In the fast-moving world of forex trading, having the right tools can make the difference between consistent profits and costly mistakes. TradingView has become a go-to platform for both beginner and professional traders looking to analyze the forex market, develop strategies, and track live price movements—all in one place. But what exactly is TradingView, and how do you use it effectively for forex trading?
This article walks you through everything you need to know, from what TradingView is, to how each tool on the platform works, and how to use it like a pro for your forex journey.
Table of Contents
What is Tradingview?
TradingView is a powerful, web-based charting platform and social network for traders and investors. It provides real-time price data, advanced charting tools, technical analysis indicators, and access to a wide range of markets, including forex, stocks, cryptocurrencies, indices, and more.
But TradingView isn’t just a charting tool—it’s a full-featured trading assistant. It helps you:
- Monitor currency pairs in real time
- Analyze technical indicators
- Backtest trading strategies
- Share ideas with a trading community
- Even place trades through connected brokers
Why Use TradingView for Forex Trading?
Forex traders love TradingView for a few key reasons:
- User-Friendly Interface: Easy to navigate for beginners yet advanced enough for professionals
- Real-Time Data: Live prices for most major and minor currency pairs
- Cloud-Based: Access your charts and setups from any device
- Community Insights: Follow top traders and learn from their chart analyses
- Broker Integration: Connect to brokers like OANDA or Forex.com to trade directly on the platform
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TradingView Tools Explained (Every Tool and Its Function)
Now, let’s explore every key tool available on TradingView, especially the left toolbar, which is essential for forex analysis.
1. Cursor Tool
Located at the top of the left toolbar, this lets you choose your mouse action—from regular cursor to crosshair, dot, or arrow. The crosshair is especially useful for precise analysis and checking specific price levels and time stamps.
2. Trend Line Tools
Includes lines like:
- Trend Line
- Horizontal Line
- Vertical Line
- Ray
- Parallel Channel
These tools help you mark support and resistance, trend directions, and chart patterns (like triangles or channels). They’re essential for drawing price action strategies.
3. Fibonacci & Gann Tools
Includes:
- Fibonacci Retracement
- Fibonacci Extension
- Gann Fan
Use these to identify potential reversal points, support/resistance based on Fibonacci ratios, or time/price balances via Gann analysis.
4. Brush & Drawing Tools
Includes:
- Brush
- Rectangle
- Ellipse
- Path
- Curve
Great for marking zones, highlighting chart areas for learning, or drawing breakout regions. Helps in visual storytelling on charts.
5. Text & Labels
Includes:
- Text
- Note
- Callout
- Balloon
Use these to add personal notes, mark chart observations, or explain strategies. Very useful when journaling trades or sharing with others.
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6. Pattern Tools
Includes:
- Head and Shoulders
- Elliott Wave
- Triangle
- ABC Correction
- Three Drives Pattern
These are used to draw common price patterns, helping you visualize and predict market movements. Perfect for pattern traders and price action analysts.
7. Prediction & Measurement Tools
Includes:
- Long Position Tool
- Short Position Tool
- Price Range
- Date Range
- Measure Tool
These allow you to plan and visualize trades:
- Set entry, stop loss, and take profit areas
- Calculate risk-to-reward ratio
- Measure pip ranges and movement over time
8. Icons and Emoji Tools
You’ll find arrows, check marks, thumbs up/down, etc. These are often used by content creators or analysts for clarity when sharing charts.
9. Measure Tool (Ruler)
This tool helps measure the exact number of pips, price distance, and time between two points. Super helpful for checking how far the market moved and in how much time.
10. Magnet Tool
This automatically snaps your drawing points to exact candlestick highs, lows, or closes, ensuring precision.
11. Stay in Drawing Mode
When enabled, you can draw multiple objects (like many trend lines) without clicking the tool again each time.
12. Lock All Drawing Tools
Locks your drawings so you don’t accidentally move them around while scrolling or zooming the chart.
13. Hide/Show Drawings
Use this to declutter your chart and focus only on price action or indicators when needed.
14. Remove All Drawings
Instantly clears all chart drawings—a helpful reset button.
Using Indicators on TradingView
In addition to drawing tools, TradingView offers over 100+ technical indicators, including:
- Moving Averages (MA, EMA)
- Relative Strength Index (RSI)
- MACD
- Bollinger Bands
- Ichimoku Cloud
- Stochastic Oscillator
- Pivot Points
You can access them by clicking the "Indicators" icon at the top. Simply search for an indicator and click to apply it.
You can also add custom scripts from the community using TradingView’s built-in coding language called Pine Script.
Multi-Timeframe Analysis
With TradingView, you can switch between timeframes—from 1 minute to monthly—using the timeframe toolbar at the top. This helps in analyzing forex pairs from a broader or more granular perspective, which is key to making smart entries and exits.
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Setting Alerts on TradingView
Alerts are your best friend for automated monitoring. Set them for:
- Specific price levels
- Trendline touch
- RSI crossing 70
- MA crossovers
You’ll receive notifications via email, SMS, or app—so you never miss a trade opportunity.
Layout Customization
You can fully customize your chart layout:
- Change from candlestick to line or Heikin-Ashi
- Add multiple charts in the same window (with a PRO plan)
- Save chart templates with your favorite indicators
- Set alerts for price movements or indicator crossovers
The Power of the TradingView Community
You’re never alone on TradingView. You can:
- Share trade ideas
- Follow top traders
- Read published analysis
- Post your own charts
The social aspect is what makes TradingView stand out. You can learn directly from others or build a following of your own.
Final Thoughts On What is TradingView and How to Use It In Forex
TradingView is more than just a charting tool—it’s an all-in-one platform for forex traders. Whether you're analyzing candlestick patterns, placing trades through a connected broker, or learning from others in the community, TradingView offers everything you need to level up your trading.
By mastering the tools, drawing techniques, and indicators available, you can confidently navigate the forex markets and improve your trading performance over time.