What is Pine Script?

Pine Script has gained significant popularity in the Indian stock market due to its flexibility and ease of use. Indian traders use Pine Script to create custom technical indicators and strategies that suit their specific trading needs. Pine Script has become an essential tool for day traders, swing traders, and long-term investors in the Indian stock market. In this video, you’ll discover Pinescript, TradingView’s language for crafting custom indicators and strategies. Learn its cloud-based convenience, robust analysis tools, and automation capabilities.

The following script shows the last 20 open values in circle style. In the following script, we offset the green close plot by -10, moving it 10 bars to the left. Use if/else statements when executing a code based on a single condition. The following script changes the plot color based on an if/else statement. If you have sufficient coding skills in any other programming language, skip the following section and jump straight to the “Creating Indicators” section.

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. Try opening up the pine editor, adding this in and then clicking “add to chart”. You should see two lines printed on your chart for the moving averages. The simple moving average for Apple is now plotted to our data window.

1. Line 4 contains an annotation comment telling the compiler about the Pine Script version for code compilation.
2. Additionally, we keep Pine syntax and
   semantics simple so it can handle common tasks efficiently.
3. There are better alternatives if your strategy relies on using data science or other third-party libraries.
4. The best place to start is the TradingView documentation, which provides a comprehensive guide to the language.

If we look on the right side of the equals sign we see a function being called. This format is a little bit new to us, but this is another example of functionality that is built into the Pine Script language by the developers. Now our code knows that we have two new things that are each storing a value. In short, this line tells TradingView that we are creating a new indicator and that it will be called “MACD #1”.

You can create single-line or multi-line user-defined functions. You can encapsulate custom Pine Script functionalities in user-defined functions. The following script demonstrates examples of using Pine Script comparison operators. For example, you want the program to run whenever there is a pin bar candle in the EURUSD currency chart and in a specific timeframe. This would in effect hedge my current long position with a leveraged trade so that I’d only need to keep a reduced amount of capital on exchange for collateral. The rest of my funds could be held in a cold storage wallet and trade them only to balance out the position by closing the perp and selling spot at a later date.

Can you use Python in TradingView?

If you don’t have an account, navigate to From there you will see a sign-in box in the upper right-hand corner. Also, you don’t have to spend much time on error checking and handling as TradingView takes care of most of that for you.

Pine Script Basics

Remember, fast and slow are storing the values 12 and 26 as we defined in lines 3 & 4 of our indicator. So when we pass in fast and slow we are actually passing in the values 12 and 26. This line simply tells the Pine Editor that you’ll be using Pine Script v5. This is important 1 year sobriety gift because Pine Script changes with each new version and TradingView needs to know which version you’re using in order to know if you wrote your code correctly. You can use previous versions of Pine Script if you so choose, but the code we’re using here today won’t run if you do.

In the lessons to follow, I will teach you what I know about Pine Script. You do not need to have prior programming experience in order to use Pine Script, although it certainly helps. I have over 10 years’ experience in coding software and computer games https://g-markets.net/ from my past life before I became a trader, and I must admit, it has been a very useful skill to have. Whether you are new to programming or a veteran, the PineCoders Pine Coding Conventions will provide useful coding guidelines you can choose to adopt.

Following are some trading tools providing alternatives to TradingView’s Pine Script. We will implement the advanced volatility breakout strategy to identify potential breakout opportunities based on volatility. In the following section, you will learn how to implement strategies in Pine Script, one of the most fascinating concepts. For instance, you can retrieve the University of Michigan Consumer Survey data using the UMICH/SOC35 ID. To retrieve Quandl data in Pine Script, search for the data you want to retrieve from Quandl and copy the data ID.

An Intermediate Example – Implementing RSI and MACD Strategy

While we likely won’t develop Pine Script™ into a full-fledged language, we do constantly improve it and are always happy to consider requests for new features. The plotting functions are great, and the ability to make custom indicators is really useful for both manual traders and automated systems. The first thing we will want to do is create two moving averages and assign the data to variables. This is a built-in variable that contains the closing price of the latest bar.

Otherwise, if you are an absolute beginner to Pine Script and programming, I recommend reading through the following sections and practicing them yourself. It will improve your familiarity with Pine Script and make things easier to understand while working with indicators and strategies. Under your main chart, you will see a data window containing a plot for the indicator you created. Line 1 contains a comment that explains the licensing agreement for using the code. The second line also includes a comment containing the author name of the code, which by default is your username.

As an example, you can use the hline() function to draw a horizontal level across the chart. The last thing we will do is add code to see if the New York market is open, and set the background to green if it is. So now we’ve cleaned up the if statement into a one-line piece of code. The question mark here is a short form for an if/else statement. 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().

In this section, we will go into more detail about Pine Script indicators. Let’s see another example where we ask the user to input a boolean and an integer value. The boolean value changes the plot color while the integer value sets the plot value. For example, in the following script, the switch statement evaluates the value of the plot_val variable. In the above script, we did not provide an expression to evaluate to the switch statement.

Troubleshooting Pine code

You can see from the green and red backgrounds that we are capturing the majority of the upwards momentum and avoiding some of the down trends. But more importantly it closes the position early enough so that if there was a big crash we wouldn’t lose the farm. Overall, there is a lot you can do with Pine script, even though it has certain limitations. It’s possible to code up a strategy really quickly once you get the hang of things. We can create the Bollinger band indicator from a built-in helper function.

Variables declared outside the body of a function or of other local blocks belong to
the global scope. User-declared and built-in functions, as well as built-in
variables also belong to the global scope. In the example above, the type of variable a is series because the arguments are both series. The type of variable b is integer because arguments are both literal integers. The type of variable c is series because the addition of a series and literal integer produces a series result. User-defined functions are functions that you write, as opposed to the built-in functions in Pine Script™.

To do so, sign up with a TradingView account, open a chart of your favorite security, and write Pine Script code in the Pine Editor. Having said that there are some very smart developers who publish open source algorithms. I think there is value in reviewing others work and then incorporating their ideas and methods in your own strategies and algos.