NEW Pine Script Feature Updates! (July 2023)

hey Traders thanks for tuning in in
today's video we're going to be going
over some of the latest feature updates
to the Pine script language so here is
the official blog post from last week
from the trading view team and we'll go
through it it's quite long we'll go
through all of these new features that
have been added to pilescript but before
we do that I want to mention that a
Trader by the name of Mark sent me some
code improvements to my monthly
performance table so this performance
table here is showing my month on month
performance for a trading strategy I
published a video on the YouTube channel
explaining the source code of the script
a few weeks ago and I published an
update this morning that significantly
improved the script so now you can
change the text size of the table you
can also change how many years worth of
information display so if I set this to
six now we have six years of information
on the table and you can cycle through
the different pages which will show you
previous years worth of information so
you don't have to have your chart
cluttered with this giant table so I'll
leave a link in the pin comment below
and in the video description to descript
if you're interested in this you can
copy and paste the code from this script
everything from here down into any
strategy script and it will add this
table to your script so yeah go and
check that out if this is something
you're interested in and you want more
information from the strategy tester
that isn't provided with the vanilla
trading view system now to today's video
content the pine script features that we
have to work with now there's a few more
we can play with so the first important
update here is that we can now run more
realistic back tests on hike and ashy
charts so hiking ashy is a type of
Japanese Candlestick pattern it's not
based on open high low close price
values directly it's based on an average
I can't remember how the formula works
but it it Smooths out price action a bit
I've never actually used it in a trading
strategy let me turn off the debug mode
here and jump onto a hike and ashy chart
some of you may have never even seen
this this Candlestick type you can see
that it Smooths out price action a lot
more the Candlestick colors are a lot
more sort of consistent than not based
on the traditional bullish and Parish
where the price closed higher or lower
it's based on averages go and Google the
high can Ashley formula if you're
interested but the important thing the
trading view developers have added to
the strategy tester is the ability to
run our back tests using open high low
close values on hike and ashy charts so
what this means is if you code a
strategy script in hikanashi which I
wouldn't recommend you do unless you're
very experienced at trading because
these are synthetic price charts they're
not actually displaying the true price
value on these Candlestick patterns but
if you know what you're doing and you're
familiar with hikanashi and you do
happen to create a script that uses
hiking ashy you can now turn this
feature on so that your script will
execute orders based on real price data
so to demonstrate this let's grab a
script off the channel I'll just jump
over to
the strategy lab playlist and find
something let's just do the mean
reversion strategy here I'll just grab
the source code off the website for this
copy
create a
new blank script add it to my chart and
have a look at what's going on here so
if I change this back to normal
candlesticks and we find a trade here's
one here so this mean reversion script
has placed a limit order at this green
line it got filled on this bars open and
then we close the trade after price
rallied so now if I change this to hike
in ashy what the script is now doing is
analyzing all of its logic based on the
hiking ashy Candlestick information so
for example if my script requires a
lower close than the previous candle in
order to place a buy limit order one ATR
below the low which is similar to what
this mean reversion system does the
setup is a little more complicated but
let's imagine that's what we're doing it
will base all of that the ATR value so
the actual true range of the past x
amount of candles I think it's five
candles in this script it will base that
true range based on the hiking ashy
Candlestick information which is not the
same same as the Open high low close bar
information because we're working with
averages here so you can see that each
Bar opens in the middle of the previous
bar that's not a real opening price
that's not where the candle actually
opens and by extension we cannot trade
that open we cannot place a trade in our
broker to open a trade at a synthetic
bar open price so what would happen is
if I open up my strategy tester here and
I make sure I've got this off these
strategy results are useless they're
completely useless because they're not
based on real price information it's not
realistic we couldn't trade the prices
that this script is trading if we find a
trade that it did take look at this one
you can see that the script exited
portrayed at this bar is open but if we
go on to a normal bar chart you'll find
that this was not the actual opening
price of this bar and so now if I turn
this option on this new setting let's
have a look at this trade here there we
go you can see that the bar actually
opened here at my blue line and so now
the script is entering and exiting
trades using the underlying real price
information that these hike and Ashley
bars are based on so I'm not going to go
into any more information about that I
don't recommend using hackenashi candles
for anything really to be honest unless
you're very experienced to trading
because they're based on synthetic price
values it's just dangerous if you don't
know what you're doing you'll be not
experienced so for those of you who are
experienced we have this new cool
feature to work with it's off by default
that's important to mention so if you
are working with a high can actually
script make sure to turn it on you can
turn it on permanently in your script
code using this parameter here so if I
copy that into my
strategy parameters up here equal true
now that setting will always be on so I
recommend doing that if you're working
with high kanashi
next up we have this really cool feature
which I'm actually happy to see in a
past update the trading view team added
an option to set our plots to specify
how to draw our information up here on
the indicators status bar so some
indicators have dozens and dozens of
indicator values and they clutter up
your chart sometimes you want to know
what some of these values are some of
them are moving average values some of
these values are important to know but
the majority of them usually aren't like
we don't need to know what each price
value of each ATR Keltner band here is
and that's what these three numbers are
this is the moving average price so
let's say we want to keep the moving
average price but we don't want these
drawing we can just add this parameter
display dot Pane and if I paste that in
here and save my code you can see the
values have disappeared from up here and
they're only displaying on the chart
pane now you can also display them only
in the data window here if I set that to
you
have done a window now you can see
they're not drawing on my chart at all
but they are drawing in here well now we
can do that same functionality with our
user inputs so if I come up to my user
inputs here
um let's say we don't want to see Middle
High we don't want that text parameter
displaying in my status bar I can say
here now displayed up none now if I save
my code middle has gone away but we
still have high drawings so let's copy
this parameter here paste it onto this
user input that should get rid of high
as well there we go now we only have our
indicator values showing in the status
bar of our user inputs so that's
actually a pretty cool feature because
um it's not uncommon to have scripts
that have lots and lots of user inputs
and they can really clutter up your
chart with unnecessary information so
now we can turn these values off without
having to go into the settings menu and
turn off arguments turning this off will
remove all of our parameters but
sometimes you you want to display some
parameters but not all of them so that's
what this setting is for this new
feature very cool stuff next up we have
some new built-in variables to access
instrument information so information
about the Market we are trading so
Sim info is used to get symbol info and
there's a lot of parameters here to work
well not a lot but a decent amount of
quite important information here and the
trading view team have added a few more
so now we have country what else did
they add
we have sector industry and Country so
this is more for stocks here I've just
quickly created a label that is going to
display this Sim info.country value on
the last part of my chart there we go so
spy is us if we jump over to
Dax is it Dax I think is a German index
yeah German Index this should say
something German d e if I jump over to
all ordinaries we'll have a u I'm
guessing don't know why that is not
working I don't know why is last didn't
work just because this bar is active but
anyway
there we go Au so you can get the
country code we can also get the
industry so let's have a look at
what industries something like
apple is
let's see what the label says
telecommunications equipment okay what
else do we have if we had
um sector as well so let's have a quick
look at that electronic technology
sector
so
given the fact that these strategy tests
that cannot perform a portfolio level
back test meaning it can't backtest
multiple markets simultaneously I don't
really know what the point of this will
be for most people normally you would
use this as like a filter so that you're
only trading certain sectors or or
avoiding certain sectors but I guess
it's interesting and useful to have
access to this information hopefully
this is trading view working towards
expanding the strategy tester in the
future to be capable of portfolio level
back test but we'll see I'm sure if that
does happen it'll be a long way away but
anyway I digress let's go over the rest
of these feature updates
we can now disable alerts for certain
orders in strategy scripts so here you
can see they've disabled the alert for
exits so normally if you come up to the
alert box here and you select a strategy
script
it will now generate an alert whenever a
order is executed strategy alerts
trigger when the strategy executes an
order but for whatever reason you may
not want to trigger an alert for every
order maybe you only want to enter
trades and then manage the exit manually
for example you could use a third-party
API to enter automate your trade entries
so you can detect a setup you like to
trade on the markets you like to trade
generate an order on your broker but
then let's say you want to use
discretion to manually manage that
position and exit that position if you
don't want to send an alert to your
broker or you just don't want to be
annoyed by having hundreds of alerts
like I do up here you can use this new
feature disable alert equals true
now when the strategy script closes this
open trade if I have set alerts on this
script an alert will not be generated
for this particular order but it will
still be generated for this so disable
alert is going to be off by default but
if you turn it on you will not generate
alerts for specific orders so that's a
great addition for you automated Traders
out there next up we have this
interesting one here that I read over it
says calculation change for maximum
drawdown and run-up in strategies the
calculation of Maximum drawdown and
maximum run up so this is your max
drawdown the maximum the system lost and
Max run up is your max favorable
Excursion what was the maximum profit
you had on the table versus what you
realized what you actually took out of
the markets trading view have improved
this these metrics to take into account
the potential Capital that could have
been achieved within a trade previously
only the capital values at the entry and
exit points were considered so I guess
Max drawdown will be worse now on an
open open trade basis so let's draw out
a bit of price action here let's see
this is price values let's say you enter
long here and you exit your trade for a
profit here previously it seems the
strategy tester did not include this
underwater period of time in your max
drawdown calculation it only considered
the entry and exit points so it would
only count the max drawdown if the trade
was closed for a loss and vice versa if
you
entered a long trade here and then
exited your long trade here this period
of time here would not be considered in
your Max run-up and so these values
would not correspond to their maximum
potential value so training view have
changed how this works so that it should
more accurately calculate your max
drawdown and Max run up for open Equity
so personally when I'm Building Systems
I'm more interested in the realized
drawdown and realized profit but these
are interesting and useful metrics to
track in certain situations so I
definitely recommend coming and reading
these two articles they're quite
important to know if you are using these
metrics in your strategy development
process next up we have support for the
varip modifier in user-defined types so
the VAR IP
um keyword is similar to the VAR keyword
so VAR keyword makes your variables
persistent across all the bars on your
chart so typically Pine script will
reset all of your variables on a new bar
unless you put this keyword in front of
the variable name once you do this the
variable will retain its value across
all the bars on your chart until you
force it to update so this is very
useful for things like trailing stops
for example you want your trailing stop
to be persistent across all the bars on
your chart you don't want to be
resetting it on every new bar or it will
never get hit so the VAR IP modifier is
similar to that but it allows variables
to retain values between each execution
of the script on the same bar so each
tick update
and this keyword can now be applied to
fields of user-defined types so here's
an example a bit of code let's copy this
over into the pane editor add it to our
chart so we're looking at at uh this
indicator here
so what's happening here is we're
defining a user-defined type with a
counter in it one of these has the VAR
IP keyword one does not they're both
being incremented by one every time the
script executes on the current bar but
one of them uses the VAR IP keyword and
one does not you can see this one this
first value is adding one to itself
every time the script executes and your
script executes on a real-time bar
whenever volume changes so a trade was
executed at the current price or the
price itself changes if either of those
two things happen your script gets
executed a second time and now we can
use the VAR IP keyword Within
the context of a user-defined type so a
bit of a niche feature update here but
I'm sure it'll be very useful for
certain use cases moving on we have a
pretty cool new feature here that I'm
very keen to play around with and that
is currency conversion rate request so
we can now use the request dot currency
rate function which allows us to
retrieve the conversion rate from one
currency to another this function
requires two parameters from and two
each being a three letter string code so
this is very very cool I really like
this one because
it helps with particular use cases like
strategy automation if you're a Forex
Trader and you're trying to send orders
to your broker it can be a bit tricky
sometimes to calculate the position size
to send to your broker for example if
you're using auto view you need to send
the order size along with your order to
auto view to be executed on your broker
if you're using pine connector you don't
need to do this because Pi connector can
calculate your position size inside
metatrader but for a third party like
auto view or certain cryptocurrency
Automation Services you'll need to
specify your order size your position
size and this new request.currency rate
really simplifies that process for
example in my ultimate pullback
indicator
I have a block of code here first of all
look at how many parameters are in this
indicator this UPI script I need to go
through and use that new feature to
convert all of these to display.num
so that I can remove all of this clutter
so I'm looking forward to doing that to
a lot of my scripts actually if I come
down here to determine position size for
auto view
this is the code I had to write out in
order to get the correct currency
conversion you can see there's at least
seven lines of code here just to get the
currency conversion rate so that when I
pass in my account size into auto view
here
that it converts my position size
correctly using my account currency or
the denomination of my currency in my
broker compared to what's on the chart
so yeah this newrequest.currency rate is
going to be very handy for that
particular use case and last but not
least the final feature update listed in
this blog post is new functions in the
array namespace four new functions were
added for playing with arrays a redot
first Returns the first element of the
array last returns last element every
returns true if every element of the
array is true otherwise it returns false
and sum returns true if at least one
element contained in the array is true
some quality of life updates for the
array namespace here and that about does
it for today's video it was a bit longer
than I expected there are some pretty
major not major but significant feature
updates here they're not just little
things so it's really cool to see
trading views still expanding the pan
language that keeps me in a job for a
bit longer and it helps us to write
better scripts so it's a win-win for
everyone it makes training view more
useful it makes coding in pain more of a
pleasure still has a long way to go in a
lot of ways particularly in the realm of
strategy development and back testing as
far as trading tool development goes
like indicator development setup
detection it's a pretty amazing language
but as far as strategy testing goes it's
lacking significantly in a lot of ways
that I hope they improve in the future
one big thing for me is portfolio level
or basket testing being able to test
multiple markets or even just run your
script on multiple markets for example
how amazing would it be if we could
write a script that analyzes markets for
setups and we could just plug it
straight into the stock screener or the
crypto scanner I can't believe 20 of you
haven't added that feature yet it would
be great to be able to write our own
filters to scan the markets to detect
certain conditions and setups there's
probably third-party tools out there
that allow us to do that but it would be
great to have that all built into
pinescript for now that will do it for
today's video I hope you found these
features interesting let me know in the
comments what you plan to do with some
of these feature changes and updates
because I'm genuinely very curious to
see what you guys plan to do with all of
this anyway with all that said I'll wrap
this video up here thanks for watching
if you want to learn more about
poundscript you can check out the video
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your support have a great week ahead and
good luck with your trading take care