How to Separate Volume from Chart in TradingView: A Step-by-Step Guide
Introduction
is a powerful tool for traders and investors, offering a wide range of charting and analytical features. One common task is separating the volume indicator from the main price chart, which can provide a clearer view of market dynamics. Volume plays a crucial role in understanding the strength of price movements, but it can often clutter the primary chart when overlaid. In this guide, we’ll explore how to separate volume from the chart in TradingView, making your analysis more streamlined and effective. Whether you’re a beginner or an experienced trader, this step-by-step guide will help you customize your charts to suit your trading style.
1. Why Separate Volume from Your TradingView Chart?
Separating volume from your main chart allows for better visualization of price movements without the distraction of overlapping data. It helps in identifying clear trends, spotting divergences, and analyzing price action independently of volume, leading to more informed trading decisions.
2. How to Add Volume to Your TradingView Chart
Before separating the volume, you need to ensure that it’s added to your chart. To do this, go to the ‘Indicators’ menu in TradingView, search for ‘Volume,’ and select it. The volume indicator will appear at the bottom of your chart, showing the traded volume bars corresponding to each price candle.
3. Separating Volume Using TradingView Settings
To separate volume from the price chart, use the ‘Pane’ settings in TradingView. Right-click on the volume bars and choose ‘Move to new pane above/below.’ This will detach the volume indicator from the main price chart, placing it in its own dedicated space for clearer analysis.
4. Customizing Volume Display with Pine Script
For those familiar with Pine Script, TradingView’s native coding language, customizing how volume appears on your charts can be taken a step further. You can write a simple script to separate volume, adjust its appearance, or add additional indicators that interact with volume data in innovative ways.
5. Benefits of Separating Volume from Your Chart
Separating volume enhances clarity, making it easier to interpret the data without interference from price movements. It also allows traders to spot volume spikes or drops independently, which can be critical for validating breakouts, trend reversals, and other key trading signals.
6. Common Mistakes to Avoid When Separating Volume
A common mistake is not adjusting the scale of the volume pane, which can make the volume bars appear disproportionate. Always ensure that the scale matches the data range for accurate visual representation. Another mistake is cluttering the volume pane with too many indicators, which can defeat the purpose of separating it from the main chart.
7. Advanced Tips for Using Volume Data
Beyond separating volume, traders can enhance their analysis by using volume indicators like Volume Moving Average or Volume Profile. These tools provide additional insights, such as average traded volume over a set period or the volume distribution across different price levels, adding depth to your chart analysis.
8. How Separating Volume Helps Different Trading Strategies
Different trading strategies, such as trend following, scalping, or swing trading, benefit from clear volume data. By separating volume, trend followers can confirm the strength of trends, scalpers can identify high activity periods, and swing traders can better spot potential reversals or continuation patterns.
Conclusion
Separating volume from your main TradingView chart is a simple yet effective customization that can significantly enhance your trading analysis. By providing a clearer view of both price and volume, you can make more informed decisions and develop a deeper understanding of market behavior. Whether you’re optimizing your chart layout or exploring advanced uses of volume data, these steps will help you create a more organized and insightful trading setup.
FAQs:
Why should I separate volume from my TradingView chart?
Separating volume provides a clearer view of price movements, reduces chart clutter, and helps you focus on volume trends independently, leading to better trading decisions.
Can I customize the volume display further in TradingView?
Yes, using Pine Script, you can customize the appearance, scaling, and behavior of the volume indicator on your TradingView charts.
What are common mistakes when separating volume from the chart?
Common mistakes include not adjusting the volume pane’s scale correctly and overcrowding the pane with too many indicators.
Does separating volume help with all trading strategies?
Yes, separating volume benefits various trading strategies by providing clearer data, making it easier to confirm trends, spot reversals, and identify key trading signals.