Editors' picksOPEN-SOURCE SCRIPTFlare
🔶 METHODS
• Pine Script™ introduces methods (1, 2)! Much kuddos for the developers, Tradingview, and all who has worked on it!
• This educational script will show the simplified way of writing built-in methods, not to create a new method.
🔹 Simplified way of writing built-in methods:
· Instead of:
· We now can write it like this:
——————————————————————————————————————————————————————————
· When using [1] sometimes brackets are necessary:
· ->
——————————————————————————————————————————————————————————
🔶 OVERVIEW OF SCRIPT
• The basic principles are:
· Find 1 point (close) x bars back from current bar (settings: 'x close back').
· Create a 'Flare' shaped object from that point to current bar or further (dependable of "Width of Flare").
· Calculate where current close is located versus the Flare lines.
· On that bases, change colour and draw plotshapes.
· Below bar if current close is located in the upper part of the Flare
· Above bar if current close is located in the lower part of the Flare
· Above & Below if located in the middle part of the Flare
-> Above & Below colours has 3 different colours (adjustable), dependable on the position
🔶 EXAMPLES
· Neutral zone:
· Light Bullish zone:
· Bullish zone:
· Very Bullish / Overbought zone:
· Light Bearish zone:
· Bearish zone:
· Very Bearish / Oversold zone:
🔶 TECHNIQUES
🔹 I. Make a User Defined Type (UDT) Flare, with:
· 5x linefill[] - array of linefill
· int iDir, which captures the direction (current location of close in Flare)
· color cCol, this is a colour variable in relation to the direction.
🔹 II. Different functions will add a new Flare object, and update the values on each bar.
· Explanation of each function can be found in the script.
🔶 EXTRA's
· The input.color() is located in the function set_flare_B(flare obj)
· Best to put the inputs at the beginning of the script, I included this alternative just to show it is possible (but mostly not ideal)
· Background colour (settings: Bgcolor) can be enabled for better visibility of colours
• Pine Script™ introduces methods (1, 2)! Much kuddos for the developers, Tradingview, and all who has worked on it!
• This educational script will show the simplified way of writing built-in methods, not to create a new method.
🔹 Simplified way of writing built-in methods:
· Instead of:
· We now can write it like this:
——————————————————————————————————————————————————————————
· When using [1] sometimes brackets are necessary:
· ->
——————————————————————————————————————————————————————————
🔶 OVERVIEW OF SCRIPT
• The basic principles are:
· Find 1 point (close) x bars back from current bar (settings: 'x close back').
· Create a 'Flare' shaped object from that point to current bar or further (dependable of "Width of Flare").
· Calculate where current close is located versus the Flare lines.
· On that bases, change colour and draw plotshapes.
· Below bar if current close is located in the upper part of the Flare
· Above bar if current close is located in the lower part of the Flare
· Above & Below if located in the middle part of the Flare
-> Above & Below colours has 3 different colours (adjustable), dependable on the position
🔶 EXAMPLES
· Neutral zone:
· Light Bullish zone:
· Bullish zone:
· Very Bullish / Overbought zone:
· Light Bearish zone:
· Bearish zone:
· Very Bearish / Oversold zone:
🔶 TECHNIQUES
🔹 I. Make a User Defined Type (UDT) Flare, with:
· 5x linefill[] - array of linefill
· int iDir, which captures the direction (current location of close in Flare)
· color cCol, this is a colour variable in relation to the direction.
🔹 II. Different functions will add a new Flare object, and update the values on each bar.
· Explanation of each function can be found in the script.
🔶 EXTRA's
· The input.color() is located in the function set_flare_B(flare obj)
· Best to put the inputs at the beginning of the script, I included this alternative just to show it is possible (but mostly not ideal)
· Background colour (settings: Bgcolor) can be enabled for better visibility of colours
LuxAlgo Dev: luxalgo.com
PineCoder: pinecoders.com
- We cannot control our emotions,
but we can control our keyboard -
PineCoder: pinecoders.com
- We cannot control our emotions,
but we can control our keyboard -
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.