8-5-24 Developing Pinescript Tools For Traders

Part of my learning process with TradingView has been to delve a bit into Pinescript.

I've been programming for a while now - more than 20 years. But I focus on developing modeling systems, adaptive AI types of solutions, and fully automated trading systems for clients.

Pinescript has been fun. Overall, I believe there are many advanced capabilities achievable in Pinescript as long as one sticks to simple principles.

_ a focus on core elements as separate script components
_ remember to clean/document up your processes/arrays as you go
_ develop core logic functions first, then go back and address display features
_ remember to organize your code in a way you can clearly address version changes

In this example, I started with the idea of building a tool based on Fibonacci Price Theory, then came up with an idea to measure price pressure differently than others had done.

Once I started playing with the display features (plot) I was able to see how my initial scripts worked and how the calculated data represents price trends/changes.

For me, seeing is the biggest part of the process. If I can't see how the data looks - then it is almost unusable for me to build more advanced logical features.

That's why I suggest building each component of your system out as unique indicators. I want to see the data/indicator work before I try to build some additional trading logic with it.

Overall, I'm very happy with what I've built. It has taken me about 2 weeks to build all of this (only really applying a few hours every other day or so).

One last thing, use the newbar feature to control persistent variable features. Otherwise, you may end up creating something that processes every tick.

More soon.

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