Pine Script [OUTDATED V4] Tutorial Lesson 2 Drawing Data to Your Charts

[Music]
oh my god I'm doing it again what's
wrong with me dude
hello everybody welcome back to lesson
two it my Pyne script class my name is
Matt I run zen and the art of trading
comm and today I'm gonna pick up where I
left off in my last video if you haven't
seen that I'll leave a link in the
description but let's just get straight
into it in this video I'm gonna go over
a couple of new methods of using pine
script to achieve certain things on your
charts today we're going to be covering
plotting the lowest low and highest high
over a set period of candles this will
just give you an introduction to a
couple of the pine script methods and
functions I'll also go over certain
things like color and linewidth and
transparency a few things like that that
will help you down the line if you come
down here open up your pine script
editor and here we go now I've already
started this script chords lesson too
but apart from this if you open this
with a blank script then this should be
all the same as mean except for the
script name you can name your script
whatever you like I'm going with lesson
2 just for consistency's sake I'm going
to be making a lot of these lessons so
I'm just going to call them by the
lesson name so the first thing we're
going to do here is we're going to
detect the highest candle over the past
50 candles and it's really simple to
achieve that all we have to do is type
this in highest oops caps lock
good old caps lock gets you every time I
should mention real quick that a lot of
these functions that if you use the
wrong case it won't work if I go save
here I'll get an error could not find
function or function reference a lot so
keep that in mind spelling is extremely
important when it comes to programming
putting in the wrong bracket putting in
the wrong quotations anything like that
will result in errors it's very
important that you develop an attention
to detail when you're coding you'll work
that out through experience so I don't
need to go over that too much
but for the most part you should really
just copy what I'm doing note for note
this is in school they teach you not to
not to copy other people's work in
programming it's the complete opposite
don't try and be too original otherwise
you're going to run into all sorts of
problems so the first thing we're going
to do here is type in highest high and
the highest high is going to be set to
this equal sign means set this variable
we're creating to this value we're about
to define and here we're going to use a
pine script function an in-built pine
script function this all these functions
make our job so much easier then if we
were to have to code this stuff ourself
and here's a good opportunity to show
you another inbuilt feature of plan
script that you'll find extremely
helpful in your coding especially as a
beginner but if you type start to type
high and then put an e on the end there
because we're going to type highest but
if you press ctrl and then space it'll
list the inbuilt functions built-in
functions of pine script and so we're
going for highest here we're going for
highest and then all functions inbuilt
functions which are equivalent to
basically inbuilt scripts this will
return a value we need to tell it what
we're looking for here so we're looking
for the highest high and we're looking
over a period of 50 candles that's all
we have to write in here you could write
low in here or close anything like that
and it will detect the highest low over
the past 50 candles I'll go over that in
later videos but for now just keep it
simple because this is only lesson two
so that's going to detect the highest
high but if I change this close to high
click Save and then add to my chart
you'll see oops I forgot to set overlay
to true that's another thing that you'll
learn through experience when and when
not to use that so now if I add it to
chart you'll see it draws the highest
high oops I made another mistake sorry
it's a bit early in the morning here
I've only had my first coffee
this is drawing the high of the candle
you know before it had said close now
it's just drawing the high and we don't
want that we want the highest high which
is this variable we created here now I
save that
there we go you see so now it's drawing
the highest high over the past 50
candles so if I do this you see 49 bars
on the fiftieth bar this line starts to
drop and that's because it's detecting
the next candle down then the next
candle down and so on until it's hit by
price action and I don't need to explain
what this is useful for there's all
sorts of applications of this sort of
code but we'll go over that in later
videos for now I'm just showing you how
this stuff works so we're gonna write in
one more here and it's gonna be all what
is it wrong with me today lowest low is
set to the lowest low of the past 50
candles now if I come down here type in
another plot you can have infinite
amount of plots as far as I can tell
I've never reached a limit so you can
plot as much data as you want on to your
charts and this one is going to what the
lowest low and now if I hit save we'll
see another line up here at the bottom
here similar to this top line where it
will be detecting the lowest low of the
past 50 candles I click Save there you
go you can see that the line started to
rise here and then it rose and rose and
then price action hit it and the low
began to drop because this became the
new lowest low over the past 50 candles
and so on so on and then now this is a
current lowest low and this is a current
highest high of the past 50 candles so
that's about it for this technique but
what if you want to change this on the
fly right now if you go up to the
options you've got no way to change this
50 value and that can no one wants that
the the whole point of making scripts is
to make it convenient you have to come
down here and change this number every
time you want to change the value that's
going to be very inefficient so let's
add an input function we're going to
call this input function the look back
so this will be the look-back period we
get you know if you've got the RSI on
your chart I'll just show you real quick
for those who might not understand
exactly what's going on here that this
length 14 is saying calculate the RSI
value over the past 14 bars so we want
to do the same thing without with our
look back now highest high lowest low
indicator and we're going to
call on another inbuilt function called
input input allows you to create a
settings menu where you can have all
kinds of all kinds of value inputs from
numbers to timeframes to words what you
know whatever you want to use in your
script so there's three or four
variables we need to define in this
function in order for it to work how we
want it to the first is a title if you
don't put a title in I'm pretty sure
that when you open up the settings menu
it will just be called whatever the Val
the variable is so we want to call this
say look-back period or you could call
it length whatever you prefer and we
need to define what type of input this
is is that a number is it text is it a
time frame in this case it's going to be
a number and like I said in the previous
video there's a lot of jargon in
programming that you'll have to learn
one of those is that numbers aren't
called numbers in coding they called
integers the reason for that is because
there's all different types of numbers
there's numbers with floating decimal
points in pine strip that's called a
float a floating number a floating-point
number but we're not going to go into
that just yet because again that's a
little more advanced we're just going to
deal with a normal whole number which in
our case is an integer so we need to
type in that this type of input is an
input dot and then if you press control
space here's a list of inputs you can
choose from
we've got bull which is short for
boolean we went over that in the last
video
we've got float which I just spoke about
which is a decimal point number that can
be helpful for dealing with things like
ATR multipliers and stuff like that
we've got integer which is a whole
number that's what we're dealing with
today
I've got resolution which is time frame
basically we've got session which is a
like real world time setting so you
could set say between 9:00 a.m. and 3:00
p.m.
using this we'll go over that in later
videos we've got source which is open
high close that sort of thing that can
be useful for say we could change this
to a source input and so you could
change this to be high hello
close all of that in the settings menu
but again we'll go over that in another
video
I'm going to keep
today string is text just like boolean
is a jargon for true or false and
integer is jargon for whole number
string is jargon for text and finally we
have symbol symbol is the currency pair
you're going to be trading or the market
all that sort of stuff you can actually
reference other markets in your pants
trip codes so if you wanted to compare
the price of the British Pound and the
US dollar to say gold against the
Australian dollar for I don't know why
you'd want to do that but you can do it
in this script using the symbol input
function which is pretty cool that
allows you to achieve some some really
cool stuff really advanced stuff we'll
go over that there again in another
video so today we're going to click on
input integer now we also want to set
the default value of this input because
we don't want it to be 0 otherwise every
time you add the script to your chart
it's just going to show the height of
the read most recent high so we're gonna
type in de FV al and that's short for
default value and we're going to assign
this to 50 and that way we can replace
this later with this lookback variable
and it'll look exactly the same when you
first add the script to your chart but
then you can come up to the settings and
mess around with the look-back period
and we might as well while we're here I
can do this isn't really necessary but I
can show you how to set the minimum Val
the minimum value which is mi n VAR min
Val the minimum value we'll just set it
to 1 here because there's no point in
going below 1 with this sort of script
and just change this now to say look
back which is referencing this variable
we just created
put that on both of these because we
want to look back to be consistent
across both lines here you don't have to
do that you could have a separate look
back for the hires and a separate look
back for the lows if you wanted to you
just have to copy this line change the
variable name and put that in here but
now if I click Save nothing will change
unless we come up here and we play with
this new variable setting that's shown
up on our user interface so we can set
this to whatever we want say we want a
longer look back we can go
hundred and if I click okay here this
these lines will get longer because
we're looking over a longer look-back
period see and there you go you can
change this to whatever you want you
change it to a thousand if you wanted to
yeah that's about it I'll go over a
couple more features while we're here I
can show you a few more basic features
like changing the color of these lines
and the line width and all that sort of
thing but I should also mention that you
can we'll go over this again in later
videos is so much to cover I can't do it
all in one video but you can even
reference other time frames so you could
be drawing the weekly high or the weekly
low or the monthly high monthly look
daily high daily load whatever you want
pretty much any time period you want you
could do the three and a half hour high
if you wanted to there's a lot of
customizability I think that's a word in
pine script so yeah even though this is
quite simple these foundational
functions and features can work together
to create some really cool stuff which
we'll get to over the course of this
course if this is too simple for you
don't worry we're going to get much more
complicated as we go on and we're gonna
create some really cool stuff so while
we're here I might as well go over some
of these other features say you want to
change this top line to be red colored
we have to change the plot function
we're going to add a couple of new
variables to this we're going to say we
want to set the color color is set to
color dot and this color dot is going to
select from the group of color names so
if we press control space here you'll
see here's a list of colors we can
choose from and we want color dot red
because this is a resistance level
theoretically because it's a high this
is likely to act as resistance on price
not support so there's that we're also
going to set the transparency to zero
and the reason for that is because it
makes the lines a little bit more
vibrant makes the color stand out a
little more so transfer is P is short
for transparency so we're just going to
leave that as trance equals zero that
will set the transparency to zero if you
set this to 50 it'll be half transparent
but today we're going to leave it as
zero and then we're going to have the
line width is set to two
I'm gonna set it to do that right now
this is set to one which is quite thin
you can set this as high as you want I'm
not sure how look that - I know - looks
pretty good so believe it is - and
that's it for that one we'll come down
to the lowest low and we'll set the
lowest low to blue you could also set it
to green if you wanted to but we'll set
it to blue for now I will also set the
transparency on this to zero and we'll
set the line with two as well to be
consistent just like in trading you want
to be as consistent as possible with
your coding and so that's it we click
Save and that will change the color of
these lines and the line thickness just
like that and there you go you've got
your first little script setup you can
change this variable you can change the
colors of these so you wanted this to be
green instead of blue and you wanted
this to be pink because you're crazy and
there we have it you've got your first
little customizable script and I've gone
over a couple of really standard pine
script functions and features and
variables that you're going to be using
in your scripting and this is a pretty
good start I feel if you're brand new to
pine script then this will give you if
you study what we did here and you play
around with this stuff you're going to
learn a lot of the basics of pine script
coding and you're going to be using a
lot of these features and functions
quite often I hope you found that useful
and helpful I'll go over a couple of
other things really quickly how the
first thing is all of these values are
calculated on each tick each price tick
so it's calculated on a bar by bar basis
but it's also calculated in real time so
if we go down to the 1-minute chart and
I set this value to zero
oh one is our minimum value and it
appears the markets closed right now
which is bizarre I didn't think they
closed on a Tuesday morning I'll have to
go to a different currency pair to see
if we can get some movement I might just
go to Bitcoin because bitcoins always
moving
come on Bitcoin you can do it you can
move further than that
there we go so you can see this low is
being drawn but that the
you hold this candle you have really not
helping me here Bitcoin I was hoping
you'd be moving more than this right now
and they save bitcoins the volatile I'm
just kidding I know this is a one minute
chart doo doo doo doo where are the
bitcoin whales at come on I'm gonna
change this value to I'm gonna change
this to say close and I'm gonna comment
out this line just so that we can
quickly get get the idea here
see that line just moved down it's being
calculated in real time based on the
tick's of price action you can change
that functionality in the script if you
want it to only calculate based on
closed candles and not current candles
you can do that but I'll get over that
not in other videos but that's something
important to remember is when you when
this code is executed each time price
moves and one last thing I want to go
over is well first of all on my website
here I've got a few more lessons here if
you want to jump ahead it was going to
be take me a while to make some of these
videos but if you want to learn a little
bit more advanced stuff I've got things
here such as how to detect candlestick
patterns and that sort of thing so just
go to zen and the art of trading comm if
you want to find this stuff I'm gonna
make videos on all of this obviously
when I get to it
but if you want to steal the code and do
a bit of cheating here you go you can
come here and do that if you're a little
more advanced and this stuff is too
simple then come on over here and you
can learn a little bit more advanced
stuff before I get around to it with
these videos one other thing I want to
get into I want to show you behind
script wiki and you come up to the first
link here just tradingview com4 slash
wiki forward slash pine underscores grip
up I'll put a link to this in the
description you come here and well
nevermind have moved it okay I'll put
this link into the description so this
is the new documentation for the latest
version of pine script which is version
4 ah to be honest this guide looks a lot
better than their old guide so it's
probably a good thing they did this so
if you want to learn a lot of the
specifics like language fundamentals
this will quite be quite important
especially view if you
want to get into really advanced stuff
I'll teach you most of this stuff myself
but it can be helpful to come here and
find out some of this information these
are your like average everything I can't
speak this morning these are your
arithmetic operators so for dealing with
numbers and stuff like that you'll find
some really good stuff on here so this
is this can be quite useful obviously
there's also the autocomplete function
here but you need to know what you're
looking for before you can find it so
this site can be helpful for that this
is a great reference site and that's it
for today's video it's already gone
longer than I wanted it to I there's the
volatility we've been looking for
Bitcoin finally you've been asleep on us
and now you're awake or awesome anyway
that's it for today's video thanks for
watching I'll see in the next one and
we'll go over what the hell happened yet
we'll go over some more advanced
features of Pyne scripts see you then
guys have a great day good luck with
your trading good luck with your coding
and I'll speak to you soon see you guys
later
[Music]
you