How to Use Drawing Tools and Trade Alerts in TradingView

Let's talk about how to insert drawing tools like support resistance, trendlines, channels, regression channels etc.

Setting up drawing tools

I want you to focus on this left side over here:

This is where your drawing tools are located.

The first one is more for the cursor on your chart:

This second icon is where you can start drawing.

For example, click Trend Line option and start drawing your trendlines.

You can select the Horizontal Line as well:

You can also favourite these tools.

So if you use Trend Line often, just click the star.

What happens is that the indicator pops up:

Just click that and you can draw your trendlines.

If you use support resistance regularly, just favourite the Horizontal Line.

This will pop up over at the top and you can just draw your support resistance.

All these tools can be customized.

Just double click on the lines you’ve drawn:

And you can see that you can change the Style, the Coordinates, the Visibility.

Play around with this.

But I think the most common thing that you'll do is probably to change the colour of your trendline.

Same goes for the Horizontal Line.

Next, you’ve stuff like the Pitchfork, Fib Retracement on the left side:

And you can draw your Fibonacci retracement:

Just play around with these tools.

I'm not sure what are the tools that you use.

But it's probably all here if you need.

Again, you can favourite it if those are the tools that you use regularly.

If you want to remind yourself that this is a key level to be paying attention to, you can click Text, and you can say something like “Watch out for 1.2 level for long setups”.

Then just press OK and this text will appear on your chart.

You can also have a Callout, Balloon to put your text in.

It's up to you.

And then you have the Cypher, ABCD, Elliot Waves, Head and Shoulders, triangle pattern, etc.

This Long Position here helps you define your risk-reward ratio:

If I want to remove all the lines, simply go to the bottom left and click the dustbin:

And it’s all gone.

The next group of tools is all the icons which you can put on your chart.

The next tool is the Measure tool, to measure the number of bars on your chart.

So from left to right, it shows that there are 86 bars which span over 125 days.

For those of you who have difficulty seeing, just click on this:

You can zoom in to your charts.

If your mouse has the mouse scroll, you can use it to zoom in and out of your chart.

Next is the Magnet:

Next is Lock All Drawing Tools.

So if I’ve locked a drawing, I won’t be able to shift it by accident.

Even if you happen to move it, just press Ctrl-Z.

This next tool over here is Hide All Drawing Tools:

If you want to only analyze the price action, you’ll just click this tool and all drawings will be hidden temporarily.

And if you want to bring them back, just click on it.

This is different from the dustbin, where it gets removed permanently.

And that's how you insert your drawing tools into TradingView.

Setting up trade alerts

You won't be watching the charts all day long.

You’ll want to be alerted when the price comes to a specific price level.

You can just go to Alert and this box will pop up:

Or let's say you draw this area of support over here, you can right-click and “Add Alert on Horizontal Line”.

Both ways are fine.

This is the setting that you can play with:

You can also indicate if you want this alert to expire by a certain date.

And there are more actions you can utilize as well, like Play Sound, Send Email-to-SMS etc.

What I have now is “crossing the horizontal line”:

And I’ll click Create.

So if the price were to come down and hit the horizontal line, I will be alerted.

It will send me an email and tell me that VEEV on the Daily timeframe is crossing the horizontal line.

That's one example.

You can use a horizontal line, or you can also use a specific value instead.

Maybe at $140.

You’ll press Save.

What happens is that if this market on the Daily timeframe crosses $140, it’ll send you an alert.

This can be done for Forex, across different timeframes as well.

The concept is the same.

For example, on the 2-Hour timeframe for NZD/JPY.

You can plot the horizontal line, and right-click to add an alert.

If you don't want to have an expiration date, you can put the date long into the future.

And it'll send me an email when the price hits this horizontal line.

Play around with it and that's it.

That's how you create alerts on TradingView.

Now, let's move on to the next lesson...

‹ Previous Lesson
Next Lesson ›