If you’re new to prop firm trading and Forex analysis then chances are you’ve heard of TradingView. It’s one of the most popular charting platforms out there and for good reason. It’s user-friendly, packed with features, and most importantly, it helps traders (even complete beginners) make informed decisions.

But if you’re just getting started then TradingView can feel a little overwhelming. Charts, indicators, timeframes—where do you even begin? If you are confused then don’t worry. Let’s discuss how to use TradingView for Forex analysis within a prop firm environment.

Understanding Why TradingView is Essential for Prop Firm Traders

Prop firms or proprietary trading firms fund traders to trade with their capital. If you’re trading Forex through a prop firm then you need top-tier analysis tools to give yourself an edge. That’s where TradingView shines.

Why TradingView?

User-friendly Interface – Even if you’re new to trading, you’ll find it easy to navigate.
Cloud-based Platform – No need for downloads you can access your charts from anywhere.
Customizable Charts – Tailor your workspace to fit your trading style.
Built-in Indicators – Access a massive library of indicators from Moving Averages to Fibonacci tools.
Social Features – See ideas from other traders and get inspiration.

Works on Any Device – Mobile, desktop, tablet—you name it.

Now that we know why it’s great so let’s set it up properly.

Setting Up Your TradingView Workspace

TradingView may appear to be a confusing mess of buttons, options, and charts when you first log in. It’s not as difficult as it seems so don’t worry. 

Step 1: Create an Account

TradingView offers free accounts but upgrading to TradingView Pro removes ads and unlocks more indicators. If you’re in a prop firm challenge, then even the free version should be fine at first.

Step 2: Open a Forex Chart

• Go to the search bar at the top and type in the Forex currency pair you want like EUR/USD or GBP/JPY.
• Click on the pair and the chart will open.
• Choose your preferred timeframe, such as 1 minute, 5 minutes, 1 hour, 1 day, etc. Shorter timeframes like 1M-15M are good for scalping while longer timeframes 1H-1D are better for swing trading.

Step 3: Customize Your Chart

• Switch to candlestick view click the chart type button and select Candles. Candlesticks give a clearer picture of price movement.
• Adjust colors for better visibility (Go to settings > Appearance).

Using Indicators for Forex Analysis

Indicators help you make sense of price action. Here are some must-know indicators for prop firm traders:

Moving Averages (MA)

• Go to “Indicators” and search for Moving Average.
• Use the 50 EMA and 200 EMA to spot trends (above = bullish, below = bearish).

Relative Strength Index (RSI)

• Helps spot overbought (above 70) and oversold (below 30) conditions.
• Add it from the Indicators tab.

Fibonacci Retracement

• Found in the drawing tools section.
• Helps identify potential reversal zones.

MACD (Moving Average Convergence Divergence)

• Used for spotting momentum shifts.
• Look for crossovers between the MACD line and the signal line.

These indicators, when combined, give you a solid framework for identifying forex trading opportunities.

Drawing Tools: Marking Key Levels

Prop firm traders need precision. That’s where support & resistance levels are used.

How to Draw Support & Resistance Lines

1. Click on the Trend Line tool.
2. Mark areas where the price has bounced multiple times.
3. These levels act as zones where prices might reverse or breakthrough.

Using Trendlines for Confirmation

• Draw a line connecting higher lows (uptrend) or lower highs (downtrend).
• Trendlines act as dynamic support and resistance.

Marking Key Psychological Levels

• Round numbers like 1.2000 or 1.3000 act as natural price barriers.
• Always watch how price reacts to these areas.

Understanding Price Action for Forex Trading

Even with all the indicators, price action is king.

Basic Candlestick Patterns to Know

• Doji – Market indecision, potential reversal.
• Engulfing Candle – Strong trend reversal signal.
• Pin Bar – Shows price rejection and likely reversal.

Reading Market Structure

• Look for higher highs and higher lows in an uptrend.
• Spot lower highs and lower lows in a downtrend.
• Breakouts from consolidation zones signal strong moves.

Using TradingView Alerts to Stay Ahead

You can’t stare at charts 24/7. That’s where TradingView Alerts come in.

Setting an Alert

• Right-click on a price level.
• Click ‘Add Alert’.
• Choose conditions like Crosses Above or Breaks Below).
• Set up email or push notifications.

This way, you’re notified when the price hits key levels—without being glued to the screen.