In this article, I will show you step-by-step how to set up TradingView for the PowerX Strategy.
Let’s get started:
Here’s how to setup TradingView for the PowerX Strategy in 8 simple steps:
Step 1: Register for TradingView
It’s free, and if you don’t register, many of the features that I am showing you in this article won’t work.
You might even consider upgrading to the “Pro Version” for $14.95 per month. That’s the version that I have, and I think it’s well worth the price.
Step 2: Click on Full-Featured Chart
In order to add indicators to the chart and customize your layout, you need to click on Full-Featured Charts:
Step 3: Delete the Volume
I personally don’t use volume information, and it’s in the way. In order to have a clean chart, delete the volume:
Step 4: Add The RSI And Configure It
The next step is to add the indicators.
In order to add indicators…
- Click on the “F”
- Then enter “RSI” in the search field and
- Then select “Relative Strength Index”
Once the RSI Indicator is added to the charts, click on the gear icon to bring up the properties.
Now click on INPUT and change the LENGTH from 14 to 7.
And here’s how I select the STYLE of the indicator:
Changing the style is optional, but I like to change…
- The Upper Band to 100
- The Lower Band to 50 and
- The Background to GREEN with a 20% Opacity
Step 5: Add the Stochastics
The next indicator is the Stochastics.
We can add the Stochastic in the same way as we added the RSI:
- Click on the “F”
- Then enter “Stochastic” in the search field and
- Then select “Stochastic”
Here’s how to configure the Stochastic:
- Under INPUT, select 14, 3 and 3
And I like to change my STYLE settings as following:
- Uncheck %K
- Set the “Upper Band” to 100
- Set the “Lower Band” to 50
- Use GREEN for the “Background” with a 20% opacity
Step 6: Add the MACD
The next indicator is the MACD.
You can add it in the same way as we did before:
- Click on the “F”
- Then enter “MACD” in the search field and
- Then select “MACD”
Here’s how to configure the Stochastic:
- Under INPUT, select 12, 26 and 9
And I like to change my STYLE settings as following:
- Uncheck the “Histogram”
- Change the color of the “MACD” to purple
- Change the color of the “Signal” to orange
Step 7: Add Rockwell PowerX
The next step is to add the bar coloring so that the bars are GREEN and RED according to the PowerX Strategy:
- Click on the “F”
- Then enter “PowerX” in the search field and
- Then select “PowerX Strategy Bar Coloring [OFFICIAL VERSION]”
The good news: You don’t need to configure anything for this. :-)
Step 8: Save Your Chart Settings:
Your chart should now look like the chart below.
I highly recommend that you save your work:
- Click on the little ^ next to the GEAR icon
- Select a name and click on SAVE NOW
That’s it! You did it
Now you have setup TradingView for the PowerX Strategy, which — in my opinion — is the best TradingView Setup.
Hope this helps!
Trading Futures, options on futures and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. The lower the day trade margin, the higher the leverage and riskier the trade. Leverage can work for you as well as against you; it magnifies gains as well as losses. Past performance is not necessarily indicative of future results.
Editors’ Picks
EUR/USD stabilizes near 1.0500, looks to post weekly losses
EUR/USD extended its daily decline toward 1.0500 in the second half of the American session, pressured by the souring market mood. Despite the bullish action seen earlier in the week, the pair remains on track to register weekly losses.
GBP/USD falls below 1.2150 as USD rebounds
Following an earlier recovery attempt, GBP/USD turned south and declined below 1.2100 in the second half of the day on Friday. The negative shift seen in risk mood amid rising geopolitical tensions helps the US Dollar outperform its rivals and hurts the pair.
Gold advances to fresh multi-week highs above $1,920
Gold extended its daily rally and climbed above $1,920 for the first time in over two weeks on Friday. Escalating geopolitical tensions ahead of the weekend weigh on T-bond yields and provide a boost to XAU/USD, which remains on track to gain nearly 5% this week.
Bitcoin could be an alternative to US-listed companies but not in the short term
Bitcoin has dipped below $27,000, adding to the subdued cryptocurrency market sentiment. While short-term price concerns persist, analysts predict a rebound based on historical figures.
Nvidia Stock Forecast: NVDA slips as Biden administration attempts to close AI chip loophole
Nvida's stock price opened marginally lower on Friday after Reuters reported that the Biden administration is attempting to close a loophole that allowed Chinese companies access to state-of-the-art computer chips used for AI.
RECOMMENDED LESSONS
Making money in forex is easy if you know how the bankers trade!
Discover how to make money in forex is easy if you know how the bankers trade!
5 Forex News Events You Need To Know
In the fast moving world of currency markets, it is extremely important for new traders to know the list of important forex news...
Top 10 Chart Patterns Every Trader Should Know
Chart patterns are one of the most effective trading tools for a trader. They are pure price-action, and form on the basis of underlying buying and...
7 Ways to Avoid Forex Scams
The forex industry is recently seeing more and more scams. Here are 7 ways to avoid losing your money in such scams: Forex scams are becoming frequent. Michael Greenberg reports on luxurious expenses, including a submarine bought from the money taken from forex traders. Here’s another report of a forex fraud. So, how can we avoid falling in such forex scams?
What Are the 10 Fatal Mistakes Traders Make
Trading is exciting. Trading is hard. Trading is extremely hard. Some say that it takes more than 10,000 hours to master. Others believe that trading is the way to quick riches. They might be both wrong. What is important to know that no matter how experienced you are, mistakes will be part of the trading process.