1. Create a Classic Waveform Graph by right-clicking on the front panel and going to
Classic >> Graph >> Classic Waveform Graph.
2. Right-click on the waveform graph and select Properties >> Scales and deselect the Show scale label and Show scale properties for both the x and y-axis. This will remove the labels for both axes, the graph will get resized in the plot area.
3. When in the front panel, press Shift + Right-click to open the Tools Palette. Alternatively, you can open it from View >> Tools Palette menu.
4. Click on the Set Color option (highlighted using the red rectangle) located at the bottom of that window. This will change the icon of the cursor.
5. Right-click on the background of the graph (the area surrounding the graphing area) and select the Transparent option in the top-right corner as highlighted in the image shown below: