PineScript is the language used to make custom charts on Tradingview. Few years ago, I made a custom charting script on Tradingview following their documentation. Let us look at it:
First part of the script is just naming it, and forming the plot:
//@version=3
strategy(“My Script”)
plot(close)
Next, what you have to do is set the x axis: x=20%10
Then you set intraday and swma:
strategy.risk.max_intraday_loss(100, strategy.cash)
strategy.entry(“buy”, true, when = open > close)
plot(swma(close))
SWMA is for Stochastic Weighted Moving Averages, SW-MA is different and is for Sine Weighted Moving AverageYou are also setting the strategy entry in the above script, and variables can be changed to your preference.
// Pinescript, basic weighted moving averages
pine_swma(x) =>
x[3] * 1 / 6 + x[2] * 2 / 6 + x[1] * 2 / 6 + x[0] * 1 / 6
plot(pine_swma(close))
plot(vwma(close, 10))
This next part of the script, which is above is setting Pinescript’s basic weighted moving averages.Then you finally set
pine_vwma(x, y) =>
sma(x * volume, y) / sma(volume, y)
plot(pine_vwma(close, 10))
As the closing of your strategy which includes the simple moving average.The final script should look like:
//@version=3
strategy(“My Script”)
plot(close)
x=20%10
strategy.risk.max_intraday_loss(100, strategy.cash)
strategy.entry(“buy”, true, when = open > close)
plot(swma(close))
// Pinescript, basic weighted moving averages
pine_swma(x) =>
x[3] * 1 / 6 + x[2] * 2 / 6 + x[1] * 2 / 6 + x[0] * 1 / 6
plot(pine_swma(close))
plot(vwma(close, 10))
// same on pine, but less efficient
pine_vwma(x, y) =>
sma(x * volume, y) / sma(volume, y)
plot(pine_vwma(close, 10))
Now this is a very basic script, and there are still a lot of things you can do with Pinescript including really advanced technical analysis and charting strategies.
Visit QuantPortal website to download the code.
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