Pine Script VERSION 5 is finally HERE! 💥

it finally happened traders panscript
version 5 has finally been released and
my workload just increased significantly
but i'm super excited about this
stick around and we'll break down
exactly what we can expect from the new
changes and improvements to the latest
iteration of the pine script programming
language
so first of all the good news is these
changes to pan script this latest
version of the pinescript language
improves and builds upon
version four so we don't need to relearn
everything if you've been following my
lessons for a while or you've bought any
of my courses
all of the information you've learned
so far is still very much relevant there
are a few new
new answers we'll need to learn a few
new changes to how we call certain
functions that we'll need to learn
basically new habits we'll need to
develop but it will be worth the trouble
because these changes are intended to
make pine script even more intuitive
even more simple to use and in this
video i'm just going to break down some
of the changes they've mentioned and
explained in this blog post and from now
on all of my new lessons will be in
version 5. so if you've already bought
any of my courses i am going to go back
and update the core lessons to be
relevant for version five and any new
lessons i record are going to be in the
latest version of pinescript but anyway
with all that said let's break down this
blog post and have a look at what we can
expect going forward out of pinescript
alright so here is the blog post the
official blog post from tradingview
there'll be a link in the video
description and it is time to say hello
to panscript version 5.
pine is now more powerful than ever so
let's go over a few things the first
most important thing to point out is
that there is an inbuilt converter that
will automatically convert your version
4 pine scripts into version 5. to do
that you just click on this little
ellipses button hamburger icon thing
whatever people call this and click on
the convert to version 5 button so just
real quick let's jump over to the pine
editor and test this out so here's the
script i was working on this morning um
my rvol by time of day indicator that
converts volume based on intraday
times of day if i open up the source
code to this you can see that this is
version 4 of the script let's try this
out let's convert to version 5.
and there we go easy as that first thing
i notice
is that version 5 looks pretty cool
there i like that
we now call our indicator scripts
indicators not study scripts and we have
things like this ta.change so normally
in version 4 you would use the change
function but
the training view team have added what
they call name spaces and so
now to call certain functions relating
to certain use cases in this particular
case this is a technical analysis
function so it falls under ta so i
imagine if i type in ta here and press
ctrl space
we'll get a list of all the functions we
can use
relating to technical analysis which is
pretty cool because in the past you
would need to look up
all of these functions there's a bunch
here i've never even seen before
certainly never used before and didn't
even know existed because you'd have to
read through the
training view documentation to find out
about them
and so that's pretty cool so now
whenever you want to use something
relating to technical analysis
we can just type in ta control space and
get a list of functions we can use so
that's a cool new change that i'm sure
will be very helpful when it comes to
coding scripts but let's jump back over
to the blog post so that's cool we can
convert our old scripts to the latest
version that's very handy
another very very cool feature of this
version five that i'm super excited
about is libraries
so a key addition to pine that comes
with version five is libraries
libraries are a new type of publication
so i'm i'm guessing they mean you can
publish this
the same way we publish scripts onto the
trading view script library
and this new type of publication allows
you to create custom functions to be
reused in other scripts this is
effing awesome to be honest with you
this is something i've been hoping they
would add
for quite some time i have a lot of
scripts that rely on certain custom
functions that i need to copy and paste
across all of my scripts now i can
publish a
zen in the art of trading panscript
library that includes all of my custom
functions for things like converting
pips to whole numbers truncating decimal
places
just random utility functions i've
created over the years that help with
certain
repetitive activities that we that i
often do in my scripts so this is really
really cool once a library is published
other scripts
be it indicators strategies or even
other libraries can import it and use
its functions
you can use libraries to include complex
algorithms or frequently used functions
so that you
or the whole pine community can easily
reuse them this is huge this is a really
really really
awesome feature to be added to pine and
i'm excited to explore this one
in future lessons
they also include a user manual page
here on libraries so if you want to
start using them before i get around to
recording lessons on them go and read
this i'm sure it's going to be a
fascinating read for anyone that's
interested in pine and at the end of
this post
on this user manual you will find
library examples published by members of
their
pinescript or tradingviewpinecoders team
so this will be great for referencing
how to go about creating libraries for
yourself
next up a small thing here but pretty
cool as well is the default values for
user defined functions so this is an
improvement that goes hand in hand with
the new libraries functionality or
feature a default value can be defined
for parameters in user-defined functions
so this would be a user-defined function
right here
just a custom function that you anyone
can create and you can now assign a
default value to the parameters in your
own functions so normally you couldn't
do this you couldn't have exp equals two
um you would probably in order to
achieve the same thing need to use a var
variable with a or an input user input
and you would need to use a conditional
statement to overwrite this based on
whether or not
your script needed to use a different
value than the default now you can just
define the default straight up in your
custom functions parameters that's a
cool little feature not something most
of us would use frequently but
definitely a great quality of life
improvement particularly when
working with libraries and that i
imagine is why they've added this new
feature to custom functions
so that's cool next up we have switches
switches are great um they're they're
basically they operate like an if
statement it's like having a bunch of if
statements so a great example of
um when you might need to use a switch
statement is this
uh script here that i've created this
arvol indicator i was just showing you
which i was just showing you how to
convert to version five
in this script i have a bunch of color
schemes inbuilt color schemes that the
user can select
and they
change the
color scheme of my
relative volume indicator if i open up
the source code to the script and scroll
down to where the colors are defined
this is an example of something that
would
be much better converted into a switch
statement so instead of having four
different if statements here i could use
one switch statement pass in the bar
color option and then i could structure
my switch statement to be a lot more
efficient from a coding perspective we
could do the same thing i'm doing here
with
quite a bit less code so that's really
cool and something i will definitely be
exploring in future lessons
here is an example of a switch statement
so this is a custom function for getting
a
moving average based on whatever the
user has selected from the settings menu
so we have an rma and sma and ema and a
wma this switch statement passes in the
smoothing input option so whichever
one of these the user has selected that
gets passed into our switch statement
and then our switch statement here
checks
is this value rma then get me an rma if
it's sma get me an sma and so on
normally you would need to use if
statements to do this and so you would
have an extra line of code for each
option here
now we can do it in a switch statement
which is really cool that
makes coding a lot more efficient in
pine next up we have drawing collections
i'm not really sure how often i'll be
using this particular
functionality uh we'll cover this in
future lessons too probably but this is
a pretty niche thing i don't think many
people will need to
work with drawing collections
next up we have a while loop so this is
pretty cool this is very very similar to
a for loop
in that it's a loop for one thing um but
instead of passing it a number an index
to skip through so instead of saying for
example four i equals 0
to 10 which would loop uh 10 times
we can now use a while loop which will
loop infinitely
that's my
drawing of an infinity sign you're
welcome
the while statement will execute
indefinitely until it is either broken
out of or the boolean condition that
you're looping on
becomes false so this is um
it's like a for loop except instead of
counting
we pass it a
boolean value so while that boolean
value is true the loop will continue to
loop and as soon as that boolean value
becomes false or we use the break
operator break command to break out of
the loop then the loop will continue to
loop forever and ever this is useful for
certain use cases that we'll get into
[Music]
in future lessons i'm sure and the next
up we have runtime error which is a new
function that now makes it possible to
halt the execution of a script and
display an error message
on any condition you can define in pine
this will come in handy for script
creators who want to prevent users from
using their indicators incorrectly
it can also be used as a debugging tool
um
so yeah this will be interesting to play
around with i'm sure we'll explore this
in future lessons i love to throw
detailed errors in other languages when
i'm working
with code so for example in java when
i'm coding in java i like to make sure
that all of my errors
if the script encounters an error
i like to make sure that it's very clear
what the error was and how to isolate
why it happened and so this could be
really useful in pine under certain use
cases for example down here we have
runtime.error
session based vwap does not show
meaningful data on time frames above the
daily chart
please switch to a lower time frame so
this is a cool little uh
sort of function
designed for users of our scripts i
guess
more than us ourselves unless we're
using it for debugging
so that's a cool little thing all of
these little things
do
um
help to make planscript
uh
sort of it helps to bridge the gap
between panscript and other more
advanced programming languages in terms
of feedback to the user
in terms of
just making it a more mature programming
language so that's really good to see
and the next up we have new strategy
parameters good news for strategy coders
we have added a whole bunch of new
variables and functions to give you
visibility on trade properties
statistics and metrics
their values update as the broker
emulator executes your orders so you can
follow values as your strategy
progresses
so that's pretty cool i have no idea
what variables and functions they've
added
but we'll
almost certainly explore that in future
lessons and certainly explore it in the
mastery course for anyone who has access
to that course so if you're a mastery
course student don't worry i will be
exploring all of these new features in
detail in the course as well as updating
old lessons when i find the time
finally we have our new namespaces so
this is a great feature
our community of pinecoders tells us
they appreciate the unprecedented rate
of additions we have made to pine in the
last few years certainly that is true
for me i certainly appreciate it
and
trading view intend to sustain the same
pace into the future
this however creates a constant stream
of new pine functions and built-in
variables and because
as i mentioned earlier in this video
these inbuilt
functions and built-in variables were
hidden in the documentation you would
have to go and read the documentation to
find out what they were now panscript
uses what is called namespaces so
they've already been slowly implementing
this feature this functionality into
pine over the past few updates for
example their overhaul to how coloring
or colors work in pine is a good example
of a namespace so
as you would know if you at all
experience with pine the latest updates
of pine if we want to specify
transparency for example in our script
we need to
do so using the color namespace
so we need to write out color
dot
and then if you press ctrl space you'll
get a list of functions built-in
functions relating to the color name
space so this is our namespace
and then we would say for example
color.new
and then
color
dot red
and then specify transparency so let's
say we wanted 50
transparency
this color dot
is a name space
and now
all the built-in functions i think well
most of the built-in functions
in pine
will now use a name space so now for
built-in functions and built-in
variables relating to technical analysis
for example a moving average we need to
write out t a
dot
and then whatever technical analysis
function or tool or utility or variable
that we want to reference so namespaces
are a common
feature or functionality of most
programming languages definitely in
python
javascript
in java this would be called a class
instead of a namespace but it's all the
same thing it's basically a group it's a
collection so ta holds a collection of
uh functions and and variables relating
to technical analysis
size
um contains a list of different sizes we
can use for our drawing tools um str
is short for string so str will hold all
of the functions relating to our
working with strings
and you get the idea this will just make
it more intuitive to work with the
built-in functions and variables in pine
script so really really cool updates
here obviously there are going to be a
influx of new updates and features being
added to panscript in the month to come
so this is just the beginning this is
just laying the foundation for the
new chapter of pine script so you've
picked a great time to start learning
the language if you're new to it and if
you're an experienced pine coder you
have even more to be excited about so
before we wrap up this video let's just
have a quick read over their release
notes and migration guide so again there
will be a link to this in the video
description but here we go october 2021
pine version 5 is here
here's a list of the new features we
just covered
pretty much all of these that are listed
here
so these are the uh new features um you
can read about these in your own time we
already covered most of them uh and then
there's changes um and there's a couple
of interesting changes here like
changing study to indicator which i
think is a good change i think that
makes more sense intuitively and then we
also have
request.security instead of just calling
the security function
by itself so i'm guessing request is now
a new namespace and probably contains
several
built-in variables and functions
relating to requesting data from other
time frames other markets and as it says
here this consolidation
implements a more rational nomenclature
and provides an orderly space to
accommodate the many additions planned
for pine that's really exciting to to
read
and i think this is a great improvement
to the language
and then finally we have our migration
guide here which helps you convert your
scripts into pine5
there's a list of important changes here
which will be important to read over i'm
not going to cover all of this in
today's video you can go and read about
this in your own time if you're
interested we will be covering all of
this in future lessons all my future
lessons will be written in pine5 so
we'll learn all of this stuff gradually
over time
one thing that catches my attention here
is the split of input into several
functions okay so they've changed how
inputs work so now input is a name space
and we need to reference
certain types of inputs which is
interesting
at first glance here it does look like
it makes it a little bit easier to write
it's just a little bit less code here
now instead of specifying a type we just
use an inbuilt um function of the input
namespace
and trans has finally been deprecated so
we can no longer use transp in version 5
of pinescript which was a long time
coming all right so i think that'll just
about do it for today's sort of um
overview and introduction to what's
coming or what is now here with pine
script version five
my future lessons as i've mentioned
several times now will be written in
pine script version five so we will
learn all of this stuff
gradually
there's not a lot to learn here just
some new habits to develop
which is fine that this is this is what
programming is you can't stagnate as a
coder we are always forced to adapt grow
as coders learn new features
and it's all in the quest of making pine
more useful more powerful and easier to
use in the long run so even though this
is a inconvenience for some of us who
are very familiar with version 4 of
pinescript especially for me where i've
recorded hundreds of hours of content on
version 4. now most of that is still
relevant to today's version of password
version 5 so i'm not too bummed out
about that but there are now some
um
important changes to panscript that i
will need to learn and i will need to go
back and update a lot of my old lessons
i'm going to need to re-record the
entire basics course my free password
basics course and several of the lessons
in the mastery course but that's fine
it's going to be worth the trouble and i
will be back very soon with a new lesson
in pine script version 5. i'm really
excited about that
and i will speak with you soon enjoy the
rest of your weekend take care be safe
good luck with your trading next week
and into the future
and i'll speak to you soon take care