Best TradingView Setup For The PowerX Strategy

A lot of people ask me about my setup for looking at stock charts. My preferred charting platform is TradingView. In this article, I’ll be showing you a step-by-step process on the best TradingView setup for the PowerX Strategy.

Here’s how I get started with TradingView in 8 simple steps!

Step 1: Register for TradingView

Why do I like TradingView? It’s free! Well, you don’t get all of the features you do in the Pro Version, but it’s a nice way to ease into things and figure out if you like the platform.

Personally I use the Pro Version which only costs $14.95 per month. Considering how much I use TradingView when I trade, 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. Here’s a little snapshot of what this screen looks like in TradingView:

Step 3: Delete the Volume

It’s up to you if you want to use volume information, but I personally don’t. If you want to start with a clean-looking chart, delete the volume indicators as shown in the image below. 

Step 4: Add The RSI And Configure It

Now that your chart is clean it’s time to add your indicators and start generating income! The one I start with is the RSI or Relative Strength Index.  Here’s how to add it to your chart:

1. Click on the “F”
2. Then enter “RSI” in the search field and 
3. Then select “Relative Strength Index”

Once you have added the RSI Indicator into the charts, click on the gear icon to bring up the RSI properties.

Now click on INPUT and change the LENGTH from 14 to 7.

I also like to change the style of the RSI indicator as well. I find it easier to read and a little more visually appealing when I am looking at my charts. 

Here’s my own RSI Style:

• 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 I like to add to my charts is the Stochastics. The Stochastics indicator is based on the price momentum of the stock and uses support and resistance levels. It is the measure of the current price relative to the price range of that stock over a given period of time. 

We can add the Stochastic in the same way as we added the RSI:

1. Click on the “F”
2. Then enter “Stochastic” (instead of macd) in the search field and 
3. Then select “Stochastic”

Here’s how I configure the Stochastics for my charts:

• Under INPUT, select 14, 3 and 3

And again, I like to change my Stochastics STYLE settings as follows:

• 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 I use in my charts is the MACD. The MACD stands for Moving Average Convergence/Divergence, and it shows changes in the stock’s momentum, strength, and overall directional trends.

You can add the MACD in the same way as we did before:

1. Click on the “F”
2. Then enter “MACD” in the search field and 
3. Then select “MACD”

Here’s how to configure the MACD:

• Under INPUT, select 12, 26 and 9

And I like to change my MACD STYLE settings as follows:

• 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 final indicator to add is the PowerX Strategy. This changes the bar coloring so that the bars are GREEN and RED according to the PowerX Strategy:

Here is how to add the Rockwell PowerX indicator:

1. Click on the “F”
2. Then enter “PowerX” in the search field and 
3. 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:

The final step is to save your chart settings! It’s a hassle to go through all of these steps again just because you didn’t hit save!

Your chart should now look like the chart in the image below. 

I highly recommend that you save your work by doing the following:

1. Click on the little ^ next to the GEAR icon
2. Select a name and click on SAVE NOW

That’s it!  You did it 🙂

Now you have the same setup in TradingView for the PowerX Strategy that I use when I trade. In my opinion, it is the best TradingView Setup to use!

If you had any trouble following along with these steps, please make sure to watch the YouTube video that I made for you.

Hope this helps!

Read Next: Short Selling Put Options