-term trading, and shorter periods for day trading.
When I day trade CFDs, I use a 5-day moving average and a 20-day moving average.
Relative Strength Index (RSI)
Period: Adjust the number of periods used to calculate the RSI, lower numbers for short-term trading, and higher ones for a longer-term outlook.
Overbought/Oversold Levels: Modify the overbought and oversold levels (typically 70 and 30 are used) if you wish to make the RSI more sensitive to price movement.
Bollinger Bands
These are one of our favourite indicators here at MarketMates. We use Bollinger Bands for most of our trade entry and exit decisions.
Period: Adjust the number of periods used to calculate the standard deviation.
Standard deviations: Modify the number of standard deviations from the moving average.
Line style and colour: You can customise the appearance of the bands and the moving average.
MACD
Fast and Slow EMA Periods: Adjust the periods for the fast and slow EMAs according to the needs of your own trading strategy.
Signal Line Period: Adjust the period for the signal line.
Histogram: Customise the histogram’s colour and style.
Stochastic Oscillator:
%K and %D Periods: Adjust the periods for the %K and %D lines.
Overbought/Oversold Levels: Modify the overbought and oversold levels (typically 80 and 20).
Line style and colour: You can customise the appearance of the %K and %D lines in the settings menu.
Adding your own indicators to TradingView
TradingView allows you to use custom indicators, strategies and alerts.
These can all be added via Pine Script (TradingView’s coding language).
You can write your own code, access public indicators from the TradingView community or use MarketMates’ 100% FREE custom indicators.
Our MarketMates Indicator Pack for TradingView contains six FREE custom indicators that you can incorporate into your own TradingView charts.
To access our indicators, use the link above to give us your TradingView username and we will add the indicators for you.
The six FREE indicators offered by MarketMates
The six indicators are:
- The Market Type indicator
- Bollinger Bands Relative Width indicator
- Bollinger Band Breakout indicator
- MarketMates Supertrend indicator
- ATR Multiple % Stop-loss
- ATR Multiple Stop-loss with Targets
Here are more details about the MarketMates FREE indicators:
1. Market Type indicator
2. Bollinger Band Relative Width indicator
Together these two indicators will help you to identify if we are in one of nine different market types.
Additionally, they will help you to identify overbought and oversold conditions.
The Market Type indicator shows whether the market type is bullish, bearish or trending sideways. If the indicator is:
- Flat it represents a sideways market type.
- Above the middle line, it represents a bull market type.
- Below the middle line, it represents a bear market type.
The indicator will also tell you if price action is overbought or oversold, if it moves into a second level above the central line.
The Bollinger Band Relative Width indicator is the blue line in the diagram, below the price candlesticks.
If the indicator is:
- Below the red line, it is a quiet market type
- Above the red line, it is a normal market type
- Double the distance above red line, it is a volatile market type
Next, two more indicators:
3. Bollinger Band Breakout indicator
4. MarketMates Supertrend indicator
These indicators will provide clear and simple entry signals to trigger your trade entry.
Additionally, they will provide you with a clear place to position your stop-loss.
The final two indicators of the six offered by MarketMates are:
5. ATR Multiple % Stop-loss
6. ATR Multiple Stop-loss with Targets
These indicators allow you to set your stop-loss based on a multiple of the average true range in both pips or %.
Additionally, you can calculate your targets based on R-multiples.
Below are diagrams illustrating what the MarketMates indicators look like on your TradingView chart screen:
Creating new custom indicators
Creating custom indicators in TradingView opens up a world of possibilities for traders looking to refine their strategies.
Using Pine Script, traders with programming skills can craft personalised indicators tailored to their specific trading needs.
Traders can adjust standard indicators like moving averages and building entirely new tools from scratch.
Custom indicators offer several advantages: they can help filter out market noise, improve signal accuracy or automate repetitive analysis tasks.
TradingView also allows traders to backtest these indicators, enabling them to test ideas and optimise performance over historical data.
Here’s how to include a custom-made indicator onto your trading charts:
- Write your script: Use Pine Script to write the code for your indicator. This code will define the calculations and the way the indicator is displayed on the chart.
- Add the indicator to your chart: Once your script is complete, click ‘Add to Chart’ above the editor window. This will compile and run the code, and the indicator should appear on the chart immediately (if there are no scripting errors).
Adjust the idicator settings: After the indicator appears on your chart, you can click on it to access its settings. From here, you can customise inputs like time frames, colours or line types as specified in your code.
Save the Indicator: Click ‘Save’ in the Pine Editor to keep a record of your script. If you’d like to reuse the indicator later, you can find it under Indicators > My Scripts in the indicators drop-down menu.
- (Optional) Publish your script: Once you’ve written your script, you can choose to share it with the TradingView community. This allows other users to access and use your indicator.
Creating custom indicators requires a strong understanding of technical analysis and programming. It’s recommended for advanced users.
News, event lines and alerts
News features in TradingView
TradingView’s built-in news feature provides traders with instant access to relevant market news.
Here’s a step-by-step guide to accessing and reading the news:
- Locate the News icon
It appears as a small newspaper icon located on the right-hand side of the screen at the top of the right toolbar.
Clicking the News icon will open a sidebar showing your watchlist. Under the watchlist is a slide-up news panel displaying the latest news articles.
News articles are displayed in a purple box. Click this box to open a more detailed new panel.
Each headline is categorised by relevance, specifying the currency, sector or stocks related to the news, making it easier to find information relevant to your trades.
- Filter news by security and relevance:
To customise the news feed, look for the filter options that allow you to select specific assets, watchlists or markets.
This feature ensures that you’re only seeing news items related to your interests.
You can also search by keywords if you’re looking for news on specific topics or companies.
Accessing news calendar events
TradingView’s economic calendar is essential for tracking upcoming events that could impact the markets.
Here’s how to access and use it:
- Locate the Calendar icon
On the right lower toolbar, locate the Calendar icon, which resembles a small calendar. Click this icon to open the Economic Calendar.
- Customise the calendar for specific events:
Once open, you can filter events by country and event type, so you can focus on the most impactful data releases relevant to your trades.
By default, TradingView displays all events, but filtering lets you target specific markets, currencies or regions.
- Read event details:
Each event listed includes the Event Name, Expected Impact Level (high, medium, low) and Time of Release.
Events like interest rate announcements and employment reports are generally marked as high-impact as they can cause significant price movement.
- Add alerts:
To stay notified, set up alerts for specific calendar events by clicking on an event and choosing the alert option.
Alerts can be set for specific events or news items, ensuring you receive timely reminders on your mobile device or desktop when significant data is released.
Alerts can also be set up and configured in a particular asset’s settings section.
Using event lines on charts
Event lines are visual markers on a TradingView chart that highlight specific dates or times of significant events, such as economic announcements, earnings reports or major news releases.
These prominent vertical lines extend the height of the whole chart, and can help traders identify potential market reactions to events.
You can customise their appearance, including their colour and line style, to make them easily distinguishable.
How to set up event lines
Enable event lines:
Open your chart and click the Chart Settings icon in the upper right corner of the chart area.
- In the Chart Settings menu, select Events from the left-hand side menu.
- When the Events box appears on the right-hand side, click on those events you want to see.
- Tick the Economic Events to enable event lines, and choose whether to display only future events. The default is all events. Then choose the style of your event break lines. This action will display vertical lines marking past and upcoming economic events.
- You can choose your line colour and thickness and type, e.g. solid or dotted.
- In this same events section, you can also choose to set lines showing when the forex session begins and ends, see idea suggestions, and more.
Understanding event line markers
Each vertical line on your chart represents an event of some sort, depending on the settings you have chosen.
You can:
- Hover your cursor over the symbol at the base of an event line to see details about the specific event, such as the event name and specific time the event will take place.
- The Event line information box which appears will give you a summary of the actual, forecast and previous figures (if the event is an economic announcement).
- To get more information about the event, click the Calendars icon, and then on the relevant tab which corresponds to the type of event. For example, you can choose from economic, earnings, revenue, dividends.
- In the news event summary, you will be able to see more details about the event, including its relevant importance.
Handy hints about using event lines:
These are some popular uses for events lines:
- Identify past market reactions: By analysing past price action around event lines, you can gain insights into how the market typically reacts to similar events.
- Plan trading strategies: You can use event lines to plan your trading strategies, such as setting up trades around anticipated volatility or identifying potential entry and exit points.
- To manage risk: By understanding the potential impact of news events, you can adjust your risk management strategies accordingly.
Event lines give you a quick visual reference for price reactions to economic data, and help you decide if similar patterns may emerge for upcoming events.
Setting up alerts in TradingView
Alerts are a powerful tool in TradingView that can significantly enhance your trading experience.
They allow you to receive notifications for various events, such as price movements, indicator signals, news releases or custom conditions.
You can also attach alerts to elements on a chart drawing, such as on trendlines.
Setting up alerts on TradingView is a straightforward process.
Types of alerts:
- Price alerts: These alerts are triggered when a specific asset reaches a certain price level.
- Indicator alerts: You can set alerts based on the signals generated by technical indicators like RSI, MACD or Bollinger Bands.
- News alerts: Stay updated with real-time news alerts related to your watchlist symbols.
- Custom alerts: Create your own custom alerts based on specific conditions, such as a combination of price, volume and indicator values.
The benefits of using alerts
Alerts can be your best friend as a trader for these reasons:
- Timely entry and exit signals: Receive timely notifications to enter or exit trades based on predefined criteria.
- Reduced screen time: Automate your monitoring process and let alerts notify you when important events occur.
- Improved risk management: Set alerts to monitor stop-loss and take-profit levels, ensuring you don’t miss important price movements.
- Enhanced trading discipline: Alerts can help you stick to your trading plan by receiving automated alerts that signal potential opportunities or risks.
To set up an alert:
- Click the Alerts icon
in the top right-hand side toolbar.
- Click the Create Alert icon to open the Alerts Settings box.
- Choose the symbol the alert is for (e.g. USD/JPY).
- Choose your condition to trigger the alert from the options below:
Price level: Set an alert for when an asset’s price crosses a specific level (e.g. resistance, support).
Indicator value: Trigger an alert when an indicator, such as RSI or MACD, reaches a certain value.
Time-based: Schedule alerts for specific times, like the start or end of a trading session.
News events: Set alerts for news releases from specific companies or economic indicators.
- Set the value for your chosen alert, e.g. a specific price.
- Decide on your trigger frequency – choose only once or every time.
- Expiration – decide when or if the alert should expire.
- Name the alert and add a message if you have screen notifications enabled.
- Change the tab to ‘Notifications’ to view a new set of variables.
- Set alert preferences for sound, email or push notifications.
You can also right-click on a chart or on an indicator to add an alert.
Right-click on the spot where you want the alert to appear, and select the option to ‘Add alert.’
Choose the notification type:
- Notify in app: Provides a push notification in the mobile app.
- Show toast notification: Displays a notification in the page corner.
- Send email: Choose to receive an email notification.
- Webhook URL: Get a notification directly on your trading chart for a specified URL when your alert triggers.
- Play sound: Choose what type of sound alert to receive.
- Send plain text: Opt to get a plain text message sent to an email account.
TradingView community, chats and sharing
Connecting with other traders using TradingView
Participating in chats
TradingView offers chat rooms where traders can discuss markets, share ideas and learn from each other.
- To start or join in a chat: Locate the Chat icon
on the right-hand side toolbar. - Choose a chat: TradingView provides both public chatrooms (like for forex, stocks, crypto) and private chat options. You can join public chats or create private chats with individuals or groups.
- Send messages: Type your message in the text box at the bottom of the chat window. You can also use emojis in your chats.
- Interact with messages: Reply to or react to others’ messages by hovering over them and selecting the relevant option.
Chats are a great way to gain insights, ask questions and stay updated on real-time discussions within the trading community.
Posting trade ideas
Sharing trade ideas allows you to showcase your analysis and insights while receiving feedback from others.
- Start a new idea: Click the My Ideas icon
on the right-hand toolbar.
- Choose a chart snapshot: Before posting, make sure your chart is set up with any indicators, drawings or annotations you want to include. You can save this chart as a snapshot to accompany your idea.
- Add a title and description: Provide a clear title for your trade idea and write a detailed description that explains your analysis and rationale.
- Publish your idea: Once you’re satisfied, click Publish. Your idea will now be visible to the community, and other users can comment, like, or share their feedback.
Sharing trade ideas not only helps build your reputation but also encourages productive discussion and valuable feedback.
Liking and following others’ ideas
Following other traders and liking their ideas can help build connections and keep you updated with valuable insights from the vast TradingView community.
- Browse ideas: Explore published ideas by navigating to the Ideas Stream icon
on the right-hand side menu.
- View others ideas: To show appreciation, you may be able to send contributors a gift, or send them a message, depending on which verision of TradingView you use.
- Follow a trader: Click the username of any trader to open their profile. Here, you’ll find a Follow button, which allows you to subscribe to updates from that trader. Here you can follow MarketMates’ Sam Eder.
- View followed ideas: You can access trade ideas from traders you follow in the Following section on your profile page.
- Like a post: f you open a post from a trader you follow, you can also show your appreciation of their contribution by clicking the Rocket Boost icon
at the bottom right of their post. This is the same concept as the Like button used on social media sites.
Engaging with other traders’ content expands your network and exposes you to new trading strategies and perspectives.
Posting video ideas on TradingView
Video ideas add a visual and interactive layer to your trade ideas, making them easier for others to follow.
- Record your video: First, click the Publish button located on the top right toolbar. Select the option to ‘Record video idea.’
- Follow the detailed instructions: TradingView will now take you step-by-step through how to record a video and then publish it to the trading community.
- Choose what to share: It will ask you which tab or screen you wish to share, and then give details on how to start recording
- Record using other applications: You can also use other screen-recording software to capture your chart setup and analysis. Make sure to explain your ideas clearly while recording.
- Upload to a platform: Most traders upload videos to YouTube, Vimeo or similar platforms and then share the link on TradingView.
- Post on TradingView: Go to the Publish Idea section and, in the description box, include the link to your video. You can also provide a brief overview of the video content.
- Add any additional analysis: While the video link serves as your primary analysis, you can supplement it with text or chart snapshots to provide extra context.
Video ideas are highly engaging and allow you to demonstrate your analysis with greater detail and clarity, making them an excellent way to share insights with the TradingView community.
Backtesting and trade analysis
How do I use TradingView for backtesting?
Backtesting is the process of applying a trading strategy to past price data to evaluate its potential performance.
By observing how a strategy would have behaved in historical market conditions, you can estimate the likelihood of its success in real-time trading.
An overview of TradingView’s backtesting tools
TradingView’s backtesting environment is powered by Pine Script, which allows you to define entry and exit rules, plot signals on charts, and track performance statistics.
Features used for backtesting:
- Pine Script Editor: Where you can write and edit custom backtesting scripts.
- Performance Metrics: View metrics like profit, drawdown, win rate and average trade size.
- Strategy Tester: A built-in feature that provides a performance summary for Pine Script strategies.
Setting up a basic backtesting strategy in TradingView
To get started, you’ll need to create a simple trading strategy using Pine Script.
Here’s a step-by-step guide to setting up a backtest.
Open the Pine Editor:
- At the bottom of your TradingView interface, click on Pine Editor.
- This will open the coding area where you can write your own script or load existing scripts.
- When you have written your script, click the option to ‘Add to Chart.’
- You can then save the backtesting script, and name it by clicking the ‘Save’ button in the Pine Editor screen.
- The name of the backtesting strategy you’ve chosen will appear in the main charting area at the top left-hand corner. Clicking on the name will reveal options to view or hide the backtesting strategy, and further options.
Writing a simple strategy:
- As an example, let’s create a moving average crossover strategy, where a buy signal is generated when a short moving average crosses above a long moving average, and a sell signal is triggered when the opposite occurs.
- Write the necessary code in Pine Script.
- Note that PineScript editor uses American English spelling for words such as ‘color,’ so you will need to bear this in mind when writing your code.
The Pine Script code may look something like this:
//@version=5
strategy(“Simple MA Crossover”, overlay=true)
shortMa = ta.sma(close, 9)
longMa = ta.sma(close, 21)
// Plot the moving averages
plot(shortMa, color=color.blue, title=”Short MA”) plot(longMa, color=color.red, title=”Long MA”)
// Define buy and sell conditions if (ta.crossover(shortMa, longMa))
strategy.entry(“Buy”, strategy.long)
if (ta.crossunder(shortMa, longMa)) strategy.entry(“Sell”, strategy.short)
- Add the script to the chart.
- Click ‘Save’ and then ‘Add to Chart.’
- You’ll see the moving averages plotted on your chart and buy/sell signals applied based on crossover events.
Open the Strategy Tester:
- Click on Strategy Tester on the bottom toolbar.
- This panel will display a summary of the strategy’s performance, including net profit, profit factor, total trades, percentage profitable and drawdown.
Customising your backtest strategy
TradingView allows extensive customisation, enabling you to tweak your strategy according to different variables or market conditions.
Here are some key customisation techniques:
Adjusting parameters:
- You can add input fields to test different timeframes or other indicator values. For instance, you may want to experiment with different moving average lengths.
Incorporating stop losses and take profits:
- To control your trading risk, set stop-loss and take-profit levels. You can define these in the script to exit trades based on a percentage of the entry price.
Setting conditions for trade entries and exits:
- You can combine additional indicators or conditions for more complex strategies, such as requiring confirmation from the RSI or MACD before entering a trade.
Interpreting backtest results in TradingView
Once your backtest is running, the Strategy Tester will display various metrics. To see a performance summary of your backtesting strategy, click ‘Performance summary.’
There are also options to list every trade shown in the backtest (click the tab ‘List of Trades’) and also to see the parameters of the backtest under the Properties tab.
Some of the metrics provided by the performance summary include:
- Net profit: Total profit or loss for the backtest period.
- Gross profit: The gross profit achieved in the period.
- Gross loss: The gross loss experienced in the testing period.
- Profit factor: A ratio of gross profit to gross loss, indicating risk vs. reward.
- Max drawdown: Largest drop in account value during the backtest period.
- Percentage profitable: Percentage of trades that were profitable.
- Average trade: Average profit or loss per trade, helping you gauge potential returns per position.
- Largest winning trade: The dollar amount of the largest winning trade.
- Largest losing trade: The dollar amount of the largest losing trade (depending on your base currency settings).
These extensive analysis metrics provide valuable insights into the overall effectiveness and risk of the trading strategy you are testing.
See here for more information and advice about how to monitor and improve your trading performance.
Using TradingView’s Replay Trading feature
TradingView’s Replay Trading feature allows you to visually step through historical price data and test your trading strategy manually.
It allows you to view past price action on any chart, so you can practice strategies or analyse historical moves without knowing what will happen next.
It is ideal for assessing discretionary trading strategies without knowing what happened next so you can make unbiased decisions.
How to use Replay Trading mode:
1. Open a chart
Open the TradingView platform and select the forex pair, stock or crypto you want to analyse.
2. Activate Replay Trading mode
Click the Replay Trading button located at the base of the main charting area, under the timeline. You will be given an option to ‘Launch Bar Replay.’
3. A replay bar will appear at the base of your chart.
A blue button will ask you to ‘Select bar.’ Click this button.
4. Select the starting point
Click on the chart where you want the replay to begin. This point will be the ‘starting point’ of your replay session. The chart will now cut off all future price data after your selected point, allowing you to ‘step forward’ from there as if it were real time.
5. Play the chart data
Use the play, pause and speed controls in the replay toolbar to advance the price action. You can adjust the speed to control how quickly the chart moves forward by using the 1x button. Choose a speed that suits your analysis or practice needs.
6. Step forward and backward manually (optional)
In addition to playing automatically, you can click ‘Step Forward’ or ‘Step Backward’ to move the chart one candlestick at a time. This is useful for analysing how individual candles form in sequence.
7. Test and practise trading strategies
While in replay mode, you can add indicators, draw on the chart or test trading strategies as you watch the price action unfold. This is a great way to practise without the influence of hindsight.
8. Exit Replay Mode
To exit, click the X button to the right of the replay bar (or press ESC on your keyboard). The chart will revert to displaying the normal current price data.
Additional tips
Supported timeframes: Replay mode works on most timeframes but is best for intraday and higher timeframes.
Indicators and drawings: Any indicators or drawings you add will stay on the chart as you move through the replay.
Advanced backtesting with custom scripts and indicators
For those with coding experience, Pine Script supports more advanced backtesting features, such as multi-timeframe analysis, indicator overlays and custom order sizes.
- Multi-Timeframe Analysis: Run backtests based on data from multiple timeframes within the same script.
- Dynamic Order Sizing: Set custom position sizes based on risk levels or account balances.
- Custom Alerts: Add alerts for potential entry/exit signals, helping you refine your strategy further.
Handy hints for effective backtesting
- Test in different market types: Test your strategy in different market conditions. Assess your strategy’s performance in bull, bear and sideways markets.
- Use out-of-sample testing: Avoid using one time period extensively. Test your strategy across various time periods, some recent and some historical.
- Start simple: Begin with a straightforward strategy and add complexity as needed.
- Consider slippage and fees: These are critical in real-world trading, so factor them into your financial analysis.
Live trading using TradingView
Live trading overview
Through integration with a broker such as MarketMates, TradingView allows users to execute real-time trades directly from the platform’s charts.
Once your broker account is linked, you can execute trades by clicking directly on the chart.
Using the Trading Panel for real-time trades
The Trading Panel on TradingView allows traders to place market orders, limit orders and stop orders, all while monitoring open positions.
- Market orders: This order type allows traders to buy or sell immediately at the best available price. Market orders are often used for quick entries and exits, especially in volatile markets.
- Limit orders: A limit order executes at a specified price or better, allowing traders to control the entry or exit price.
- Stop orders: These are orders to buy or sell once the price reaches a specified level, often used to minimise losses or lock in gains.
Each order type can be configured with custom parameters such as quantity, price level and stop-loss/take-profit levels, all adjustable directly on the chart.
Setting stop-loss orders
A stop-loss order is a crucial risk management tool that allows you to automatically sell a position when it reaches a predetermined price level, limiting potential losses.
To set a stop-loss order on TradingView, follow these steps:
- Identify your entry point: Determine the price at which you want to enter the trade.
- Set your stop-loss price: Decide on a price level below your entry point where you want to exit the trade if the price moves against you.
- Right-click on the chart: Right-click on the chart at the price level where you want to set your stop-loss.
- Select ‘Place Order’: This will open a dialogue box.
- Input stop-loss price: Enter the price at which you want the order to trigger.
- Choose order type: Select ‘Limit Order’ or ‘Market Order’ based on your desired execution.
- Confirm the order: Review the order details and confirm.
Setting take-profit orders in TradingView
A take-profit order is a strategy used to secure profits by automatically selling a position when it reaches a predetermined price level.
To set a take-profit order on TradingView, follow these steps:
- Identify your entry point: Determine the price at which you want to enter the trade.
- Set your take-profit price: Decide on a price level above your entry point where you want to exit the trade if the price moves in your favour.
- Right-click on the chart: Right-click on the chart at the price level where you want to set your take-profit.
- Select ‘Place Order’: This will open a dialogue box.
- Input take-profit price: Enter the price at which you want the order to trigger.
- Choose order type: Select ‘Limit Order’ or ‘Market Order’ based on your desired execution.
- Confirm the order: Review the order details and confirm.
How to use Depth of Market (DOM)
The Depth of Market (DOM) feature shows order flow at various price levels.
It shows the current bid and ask prices for an asset, as well as the volume at each price level.
- Click the DOM option in the Trading Panel.
- You’ll be able to see buy and sell orders.
- Use the volumes to assess market depth and liquidity for an asset.
How to use TradingView’s stock screener
TradingView’s powerful stock screener allows you to filter stocks based on various criteria, helping you identify potential trading opportunities.
The stock screener tool filters assets based on criteria like volume, price, market cap, and more.
Access it from the bottom toolbar and customise filters to screen stocks, forex or cryptos based on your trading strategy.
To use the stock screener:
- Access the screener: Click the ‘Stock Screener’ tab from the bottom toolbar.
- Define your criteria:
Fundamental filters: Filter by market capitalisation, industry, exchange, and more.
Technical filters: Use technical indicators like RSI, MACD and moving averages to filter stocks.
Custom filters: You are able to create custom filters using Pine Script.
- Save your screens: Save your frequently used screen setups for quick access.
How to use paper trading
Paper trading is a risk-free way to practice your trading strategies.
TradingView offers a paper trading feature that simulates real-world trading conditions.
To use paper trading:
- Create a paper trading account: Link your brokerage account to TradingView and choose to use a demo account.
- Access paper trading: Open the Trading Panel on the bottom toolbar and select your broker’s options for paper trading.
- Place simulated trades: Use the buy and sell buttons to place simulated trades.
- See your demo balance: Use the demo balance to monitor your progress and to experiment with different trading strategies.
- Monitor your performance: Track your simulated performance, including profits, losses and risk metrics.
- Adjust your strategy: Use the insights from paper trading to refine your trading approach.
How to start trading using TradingView charts with MarketMates
Here at MarketMates, our platform utilises advanced charting tools powered by TradingView, offering unparalleled insights for technical analysis of GBP/USD, USD/JPY, and many other currency pairs.
A MarketMates trading account enables you to use TradingView charts directly from within our trading platform.
Use the chart toggle button on the top right of our trading platform to switch to using TradingView charts.
Final thoughts on using TradingView
TradingView’s comprehensive platform makes it an essential tool for traders at all levels.
From charting tools to custom indicators, alerts and integrated trading, it offers everything needed for effective technical analysis.
With this comprehensive MarketMates’ guide, you’re now equipped to explore TradingView’s powerful features and start incorporating them into your own trading.
Till next time, happy trading!
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Sources
Marketmates uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Read our editorial guidelines to learn more about how we fact-check and keep our content accurate, reliable, and trustworthy.
- TradingView charting program https://www.tradingview.com/
