I have used TradingView charts for most of my eight nine years of trading journey.
Even though it has many tools, only some of them will actually make a difference to your trading performance.
There are tools that improved my win rate, especially when I was a beginner trader.
And there are tools that I use pretty much every day.
So I decided to rank the best and worst TradingView tools in a tier list.
The tools I’m going to put near the top of the list are good, and near the bottom are bad.
Number 10.
One of the best TradingView tools that beginner me found extremely useful was the regression tool.
Basically, if you put this tool from left to right on a chart, it automatically draws a price channel.
This was so good as a beginner trader because it was not only showing me trend lines, but also how the price was moving.
Like, if the regression tool channel is moving upwards, it’s an uptrend.
If it’s slanted downwards, it’s a downtrend.
Furthermore, if it’s sideways, it’s a range or slow market.
To top it all off, the edges of this channel show the weak support and resistance of the trend, and the weak support and resistance of a range.
All I had to do was draw the tool from left to right, and it showed me all this info.
So I will put the regression tool in the A tier.
Number 9.
Although the Fibonacci levels are pretty useless, like we literally have 200 trades of tested data saying they are useless, I have many times used the Fibonacci tool as a simple percentage tool.
Like, in a trend, when I want to know how big of a pullback it is percentage-wise, I have placed the Fibonacci tool to find out.
For example, if the pullback is around 50% or more, then it’s a really good discount in a trend.
If the pullback is only 25% or something, then it’s a small discount.
Since I prefer bigger discounts in a trend, this tool was useful to figure that out.
So I will put it in the A tier.
Number 8.
One of the most difficult things to do as a beginner trader is to filter out all the noise and see the actual price movement.
So to solve this problem, I used to draw over the price movement with a thick brush.
I used to take a screenshot of the chart and then draw on top of it.
But TradingView also has a brush tool.
It doesn’t get as thick as I like, but it’s still good enough to filter the noise.
So I will put it in the A tier.
Number 7.
No matter how experienced you become in trading, calculating where to set your profit target based on a specific reward-to-risk ratio can be a pain in the butt.
That’s why I like to use TradingView’s long-short position tools.
When you place it on a chart, you can adjust the profit and stoploss targets, and it shows the reward-to-risk ratio.
It is really useful.
So I will put it in the A tier.
Number 6.
This one is a basic one.
I like to mark important price levels frequently.
So I just use the horizontal line tool.
But sometimes I like to mark the date as well.
For that, I use the simple vertical line tool.
Since these two are among the most used tools in my trading journey, I will put them in the A tier as well.
Number 5.
When I buy something or invest an amount in something, or when a support or resistance is weak or strong, or when a support or resistance is so far back that I can easily forget, then I like to make simple notes using the text tool.
This way, I don’t forget the important things.
I will put this simple tool in the A tier.
Number 4.
I don’t draw trend lines that much compared to horizontal or vertical lines.
So I will put the trend line tool in the B tier.
Number 3.
This tool, I recently realized, was there.
Basically, you know how sometimes you get scared after losing back-to-back, or you take a big position, but the price starts moving against you.
Well, now you can use the image tool to put a picture of something you can pray to, something that calms you down, and more.
Praying might just turn the price around and increase the win rate, right?
In all seriousness, you can put examples of the best setup that you can use as a reference or something similar.
But then, you can just open an image in an image viewer as well.
So I will put this image tool in the D tier.
Number 2.
Something I use frequently to measure how much a price has moved or opened with a gap is the measure tool.
Simple but very useful.
I will put it in the B tier.
Number 1.
One of the most used tools in my entire eight to nine years of trading journey, which I used to draw support, resistance, and other important price zones, is the rectangle area tool.
Since support and resistance are areas and not a single line, this area tool is almost always on my charts.
Since I also take trades when the price comes inside these support and resistance areas, and then set stop losses on the other side of it, it’s one of the tools that directly helps make a profit.
So, I will put it in the S tier.
Thanks for watching.