| Commodity | Symbol | Description |
|---|---|---|
| Gold | GC | A precious metal often used as a safe-haven asset |
| Oil | CL | A fossil fuel used to power vehicles and generate energy |
| Natural Gas | NG | A fossil fuel used to generate electricity and heat homes |
Setting Up My Charts
With my commodities selected, I started setting up my charts. I opted for a simple layout, with three charts side-by-side: a 1-minute chart for intraday analysis, a 4-hour chart for short-term trends, and a daily chart for long-term trends.
Chart 1: 1-minute Gold Chart
I added a few basic indicators to my 1-minute gold chart, including:
- Moving Averages: 50-period and 200-period exponential moving averages to help identify trends
- Relative Strength Index (RSI): a momentum indicator to identify overbought and oversold levels
- Bollinger Bands: a volatility indicator to identify potential breakouts
Identifying Trends and Opportunities
With my charts set up, I began analyzing the data. I looked for trends, patterns, and potential opportunities. I quickly realized that gold was in a strong uptrend, with prices consistently breaking above resistance levels.
Trend Identification
- Uptrend: prices consistently breaking above resistance levels
- Downtrend: prices consistently breaking below support levels
- Sideways Trend: prices trading within a range, with no clear direction
Setting Alerts and Notifications
To stay on top of market movements, I set up alerts and notifications for each commodity. I wanted to be notified when prices reached certain levels or when specific conditions were met.
Alert Examples
- Price Alert: notify me when gold prices break above $1,800
- Indicator Alert: notify me when the RSI reaches overbought levels on the 4-hour chart
- News Alert: notify me when a major news event is released, such as a Federal Reserve announcement
Lessons Learned and Next Steps
As I continued to fine-tune my TradingView commodities setup, I learned some valuable lessons:
- Start small: don’t try to analyze too many commodities at once
- Keep it simple: focus on a few key indicators and charts
- Stay disciplined: stick to your strategy and avoid impulsive decisions
Frequently Asked Questions:
Frequently Asked Questions: TradingView Commodities Setup
What commodities are available on TradingView?
TradingView offers a wide range of commodities, including energies (e.g. crude oil, natural gas), metals (e.g. gold, silver, copper), agricultural products (e.g. soybeans, wheat, corn), and more. You can find the full list of available commodities by clicking on the “Markets” tab and then selecting “Commodities” on the TradingView platform.
How do I set up a commodities chart on TradingView?
To set up a commodities chart on TradingView, follow these steps:
- Click on the “Charts” tab on the top menu bar.
- Type the symbol of the commodity you’re interested in (e.g. “GC” for gold) in the search bar.
- Select the desired time frame and chart type (e.g. candlestick, line chart).
- Click “Create Chart” to generate the chart.
What are the different types of commodity contracts available on TradingView?
TradingView offers various types of commodity contracts, including:
- Futures contracts: These are agreements to buy or sell a commodity at a set price on a specific date in the future.
- Spot contracts: These are agreements to buy or sell a commodity at the current market price for immediate delivery.
- Options contracts: These give the holder the right, but not the obligation, to buy or sell a commodity at a set price on or before a specific date.
Can I trade commodities directly on TradingView?
No, TradingView is a charting and analysis platform, not a brokerage firm. You cannot trade commodities directly on TradingView. However, you can use TradingView to analyze and research commodities, and then place trades through a connected brokerage account.
Are there any specific indicators or tools that are useful for commodity trading?
Yes, some popular indicators and tools for commodity trading on TradingView include:
- Relative Strength Index (RSI): helps identify overbought or oversold conditions.
- Bollinger Bands: helps identify volatility and trend directions.
- Ichimoku Cloud: helps identify trend directions and support/resistance levels.
- Seasonal charts: helps identify historical price patterns and trends.
How do I stay up-to-date with market news and events that may affect commodity prices?
You can stay informed about market news and events that may affect commodity prices by:
- Following TradingView’s news feed and market commentary.
- Setting up custom alerts and notifications for specific commodities or events.
- Using TradingView’s economic calendar to track key events and announcements.
- Following reputable news sources and commodity-specific news outlets.
