When it comes to analysing financial markets, one chart may not be enough to gather all the information you need. Many traders often compare various assets, market conditions, and timeframes to confirm whether their trading plans or strategies are worth the risk.
When using TradingView, you can use multiple charts in the same workspace. So instead of switching from one layout or tabs to another, you can organise and monitor several charts in one screen. However, one issue you may encounter is that having multiple charts on one screen can create clutter, so you need to be organised.
In this article, we’ll discuss some tips for creating and managing charts in TradingView.
What Are Multiple Charts in TradingView?
In TradingView, multiple charts that can be displayed in a single workspace allow traders to view and compare different perspectives on the same asset. For instance, if you would like to check the different timeframes for the same asset, you can do so.
1. Choose an Appropriate Chart Layout
The first thing you can do when creating and managing multiple charts in TradingView is to choose the chart layout that matches your needs analysis. As you know, the trading strategy and needs of traders are different from each other, so it’s not recommended to copy others. Although you may have similarities in your trading needs, the overall approach can still be different.
2. Create a New Workspace
Once you have selected the right chart layout, the next step is to create a new workspace. It’s best to create a new one instead of editing an existing one to avoid confusion. When creating a new workspace, start by deciding what you want to monitor, such as cryptocurrency or forex.
3. Add Different Symbols to Your Charts
The next step is to assign different symbols to different charts. For instance, you can have a four-chart layout that contains forex pairs, like GBP/USD, EUR/USD, AUD/USD, and USD/JPY. Of course, the pairs you include should have something to do with your trading strategy and the assets you want to observe.
4. Compare Different Timeframes
If you want to compare multiple timeframes in TradingView, you can use multiple charts to view the same asset. For instance, you can use a four-hour chart to check intermediate price action, a daily chart to see a broader trend, or a one-hour chart for identifying potential setups.
5. Keep Chart Settings Consistent
Consistency is the key to using TradingView efficiently, especially when utilising multiple charts. If you want to compare several assets at the same time, it’s best to use similar chart settings. For instance, use a comparable timeframe and the same candlestick style. The use of consistent settings can help you compare charts more accurately.
6. Use Indicators Selectively
Indicators are essential when using multiple charts, but you should also avoid using too many. Besides, some indicators may duplicate the results of other indicators, so it may lead to confusion. Instead, start with using 2 to 3 indicators per chart to make sure that the analyses are still reliable.
7. Organise Drawings and Chart Objects
The use of multiple charts can become a nightmare if not organised properly. In terms of using drawings and chart objects, always review and update the objects indicated in your chart. If some are no longer relevant, it’s best to remove them as soon as possible.
8. Use Alerts to Reduce Screen Monitoring
Although it’s great that you can view multiple charts in a single workspace, it doesn’t necessarily mean that you need to watch them all the time. Instead, you should utilise the help of alerts to reduce screen monitoring.
However, you shouldn’t rely solely on the benefits of alerts. Instead, use them as something to remind you about the market whenever you’re not monitoring.
9. Save Your Preferred Chart Setup
Once you have created the layout of the chart you prefer, don’t forget to save it. And do this every time you make some changes. This allows you to avoid recreating your ideal chart every time you open your TradingView account.
10. Avoid Information Overload
Even the use of multiple charts can be challenging with information overload. So, as much as possible, control your reactions to seeing the markets move or price change. This can lead to difficulty in making decisions or unnecessary trades.
On the other hand, a focused workspace can help you achieve a better trading experience and make analyses less confusing.
Final Thoughts
In TradingView, creating and managing multiple charts can help you craft a better trading strategy. By considering the tips discussed in this article, you’re able to create a workspace that can help you make informed decisions.
Are you planning to use TradingView to explore multiple charts in a single workspace? Let us know your thoughts by commenting below!