Chart drawing is an integral part of technical analysis, especially when you’re exploring potential trading opportunities. With these tips on how to use TradingView’s chart drawing feature, you can refine your technical analysis before making trading decisions.

TradingView allows you to layer multiple indicators on a single chart, along with many other powerful features. It’s worth taking the time to explore TradingView’s extensive charting tools – and how to use them effectively.

The first step is to get on TradingView (if you haven’t already)

As one of the most popular charting platforms globally, TradingView offers:

• Unparalleled, real-time charting for a wide range of instruments.
• A comprehensive library of charting tools.

Our brokerage at Eightcap integrates with their charts, seamlessly connecting your charting and trading experience.

How good is TradingView technical analysis (TA)?

Having the right tools and techniques can support a well-structured trading approach. TradingView provides one of the most expansive and rigorous tool sets available.

Choosing a platform with a broad set of tools can help you better understand technical analysis and refine your approach. Since we’re already talking about TradingView chart drawing, it’s worth noting that TradingView’s charts are:

• Optimised for all devices – so you can monitor markets wherever you are.
• Available in 30+ languages with full, context-specific localisations.
• Customisable, allowing you to personalise your charts.
• Accessible, with features that support different trader preferences.
• Continuously updated with new tools and tutorial videos.

Our tips for getting started with TradingView chart drawing

How to find technicals in TradingView

Technical indicators are a key part of many trading strategies. To find them in TradingView:

1. Look at the toolbar at the top of your screen. Click ‘Indicators.’
2. In the ‘Indicators, Metrics & Strategies’ window, select the ‘Technicals’ tab.
3. Click the ‘Indicator’ filter button at the top of that tab.

You’ll now see a list of 100+ scripts that you can search through and apply to your charts. You can also explore additional filters like ‘Strategies’, ‘Profiles’ and ‘Patterns.’

Tip: To save any scripts you’ve added, use the TradingView save chart drawing button in the top right corner of the chart window.

How to draw SL and TP in TradingView

Setting stop-losses (SL) and take-profits (TP) is an important risk management method for traders. These tools help you set predefined exit points for your trades.

To set SL/TP in TradingView:

• When opening a position, you can select options for both stop-losses and take-profits.
• Alternatively, you can adjust these levels after placing an order.

TradingView allows you to click and drag stop-loss (SL) and take-profit (TP) levels directly on the chart, so you can modify them in real time as market conditions change.*

*Please note: SL and TP orders are still subject to slippage risks and liquidity constraints.

How to draw freely in TradingView

Even with so many indicators available, sometimes you need to mark up your chart manually – whether it’s to highlight key price levels, illustrate a trading pattern, or map out a strategy.

For this, use the brush feature:

• The left-side panel of TradingView houses your geometric shapes.
• Here, you’ll also find a brush tool that lets you draw freehand on the chart.

It’s fully customisable, allowing you to change:

• The brush colour.
• Its thickness and opacity.
• What chart timeframes it appears on.

Tip: Look for the globe icon on the geometric shape menu – this is the TradingView sync drawings to all charts button. It can save you time by automatically applying drawings across your charts.

Making your TradingView chart drawing more advanced

The difference between basic and advanced charting isn’t always clear. Generally, traders who use multiple indicators may consider their technical analysis more advanced. However, simplicity is often key – using too many indicators can sometimes make analysis more complicated than necessary.

Some strategies, especially those focused on longer-term market trends, may benefit from multiple indicators. TradingView offers different subscription plans with varying indicator limits:

• Essential Plan: Up to 5 indicators per chart.
• Plus Plan: Up to 10 indicators per chart.
• Premium Plan: Up to 25 indicators per chart.

Once you start using TradingView chart drawing tools, you can develop a style that works for you. It’s important to understand each indicator before incorporating it into your analysis.

Trading with TradingView and Eightcap

Now that you know the basics of TradingView’s advanced charting tools, you might be looking for a broker that integrates with the platform.

Eightcap offers:

• Regulated forex and CFD trading.
• Seamless integration with TradingView charting.
• A range of educational resources to support your trading journey.

Interested in exploring the markets? Trade with Eightcap and TradingView today.