Flare

27 feb 2023

🔶 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:

Pine Script®

· We now can write it like this:

Pine Script®

                                                                  ——————————————————————————————————————————————————————————

· When using [1] sometimes brackets are necessary:

Pine Script®

· ->

Pine Script®

                                                                  ——————————————————————————————————————————————————————————



🔶 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