Sierra Chart Tutorial: A Comprehensive Guide

How to install Sierra Chart platform on your desktop.

To set up an account with a broker is not difficult, but it cannot be described in a course, as it differs broker by broker. Usually you will have to provide an ID, agree to a set of documents and perform a wire transfer to fund your account. All this can be done online and brokers have their own client portals, where you can see your status and account balance.

In 2022 Sierra Chart launched its own data service - Teton Data Service, which is a low-cost alternative to other paid services like Rithmic, CQG etc. This service is supported by limited numbers of providers, so if you want to use this service (which I think is a good idea), make sure you open account with one of them. These brokers are listed here:

https://www.sierrachart.com/index.php?page=doc/SierraChartDirectOrderRoutingService.php#SetupInstructions

Activate your data in the platform and actually connect to the data service.

In 2022 Sierra Chart launched its own data service - Teton Data Service, which is a low-cost alternative to other paid services like Rithmic, CQG etc. This service is supported by limited numbers of providers, so if you want to use this service (which I think is a good idea), make sure you open account with one of them. These brokers are listed here:

https://www.sierrachart.com/index.php?page=doc/SierraChartDirectOrderRoutingService.php#SetupInstructions

Introduction to Packages, ie. pricing of Sierra Chart per package of services. Higher packages contain more functionality, eg. footprints or volume data profiles.

Activation of services at the Sierra portal. In order to be able to consume data, you have to activate the appropriate service. There is a separate service for CME products, CME with Depth of Market, CBOT exchange etc.

Chartbook is a set of individual charts. You can have all your charts in one Chartbook or have multiple Chartbooks, it is up to you. Let's see what is Chartbook good for and then you decide in which manner you will use it.

Let's quickly review how to delete a Chartbook, which is no more needed.

Important Chart settings - bar period / time frames, candle types, timezone

Let's see how Sierra Chart handles graphic settings. Possibilities are huge and the graphics management is quite centralized in not so easily searchable menu.

How to customize chartbook to see several charts in one screen. The screen division could be predefined or we can arrange it in our own way.

Chart linking is very useful in case you work with multiple charts and you want them to share some common attribute, eg. the symbol. Instead of changing symbol manually on every chart, you change it at one place and linking assures that all linked charts get updated with the new value.

Let's customize the control bar, which enables you to quickly launch tools, set bar period, change cursor pointer and other useful stuff.

In this chapter we will have a look at tools, which help us in the chart itself - drawings, texts, lines, trendlines and many other useful properties.

Futures contract expires and is replaced by a new contract with new expiration date. This moment is called a Rollover and if you are in a position during this period, you need to roll over your position, otherwise it will get closed automatically by the exchange. In this lesson we just roll over our chart, not a position itself.

A guide on study settings. Here we can modify predefined or custom indicators, edit the look and many other parameters. As each study have different parameters, the settings can get quite complex, but don't have to.

How to display and configure RSI, Volume and Volume Profiles. And of course similarily you can adjust any other indicator you like.

Working with multiple charts at one screen, overlaying chart with another, combining different time frames, bars, indicators etc.

The Sierra data format, where data files are stored, how to work with data and how to import or export them

As mentioned later, DOM is not required for trading and usually is paid extra. I show it merely to explain the market and trading concepts. If your trading is based on DOM analysis, then yes, you need it. If it is not, then there is no need to activate DOM.

Explanation of what is happening with the price, why it moves, what is bid and ask. All this we can see in the DOM, which is the order book, where all orders are listed and we can see price moving up and down, driven by the buyers' or sellers' strength.

Explanation of order types, as there is a lot of confussion on this topic. Stop orders, Limit orders, Market orders, Buy and Sell.

As mentioned later, DOM is not required for trading and usually is paid extra. I show it merely to explain the market and trading concepts. If your trading is based on DOM analysis, then yes, you need it. If it is not, then there is no need to activate DOM.

Use trading window tool to estimate dollar profit and loss in real trading.