Non-repainting arrow indicator

Here’s a basic Pine Script example for a non-repainting arrow indicator that works on candlestick patterns like Doji, Evening Star, and Hammer. This script identifies these patterns and places arrows on the chart for visual signals.

Non-Repainting Arrow Indicator in Pine Script

//@version=5

indicator("Non-Repainting Candlestick Pattern Indicator", overlay=true)

// Function to detect Doji

is_doji = abs(open - close) <= (high - low) * 0.1

// Function to detect Hammer (bullish reversal pattern)

is_hammer = (high - low) > 3 * (open - close) and (close - low) / (0.001 + high - low) > 0.6 and (open - low) / (0.001 + high - low) > 0.6

// Function to detect Evening Star (bearish reversal pattern)

is_evening_star = close[2] > open[2] and close[1] > close[2] and open[1] < close[1] and close < open and close < close[2]

// Plot arrows for each pattern

plotshape(is_doji, style=shape.triangleup, location=location.belowbar, color=color.blue, size=size.small, title="Doji")

plotshape(is_hammer, style=shape.triangleup, location=location.belowbar, color=color.green, size=size.small, title="Hammer")

plotshape(is_evening_star, style=shape.triangledown, location=location.abovebar, color=color.red, size=size.small, title="Evening Star")

Features of This Script:

Non-Repainting: The script uses only historical price data, ensuring it does not repaint after a new candle forms.

Candlestick Patterns:

Doji: Identified when the open and close prices are close together.

Hammer: A bullish reversal pattern detected based on candle wicks and body.

Evening Star: A bearish reversal pattern formed over three candles.

Visual Arrows:

Blue arrow below the bar for Doji.

Green arrow below the bar for Hammer.

Red arrow above the bar for Evening Star.

How to Use:

Copy the code into the Pine Script editor in TradingView.

Save and add the indicator to your chart.

Look for arrows on the chart indicating the patterns:

Buy Signal: Blue or green arrow.

Sell Signal: Red arrow.

Let me know if you need help customizing this script further!

How does it work Pine Script ?

Pine Script is a programming language used to create custom technical indicators, trading strategies, and alerts on TradingView charts. It’s designed to be simple and intuitive, enabling traders to create their tools directly within TradingView.

Here’s a breakdown of how Pine Script works:

1. Basic Structure of Pine Script

Pine Script programs follow a structured format, typically starting with the //@version directive, followed by indicator or strategy definitions.

Example Structure:

pinescript

Copy

Edit

//@version=5

indicator("My Indicator", overlay=true)

//@version=5: Specifies the version of Pine Script being used.

indicator(): Declares an indicator script (use strategy() for automated strategies).

"My Indicator": The name of the indicator.

overlay=true: Plots the indicator directly on the price chart. If false, it plots in a separate panel.

2. Core Elements

Variables

Variables store data or perform calculations. They can use values like price, time, volume, or results of formulas.

pinescript

Copy

Edit

price = close // Current candle's close price

average = ta.sma(close, 14) // 14-period Simple Moving Average

Built-in Functions and Libraries

Pine Script provides built-in functions for technical analysis:

ta.sma(close, 14): Calculates a simple moving average.

ta.rsi(close, 14): Computes the Relative Strength Index.

math.max(a, b): Returns the larger of two values.

Plotting

Visualize data on the chart using plot(), plotshape(), and other plotting functions:

pinescript

plot(close, color=color.blue, linewidth=2) // Plot close price as a line

plotshape(ta.crossover(close, average), style=shape.labelup, location=location.belowbar)

3. Logic and Conditions

If-Else Logic

Use logical conditions to define signals or criteria.

pinescript

Copy

Edit

is_above_ma = close > average

plotshape(is_above_ma, style=shape.triangleup, location=location.belowbar, color=color.green)

Bar-to-Bar Calculations

Use historical references with square brackets [n] to access past values:

pinescript

Copy

Edit

previous_close = close[1] // Close price of the previous bar

4. Non-Repainting

Non-repainting indicators avoid using future data (which doesn’t exist during live trading). Pine Script ensures non-repainting if:

Calculations are based only on historical data (e.g., close[1] or high[2]).

Avoid functions like security() improperly (e.g., lookahead=true can repaint).

Example of a non-repainting script:

pinescript

Copy

Edit

signal = close > ta.sma(close, 14)

plotshape(signal, style=shape.triangleup, location=location.belowbar, color=color.green)

5. Strategies and Alerts

Strategies

Pine Script allows defining strategies for backtesting and automation.

pinescript

Copy

Edit

//@version=5

strategy("My Strategy", overlay=true)

long_condition = ta.crossover(close, ta.sma(close, 14))

if (long_condition)

strategy.entry("Buy", strategy.long)

Alerts

Set alerts using alertcondition() for real-time notifications.

pinescript

Copy

Edit

alertcondition(long_condition, title="Buy Alert", message="Buy triggered!")

6. Using Pine Script in TradingView

Access the Editor:

Open TradingView and go to Pine Editor at the bottom of the screen.

Write Code:

Paste your code into the editor and click Add to Chart.

Customize Inputs:

Use input() to create adjustable settings for your indicator/strategy.

Example: A Simple Moving Average Crossover Strategy

pinescript

Copy

Edit

//@version=5

strategy("SMA Crossover", overlay=true)

// Define Moving Averages

fast_ma = ta.sma(close, 10)

slow_ma = ta.sma(close, 50)

// Plot MAs

plot(fast_ma, color=color.green, title="Fast MA")

plot(slow_ma, color=color.red, title="Slow MA")

// Entry and Exit Conditions

long_condition = ta.crossover(fast_ma, slow_ma)

short_condition = ta.crossunder(fast_ma, slow_ma)

if (long_condition)

strategy.entry("Buy", strategy.long)

if (short_condition)

strategy.close("Buy")

Summary

Pine Script simplifies the process of creating indicators and strategies for technical analysis. Its key features include:

Intuitive syntax.

https://forexwebstore.com/product/super-channel-sniper-indicator/

Built-in functions for common calculations.

Tools for non-repainting logic.

Backtesting and alert functionality.

If you have a specific idea, I can help you implement it!