1. A computer-implemented method for optimizing runtime execution of an application based on tracer data, the computer-implemented method being performed by one or more processors executing computer executable instructions for the computer-implemented method, and the computer-implemented method comprising: tracing an application and gathering performance data for identifying a plurality of code elements related to said application; gathering and storing tracer data for the plurality of code elements, the tracer data comprising: performance data for one or more of the identified plurality of code elements; and relationship data for one or more of the identified plurality of code elements; based on the stored tracer data, generating a network representation for the plurality of code elements, the network representation comprising: nodes representing code elements; and edges that connect the plurality of nodes in various ways, the edges representing relationships between connected code elements; analyzing said network representation and identifying as a result of the analysis one or more node patterns of a set of pre-determined node patterns in which at least three or more code elements interact with one another, wherein the identified node patterns indicate specific classifications for their constituent code elements of the identified node patterns, and wherein the specific classification indicates which of various optimization algorithms to apply to a given code element of interest; applying the indicated algorithms to the respective code elements of interest to generate a runtime configuration that applies runtime setting to the code elements; storing the runtime configuration; and using the runtime configuration for the application when running the application in a runtime environment.