TradingView Pine Script Tutorial

what is pine script

We’ve seen that the security function can be used to display data for stocks not shown on the screen. Our exits are working and being plotted on our main chart along with the long and short entries. You can easily cycle through different time frames using the time frame options in the menu at the top of the screen. The strategy will auto-update based on the new time frame chosen. If we save and add to chart, the strategy will run and automatically open the Strategy Tester window which will display some important stats. We can use an if statement to check if the condition is changed to True, and then execute a trade based if that is the case.

Executing a Code in Pine Script Editor

Lastly, we specify the exit condition using the strategy.exit() function. So if the stock moves on average $5 per bar, we are setting our take profit $10 below the low. We have already declared several indicators, we will add the ATR indicator to the list.

Creating A Pine Script Trading Strategy

It is correctly showing when the London market is open, but plotting those values has made our candlesticks illegible. In the code above, we are using a built-in function called na(). What this does is check whether the variable has a NaN hycm reviews value or not. Let’s go through the parameters that are passed through the input() function. Take a look at the standard ATR indicator offered in Tradingivew. Note how easy it is to modify the length and even the colors via the Style tab.

Working with Pine Editor

Before you begin writing your script, take a few minutes to plan out what needs to be done and how you want to go about it. This will help make sure that all the necessary pieces are in place when you start coding. TradingView enables you to optimize your strategy’s parameters by testing it with different input values.

what is pine script

The ATR indicator calculates the average movement over the last number of specified bars. We will build on this script and set specific stop losses and take profits. We can use the Average True Range (ATR) to calculate the levels for these. By default, a new tab opens showing the overview stats for the strategy. You can click through the Performance Summary or List of Trades to see other statistics. Since we are running a strategy, we don’t have to plot anything or specify an output.

So now we’ve cleaned up the if statement into a one-line piece of code. Let’s start by using a one-line if statement to clean up our code a bit. We can use an if statement to see to check the output of the London variable.

If I wanted to execute the strategy discussed above I wouldn’t actually want all my funds on an exchange account buying and selling spot BTC. Lastly, we will plot the price_change variable in the data window. It’s not necessary, but nice to see and we can confirm that the trades are being executed as they should. We now have Apple’s daily closing price plotted in the data window while the main window is showing a candlestick chart of Bitcoin.

As you may have guessed, this tells TradingView to plot a specific variable. This is where you specify if you are creating an indicator. To launch it, click on Pine Editor on the very bottom of your screen.

  1. Join 1,400+ traders and investors discovering the secrets of legendary market wizards in a free weekly email.
  2. I think there is value in reviewing others work and then incorporating their ideas and methods in your own strategies and algos.
  3. TradingView has partnered with Quandl (Nasdaq Data Link) to integrate Quandl data in Pine Script.
  4. In the following script, I demonstrate the use of isminutes variable.
  5. We have two conditions, the first one is when the short SMA, the 10-period, crosses above the longer 30-period SMA.

Things like that do exist but they are rare, extremely hard to create, don’t last forever and are highly profitable. The first thing I would do is get it to execute trades whenever we are above the slow moving average rather than rely on a specific cross over point. As traders, we must do everything we can to maintain our edge in the markets. Using code and scripts for automation is one way of dramatically enhancing your edge.

We can create the Bollinger band indicator from a built-in helper function. The idea is to look for rsi divergence on a 1-minute chart when the price reaches the upper or lower Bollinger band on a 5-minute chart. For a complete list of the various annotations available, check out the Annotations overview in the Pine script user manual. To do this, we swap the plot() function with the bgcolor() function. To make the chart easier to read, we can plot a different background color if the London market is open.

Ninjatrader – This platform also uses a proprietary language which is called Ninjascript. The language is not completely proprietary as it is based on C#. It utilizes a proprietary language called thinkScript and stores price data in arrays in a similar way to Pine script. Extensive user base and library – TradingView users have the option to publish their indicators and strategies to the TradingView library.

Otherwise, if condition 2 is true, the script returns value 2. If conditions 1 and 2 return false, the script returns na (null) value. You will see a linearly increasing plot in the output since the value of the persistent_var variable increases with every bar. A variable’s scope is limited only to the current bar by default.

We’ll use the Moving Average Convergence/Divergence (MACD) indicator as an example. The MACD is one of the most popular technical indicators and is used to identify trend reversals. We calculate the ATR value using the ta.atr() function and the Bollinger Bands using the ta.sma() and ta.stdev() functions. We then calculate the Bollinger Band width by subtracting the lower band from the upper band and dividing it by the basis band. The primary purpose of indicators is to provide technical analysis of various securities. In this section, we will go into more detail about Pine Script indicators.

We can then perform a calculation to determine the percentage price change. The first thing we will do is store Google’s daily open and closing price into a variable. The rest of the script remains unchanged from the prior example. The built-in strategy.entry function is used to enter trades. Lastly, we will assign the SMA data to a separate variable and then plot it. In this case, we are using the closing price for Apple that we have stored in our apple_price variable.

Easy to Learn – Pine script syntax is readable and simpler than other programming languages. The fastest way to learn a programming language is to read about key concepts and try them out with real code. As we’ve just done, copy this documentation’s examples in the editor and play with them. The Pine Editor is where you will be working on your scripts. To open it, click on the Pine Editor tab at the bottom of your TradingView chart. Start by bringing up the “New” dropdown menu at the top right of the editor and choose Blank indicator script.

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