Charts are an important tool in a trader’s toolkit. The better you can use them, the clearer your view of potential market opportunities may be. In this article, we’ll explore TradingView’s drawing tools for advanced technical analysis — designed to help traders organise their charts and bring structure to their market research.

When tackling the markets, the following are important aspects:

1. The ability to research instruments that catch your eye.
2. Drawing tools to make a chart that works for you.
3. Knowledge of how to put those tools to work!

Today we’re talking all about the second point, the tools – this article will help you understand TradingView’s drawing tools, used by traders all over the world.

Why Eightcap loves TradingView (and you should too)

Before we chat about TradingView drawing tools, we should get on the same page.

At Eightcap, we think that traders like you deserve:

• Access to as many tools as possible on your chosen trading platform.
• Free information to get you started (like the article you’re reading right now).
• Service from a reputable, regulated broker.

TradingView is the world’s most popular charting platform, so its toolbox is filled to the brim with indicators and other tools you might not get elsewhere.

Our UK entity is also the only regulated CFD broker that was made, from the ground up, to work seamlessly with TradingView. You don’t have to switch between apps or tabs, just plug us in and get trading!

A TradingView drawing tools feature spotlight

TradingView has way too many tools to celebrate here – even with the ones you’ll find here!

But, if we’re talking about TradingView drawing tools, we should talk about its ability to create advanced charts by using multiple indicators per chart.

With the most basic TradingView plan, you can use 5 indicators at the same time. Plus plan members get 10 instead, while premium plan members get 25 indicators on a single chart.

Remember! Only you can determine how many indicators you’ll need to trade.

For traders new to this feature, we’d recommend building a stable foundation using a few handy tools. Then, if you have a knack for it, you can upgrade to more complex, multi-indicator plays.

Let’s learn how to use TradingView drawing tools

Hopefully you’re aware of the advantages of using TradingView by now! If not, maybe learning more about its advanced charting tools will assist.

First, how to add drawing tools in TradingView

Adding drawing tools to your charts is easy. TradingView built their platform with intuitive use in mind, so a lot of things can be done with a simple click and drag movement.

Surprise! That’s how it works here, in 3 steps:

1. Open the drawing tool menu.
2. Click on your chosen tool.
3. Click to place on your chart, and drag into position if needed.

Some tools are visible on the left bar without opening the menu. In that case, it’s just 2 steps!

In the tool menu, you can tap into TradingView custom drawing tools by changing colours and line features. You can also use the brush tool to draw on the chart with a free hand.

Next, how to unhide drawing tools in TradingView

If you’re juggling a lot of TradingView drawing tools, they can make it harder to see the chart / price action.

To solve this, TradingView lets users toggle visibility.

You hide/unhide drawings by:

1. Clicking the layered square symbol on the right panel.
2. Navigating to the Object Tree tab.
3. Hovering over the drawing (or indicator) and clicking the eye symbol beside it.

Here are some advanced TradingView drawing tools (and how to use them)

No matter where you are on your trading journey, TradingView’s Fib Retracement tool is helpful to have under your belt.

So without further ado…

TradingView’s Fib Retracement tool

The Fibonacci Retracement is a colourful grid that establishes different price levels for an instrument. It’s one of the most popular TradingView drawing tools.

Using the famous Fib sequence, the grid hopes to outline how a stock may retrace after a significant move up or down.

When it works, the price changes between resistance and support. If it breaks through a resistance level, it may become support during retracement.

You draw a Fib Retracement grid by:

1. Identifying the high and low of an uptrend/downtrend.
2. Clicking the high/low, and dragging it to the low/high.
3. Clicking again to place the grid, now that Fib levels have been established.

Type out your thoughts with the TradingView comment tool

If you want a simple tool with potentially advanced applications, you should also try out TradingView’s comment tool.

This sticky note tool creates a text box, so you can annotate your chart. You can also customise letter colour and fill, if you want to make it stand out.

What do you put in there? That part is up to you – it’s a simple or advanced trading aid, depending on how you use it.

You place it by expanding the T symbol on the left panel, then the comment tool. There’s also the callout tool with a long tail – perfect for pinpointing chart occurrences.

Spread your wings with TradingView’s XABCD tool

Some traders swear by using harmonics to anticipate price movement. To be a part of that club, you’ll want to know all about the XABCD tool.

This tool demands you manually place five points – XABCD – at the start and end of price movement. When applied correctly, the result is a spiky symbol with two wings.

There are four main XABCD patterns:

• Butterfly
• Gartley
• Crab
• Bat

With each of these, you might be able to catch a movement during its last D phase. This shows traders how deep a price plunge might be, or how high a rally could go.

Trade with our client focused team at Eightcap

TradingView drawing tools are your key to advanced charting, and with Eightcap, you can access these  and more, all in one place.

Here, Eightcap and TradingView go hand in hand, and you can trade with the knowledge that we’re with you on each stage of your journey. Stay informed and trade with Eightcap today.