TradingView Pine Script Reference Manual

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  1. TradingView Pine Script Reference Manual: A Beginner's Guide

Pine Script is TradingView's proprietary scripting language used to create custom indicators, strategies, and libraries within the TradingView platform. This article serves as a comprehensive reference manual for beginners, aiming to provide a solid understanding of Pine Script's core concepts, syntax, and functionality. We will cover the basics, data types, variables, operators, built-in functions, control structures, and strategy development. This guide is written specifically for use within a MediaWiki environment, leveraging internal links for seamless navigation within related documentation.

What is Pine Script?

Pine Script is a domain-specific language (DSL) designed specifically for financial market analysis and trading. Unlike general-purpose programming languages like Python or Java, Pine Script is tailored to the unique requirements of charting and backtesting trading strategies. It's relatively easy to learn, even for those with no prior programming experience, but powerful enough to create sophisticated technical analysis tools. The language is cloud-based, meaning your scripts are executed on TradingView's servers, not locally. This allows for real-time analysis and backtesting on historical data without requiring significant computational resources on your machine. Understanding Technical Analysis is crucial when working with Pine Script, as most scripts aim to implement or visualize technical indicators.

Pine Script Versions

Pine Script has undergone several versions. Currently, version 5 is the most recent and recommended version. Older versions (v1, v2, v3, v4) are still supported, but TradingView encourages users to migrate to v5 due to its improved features, performance, and security. This guide focuses on Pine Script v5. Scripts written in older versions may require modification to work correctly in v5. The TradingView documentation provides migration guides to assist with this process. Using the latest version ensures compatibility with new features and optimizations.

Core Concepts

Before diving into the syntax, it's important to understand the fundamental concepts of Pine Script:

  • **Indicators:** These are visualizations applied to a chart, typically displaying calculated values based on price data. Examples include Moving Averages, RSI, and MACD.
  • **Strategies:** These are scripts that define a set of rules for entering and exiting trades. They can be backtested on historical data to evaluate their performance. Strategy Tester is a vital tool for this.
  • **Libraries:** These are collections of reusable functions and variables that can be included in other scripts. They promote code modularity and reduce redundancy.
  • **Studies:** A general term encompassing both Indicators and Strategies.
  • **Pine Editor:** The integrated development environment (IDE) within TradingView where you write, edit, and test your Pine Script code.

Basic Syntax

Pine Script, like most programming languages, follows a specific syntax. Here's a breakdown of the key elements:

  • **Comments:** Use `//` for single-line comments and `/* ... */` for multi-line comments.
  • **Statements:** Each line of code is typically a statement. Statements are executed sequentially.
  • **Semicolons:** Semicolons are generally optional in Pine Script. However, using them can improve readability and is considered good practice by some developers.
  • **Case Sensitivity:** Pine Script is case-sensitive. `variable` and `Variable` are treated as different variables.
  • **Keywords:** Reserved words with special meanings (e.g., `if`, `else`, `for`, `var`).
  • **Identifiers:** Names given to variables, functions, and scripts. They must start with a letter or underscore and can contain letters, numbers, and underscores.

Data Types

Pine Script supports several built-in data types:

  • **`int`:** Integers (whole numbers, e.g., 1, -5, 100).
  • **`float`:** Floating-point numbers (numbers with decimal points, e.g., 3.14, -2.5). Most price data is represented as floats.
  • **`bool`:** Boolean values (true or false). Used in conditional statements.
  • **`string`:** Textual data (e.g., "Hello World").
  • **`color`:** Represents colors (e.g., `color.red`, `#FF0000`). Used for visual customization.
  • **`line`:** Represents lines on the chart.
  • **`label`:** Represents labels on the chart.
  • **`series`:** A sequence of values, typically representing price data or calculated indicator values. This is the most commonly used data type in Pine Script.

Variables

Variables are used to store data. Pine Script offers different ways to declare variables:

  • **`var`:** Declares a variable that retains its value across multiple bars (persistent variable). Useful for tracking state.
  • **`varip`:** Declares a variable that retains its value across multiple bars, but resets to its initial value when the script is first loaded or reloaded.
  • **`let`:** Declares a variable that is only valid within the current scope (e.g., within a function or loop). Its value is not retained across bars.
  • **`const`:** Declares a constant variable whose value cannot be changed after it's initialized.

Example:

```pinescript var float averagePrice = 0.0 // Persistent variable let int currentVolume = volume // Variable valid only in the current scope const string scriptName = "My Indicator" // Constant variable ```

Operators

Pine Script supports various operators for performing calculations and comparisons:

  • **Arithmetic Operators:** `+` (addition), `-` (subtraction), `*` (multiplication), `/` (division), `%` (modulus).
  • **Comparison Operators:** `==` (equal to), `!=` (not equal to), `>` (greater than), `<` (less than), `>=` (greater than or equal to), `<=` (less than or equal to).
  • **Logical Operators:** `and` (logical AND), `or` (logical OR), `not` (logical NOT).
  • **Assignment Operators:** `=` (assignment), `+=` (add and assign), `-=` (subtract and assign), `*=` (multiply and assign), `/=` (divide and assign).

Built-in Functions

Pine Script provides a rich set of built-in functions for various purposes:

  • **Math Functions:** `abs()`, `round()`, `floor()`, `ceil()`, `sqrt()`, `pow()`.
  • **Time Functions:** `time()`, `year()`, `month()`, `dayofweek()`, `hour()`, `minute()`, `second()`.
  • **String Functions:** `str.length()`, `str.substring()`, `str.tostring()`.
  • **Array Functions:** (limited support in v5, primarily for advanced users).
  • **Input Functions:** `input.int()`, `input.float()`, `input.bool()`, `input.string()`, `input.color()`. Used to create customizable settings for your scripts. Input Options are essential for user interaction.
  • **Technical Analysis Functions:** `sma()`, `ema()`, `rsi()`, `macd()`, `stoch()`, `atr()`. These are the core functions for creating indicators. Explore Moving Averages for detailed examples.
  • **Plotting Functions:** `plot()`, `plotshape()`, `plotchar()`, `plotcandle()`. Used to display data on the chart.

Control Structures

Control structures allow you to control the flow of execution in your script:

  • **`if...else if...else`:** Conditional statements that execute different blocks of code based on a condition.

```pinescript if close > open 

   plot(color.green)

else if close < open 

   plot(color.red)

else 

   plot(color.blue)

```

  • **`for`:** Loops that iterate over a range of values.

```pinescript for i = 0 to 10 

   plot(i)

```

  • **`while`:** Loops that continue executing as long as a condition is true. (Less common in Pine Script due to its bar-by-bar execution model.)
  • **`switch`:** A multi-way conditional statement.

Strategies and Backtesting

Pine Script strategies allow you to define rules for entering and exiting trades and then backtest them on historical data to evaluate their performance. Key strategy-specific functions include:

  • **`strategy.entry()`:** Opens a long or short position.
  • **`strategy.close()`:** Closes an existing position.
  • **`strategy.exit()`:** Defines exit conditions for a position.
  • **`strategy.initial_capital`:** Sets the starting capital for backtesting.
  • **`strategy.risk.allow_entry_in(strategy.direction.long)`:** Restricts entry to long positions only.

Example:

```pinescript //@version=5 strategy("Simple Moving Average Crossover", overlay=true)

smaFast = sma(close, 20) smaSlow = sma(close, 50)

if smaFast > smaSlow 

   strategy.entry("Long", strategy.long)

if smaFast < smaSlow 

   strategy.close("Long")

plot(smaFast, color=color.blue) plot(smaSlow, color=color.red) ```

This strategy enters a long position when the 20-period SMA crosses above the 50-period SMA and exits when the 20-period SMA crosses below the 50-period SMA. Understanding Backtesting is critical for evaluating strategy performance. Analyzing Profit Factor and Sharpe Ratio are key metrics.

Libraries

Libraries are reusable collections of code that can be included in other scripts. They promote code modularity and reduce redundancy. To create a library:

1. Create a new script in the Pine Editor. 2. Add the `@library` annotation at the beginning of the script. 3. Define functions and variables within the library. 4. Save the script.

To include a library in another script, use the `import` statement.

```pinescript //@version=5 library("MyLibrary")

// Function to calculate the average of two numbers calculateAverage(a, b) => 

   (a + b) / 2

```

```pinescript //@version=5 import "MyLibrary"

average = calculateAverage(10, 20) plot(average) ```

Debugging and Error Handling

Pine Script provides limited debugging capabilities. The Pine Editor highlights syntax errors. Use `runtime.error()` to generate a runtime error message. `plotshape()` and `plotchar()` can be used to display debugging information on the chart. Carefully review the TradingView documentation for error messages and common pitfalls. Understanding how to interpret Pine Script Errors is a crucial skill.

Resources and Further Learning


Pine Script Version 5 Input Options Strategy Tester Technical Analysis Moving Averages Backtesting Profit Factor Sharpe Ratio Pine Script Errors Ichimoku Cloud Fibonacci Retracements Candlestick Patterns Strategy Development Trading Strategies Indicator Creation Alerts in Pine Script Overlay Indicators Historical Data Access Optimizing Pine Script Code Pine Script Libraries Advanced Pine Script Concepts Order Management in Pine Script Position Sizing in Pine Script Risk Management in Pine Script Common Pine Script Issues Debugging Pine Script Pine Script Best Practices Pine Script Data Aggregation Pine Script Security Functions

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