Astronaut March 21, 2023 No Comments

What is Pine Script?

what is pine script

I’d then use an API to execute a leveraged short position for 1BTC and 20ETH whenever the strategy dictated. TradingView is great for visualising and developing trading strategies but for execution, in my opinion, we need something more robust. If the markets get busy and TradingView goes down we need our strategies to still execute.

In the following Pine code, the first four lines contain simple comments, while the 5th line contains an annotation comment. With these three lines of code (lines 4,5 and 6), you can create a bare minimum executable Pine Script code. The TradingView platform does not run indicators written for other platforms.

We will start by looking at how pine script works and a simple example. From there we will move on to inputs and indicators before creating a complete trading strategy using pine script. Finally we will look at how to backtest, execute and publish pine script indicators and strategies. There are two types of pine script formats indicators and strategies. Indicators are used for technical analysis to draw lines and patterns on charts.

TradingView has designed its own scripting language calledPine Script.It allows users to create custom indicators and run themon our servers. Pine was designed as a lightweightlanguage focused on the specific task of developing indicators and strategies. Most of TradingView’sbuilt-in indicators have been coded in Pine. It is ourexplicit goal to keep Pine accessible and easy to understand for the broadestpossible audience. Pine Script is a powerful and versatile programming language designed specifically for TradingView. It empowers traders to create trading indicators, strategies, and scripts on the TradingView platform.

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. The Pine Script compiler ignores the comments on lines 1 and 2. They are only there for conveying information to the code reader. Line 4 contains an annotation comment telling the compiler about the Pine Script version for code compilation.

What is TradingView Pine Script?

As soon as the market dips beyond the 200hr moving average line the position is closed preserving capital. This is exactly what I want during the mid to later stages of a parabolic bull market. If the market stopped trending up and started moving sideways for a significant amount of time this strategy would get destroyed.

  1. The Pro version allows up to 5 indicators @ $15/month and the Pro+ version up to 10 indicators @ $30/month.
  2. If you set the format attribute to format.volume, you will see volume values in K (for thousands) and M (for millions).
  3. Pine script is quite similar to Python in it’s format and layout.
  4. This helps you find the best settings for your chosen strategy.
  5. The number before the colon, 1 in this case, is what should be returned in the event the if statement is true.
  6. The question mark here is a short form for an if/else statement.

This is often used to plot a note either on top or on the bottom of the price bar. So far we’ve used the standard plot() function to plot certain things to the screen. Pine script has several other commands that we can use for our output and we will go through a few of them. Custom values can now be set for the percentage change used in the strategy. We can achieve the same for the studies and strategies created in Pine script by using the input() function. You might notice that we have not mentioned Apple’s stock price in the code.

We also indicate if it’s an indicator or strategy that we are creating, and assign a name. Although PineScript is the primary language for custom indicators and strategies, unofficial Python API wrappers such as TradingView-TA exist for retrieving data. In addition to the values for the default chart, you can retrieve technical indicator values for other securities using the function. The first attribute to the function is the security ticker ID, the second is the time frame, and the third is the indicator you want to retrieve. The history-referencing operator allows you to fetch previous bar values. The history-referencing is used after a variable or function call.

Why shouldn’t I use Pine script?

If you don’t have an account, navigate to From there you will see a sign-in box in the upper right-hand corner. There are better alternatives if your strategy relies on using data science or other third-party libraries. External libraries – Pine script is not appropriate if you’re looking to leverage external libraries to do things like Machine learning. Data – If TradingView does not offer the data you’re after, you’re out of luck. The main reason why you wouldn’t want to use Pine script is that you’re limited to the TradingView universe.

what is pine script

This is based on a scalping strategy that I used when I first started trading. It is a mean reversion strategy that works well during the early Asian session in the Forex markets when things are generally quiet. This code performs the same function as the if statement before. This strategy will be run on the main chart so we don’t need to use the security() function here. In the next example, we will create a moving average cross-over strategy with a few additional parameters. Pine script will automatically do that for whichever chart you have open.

Retrieving Quandl Data

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. Unlike most other programming languages, where a code snippet is a standalone entity, a Pine Script code is applied on each bar or candle stick in your chart. The code runs in an unseen loop that iterates through all the bars in your chart, performs a calculation, and returns a value. The simple moving average for Apple is now plotted to our data window. We now have Apple’s daily closing price plotted in the data window while the main window is showing a candlestick chart of Bitcoin.

For instance, the following script displays plots containing values from the first row’s four columns. The barmerge.gaps_off means no gaps are displayed between bars. When set to true, the overlay attribute displays the plot in the chart window overlaying an existing chart. The shorttitle attribute specifies the short title of the plot.

In the image above, this is the line chart that is drawn in blue. The alternative is to create a strategy, but we will start with the indicator. You can forego the first two comment lines if you want, but the compiler directive is required in all scripts.

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