The transverse folding algorithm [Phys. Rev. Lett. 102, 240603] is a tensor network method to compute time-dependent local observables in out-of-equilibrium quantum spin chains that can sometimes overcome the limitations of matrix product states. We present a contraction strategy that makes use of the exact light cone structure of the tensor network representing the observables. The strategy can be combined with the hybrid truncation proposed for global quenches in [Phys. Rev. A 91, 032306], which significantly improves the efficiency of the method. We demonstrate the performance of this transverse light cone contraction also for transport coefficients, and discuss how it can be extended to other dynamical quantities.