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TOP 5 Useful Tools on Tradingview you ought to know!

In recent years, Tradingview has become more and more of a mainstream app for traders to carry out their charting and even executing trades on.


Here are 5 tools that is on Tradingview I felt that you should have know!


  • 1. Automatically calculating your P&L and Risk and Reward Ratio

Here's how you can do it.

Let's say you have a hypothetical setup to short the break of the trendline with a Stoploss of 40 pip on NZDCAD.


To get the calculator function out, you can go to the left hand side of your chart and select on the icon as shown below.

Then, on your main charting window, you will see something like this as shown below.

Now, you can set your Account size (take note of the currency and change accordingly), Entry price and Exit price which you will need to enter.

Once you are done, let the trade play out to hit your profit target!This is super useful for any traders!



  • 2. Backtesting and intraday bar replay (for paid users)

This function can be very useful especially for folks who wants to do better in trading. Practise makes perfect. This is the same in trading.

You can go back in time and replay the chart and test out your strategy, you can do that on Tradingview.


You can select the "Bar replay" icon on the top of your charting window


You will then get a bar like this below.

You can then go back to any time in the past and click on the main charting window to go back to that particular time point. Now i am "back to" September 20th of this year!

You may do this on any timeframe!



  • 3. Staying ahead of the news release!

Do a right click on your main charting window and choose "Settings". Then, go to "Events" and you should be able to see this.


Once inside, select those that are needed, by selecting on "show economic events on chart" you will enable key economic events to be shown on your main charting window!

It should look something like that at the bottom of your main charting window.


  • 4. Adding a broker to trade via Tradingview

On Tradingview a couple of brokers has integrated their trading platform with Tradingview platform. So if you would like to link up , you can follow the steps below to add them in. So far, a couple of brokers such as OANDA,Tradovate and TradeStation are some of them that allow linkage.


Firstly, on the right hand side of your main charting windows you should select this:








It will then bring out the list of brokers that you can link up with as shown here:

Personally , I don't link my charting with trade execution platform. This is just my personal preference, but if you do need this function, you can do it now on tradingview!


  • 5. Forex Screener

If you have certain criteria that you are looking to filter out FOREX pairs that you would like to look into, you can make use of the Forex Screener function on Tradingview.


At the bottom left of your main charting windows is where you can find this function:

A screen like this should pop out:




Over here you can do a couple of things.

1 (Red box) - Clicking on the red box allows you to open up something like this where you can either customize the columns of the table shown or use the generic ones set by the system. The list of tickers can have columns showing the most commonly used Oscillators indicators or trend-following indicators.


2 (Orange box) - Filtering down to the timeframe of your interest and the type of pairs. Shown below are, left = type of pairs available / Right = timeframe available for filtering

















3 (Blue box) - Last of all you can filter down the list to things such as "New 52 -week high" or "Most volatile". You can also save your own customized filter list.

Cool, that pretty much sum up the 5 things I would like to share here. Hope you liked it and enjoyed the content!


Cheers!


If you would like to sign up for a FREE membership to try it out first you may do so from the link HERE

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