How to Find Top Indicators and Strategies: Tutorial
https://www.youtube.com/watch?v=bBapXHmU5NY
Transcript:
Trading viewers all over the planet, today we are talking about the power of community, but specifically about the power of Pinescript and the ability to code and create your own indicator and strategy or library and then share that with everyone on TradingView. That’s right, we’re talking about community scripts where there are well over 100,000 free community scripts available to you right now.
And we’re going to show you how to access them, how to use them, and how to learn more about them. So the first thing we’re going to do is we’re on tradingview.com. We’re going to head up to the tab where it says community. And as you can see below trading ideas, it says indicators and strategies with the official PineScript logo.
We’re going to click that and we are going to end up right here on the beautiful indicators and strategies page. Now we’re going to talk to you about this page and how it works, including how to filter it, sort it, and more. But first, it’s really important that I give you a high-level overview of what Pinescript is and what an indicator and strategy is so that you know exactly what you’re looking at as I take you through this specific tour. Pinescript is a proprietary language exclusive to TradingView. Now, what do I mean
by language? Well, I’m going to open up this indicator here that’s called VWAP Fibonacci bands. And I’m going to see how it looks right here with this visual. As I scroll down, I can read about all of the details and insights about this indicator. But as I go further and further, what’s really important here is that you will find for the open source indicators out there, the exact code that is written behind this indicator. So that’s right.
Pinescript is a coding language that you as a TrainingView member have access to. And by learning a few lines of code, you can create highly custom, highly effective and super efficient scripts for your exact needs while looking at any chart. So that’s what PineScript is.
And we have documentation as well that can help get you started on PineScript as well called the PineScript Quick Start Guide. But now that you have a general overview of what PineScript is, let’s really talk in detail about what this wonderful page, Indicators and Strategies, is showing you. Well, first of all, it’s showing you that you have three filtering options right off the bat.
You can look at the most popular Indicators and Strategies, the editor’s picks editor’s picks indicators and strategies, and those who you follow in their indicators and strategies. Now, editor’s picks is a custom selection by TradingMuse mod team and editorial team to highlight some really interesting scripts out there on the world today.
And popular, of course, is a popular algorithm that is being shown to you based off of a specific criteria to ensure that you see the scripts that are getting a lot of boosts and comments. For example, I click boost here, I’m now supporting the script, I click boost here, I’m giving this script a little love, you can do the exact same thing.
But what’s really important now is to really dive into how you can utilize this page to your exact needs as if you were a beginner. So as we scroll down here, what you want to pay attention to is the name of a script, the visual of the script, and also the brief description and name of the coder behind that script.
Because by paying attention to those things, you can find a script for you. For example, this looks like a rather interesting script. It’s called the volume weighted moving average. Well, that sounds pretty cool. That means it’s taking a moving average and weighting it by the amount of training volume. That’s pretty neat. So let’s click on this script and now we’ve opened up the script page. by the amount of training volume. That’s pretty neat.
So let’s click on this script, and now we’ve opened up the script page. We can once again see who coded it. We can even follow them if we’d like with a very simple click. And in addition, we’ve got the title here and the open source nature of the script and a visual of how this script looks. As we scroll down, what we’re going to want to do, especially if this indicator is of interest to us, is add this script to.
As we scroll down, what we’re going to want to do, especially if this indicator is of interest to us, is add this script to our favorites. The reason why we want to add this script to our favorites is because when we head to the super charts, we’ll be able to find it very easily. Now, one more very important thing here is to really pay attention to the description, because the description is the coder taking their time to write out a detailed description on how this indicator works. All of these scripts generally have detailed descriptions.
That’s because the coders really take great pride and care of their scripts and they want to ensure that you, the individual trader, know exactly how it works and why it was created. So as another example, let’s just take a look at this machine learning adaptive super trend. We can click into it. Really wonderful visuals here.
We’ve got the green, the red. We’ve got these arrows possibly denoting some sort of weakness or strength or buying or selling. We’ve got this table up here to tell us about those data points. And as we scroll down, I’ve already got it added to my favorites, 15,000 boosts, by the way, we can see here the exact description about this indicator. Keep in mind, this is a machine learning adaptive super trend.
As we scroll down, we’ve got key features. We’ve got this quick guide. Look at these images here. If you read these images, you’ll know exactly how to use this indicator and even get some background on how it works and why it was coded. The coder has taken their time to write all of this out. And then of course, here’s the code itself.
So we can again, expand it. Now, before I take you to the super charts to view this code, let me also remind you that it’s quite important to read the fine print in the code, specifically that oftentimes this code is governed by specific public licenses and agreements. So really make sure you understand that before you copy it or do anything with it so you’re doing proper attribution.
You can even see the coder’s name here as well and then the code as follows. So this is the basics to the indicators and strategies page. Now a few other tips just to help you as you get started is that there are different types of scripts that people are coding in. You’ve got indicators, you’ve got strategies, and you’ve got libraries.
You can also see what type of script you’re looking at by finding the important logos on each script. So this logo here means it’s a PineScript indicator. Let’s keep scrolling down here and let’s see if we can find a strategy or a library. And we’re just gonna keep moving down, keep moving down. Quite a few indicators, as you can see. And here we are, here is a strategy.
And we know that’s a strategy because look at the arrows indicators don’t have the arrows. But you can see the arrows here. Now here’s a library, a library, we can see it’s got this these building blocks pieces as the icon. And that makes sense because a library is something you can insert to your code rather quickly. So this is a great script so that you can very quickly insert this code into any type of script you’re interested in.
In fact, this script is pretty cool from two days ago. ago it is a looks like it’s a a a library related to fred or federal reserve economic data and also finra short sale volume and even open interest this is a wonderful library commitment of traders you’re gonna if you become a great coder you’re definitely going to want to learn how these libraries work for quick access and ways for you to get this into your indicator or strategy all right now that i have given you the basics of this page how it works what
pine script is i want to take you to the super charts because it’s pretty important to illustrate how you can now quickly find the scripts that you have favorited the scripts that you’ve read about so what i’m first going to do is go up to indicators, metrics, and strategies and click.
You can see by default, I’ve got favorites selected here and check it out. Here’s the machine learning adaptive super trend script I was just walking you through. It’s been added to my favorites. It’s got this little star icon. Now, if I click machine learning adaptive super trend it is added to my chart and check this out it’s just how it looks when you saw it on the indicators and strategies page i’ve got this green i’ve got this red i’ve got these arrows and this table in addition if i go to any symbol and i mean any symbol of my choice, you can very quickly see that this indicator also
follows me around and I can save this layout. I could even create a custom indicator layout with this indicator and other indicators perfectly saved to it so I can come back to it every time. The key point here though is that you know now what the indicators and strategies page is, how to read through the ideas, what they’re built and coded in PineScript, and then how to take that to a page or chart just like this.
Now, keep in mind, if I go to my indicators, metrics and strategies menu, you can see all of the indicators that I favorited over time. In fact, here’s the volume weighted moving average indicator that we also were talking about. Check this out. We’ve now got this indicator on our chart as well. So we’ve got the super trend indicator and the volume weighted moving average indicator right here in front of us.
We can now start a new form of research, analysis, and insights on the chart. Now, before I wrap up this video, I am going to head back to tradingview.com because I want to ensure that you see a very important aspect of the indicators and strategies page that I haven’t yet touched up on. And that is the other filtering options available to you.
So as mentioned, you can filter this page by indicators, you can filter this page by strategies, and you can filter this page by libraries. The choice is yours depending on what it is you’re looking for. If you’re a coder, you may want to go through the libraries page to understand what’s possible for you to quickly incorporate into your code.
If you’re someone who’s looking to backtest trades or study a real strategy on the chart, well, this strategies toggle will be important to you. If you’re interested in indicators to improve your analysis, to spot anomalies, to find unique things on the chart, make sure you have indicators selected.
If you’re open to it all, have all types open and off you go. Next up is this open source toggle. Now, I do want to remind you that if you open up a chart and you look at the source code, you’ll see that some of these coders have open sourced their code. It is here for everyone to read, analyze, review, and study.
But not everyone does open source code. Some people do have closed script code. It’s up to you if you want to look at that closed script or not. Just make sure you have open source only toggled on. That means every indicator strategy or library you see is open source. You can see the code, you can review it.
If you don’t have this toggled on, you may come across the occasional indicator that actually is closed source. You just simply cannot read the code. Now, lastly, there is this toggle here between most recent and popular. This is quite important to explain. Most recent is exactly what it sounds like.
What are the most recent indicators being published? Well, here’s one from 12 minutes ago, indicators being published. Well, here’s one from 12 minutes ago, 15 minutes ago, 15, 16 minutes ago, 16 minutes, 28 minutes. There are indicators being published by coders all around the world at any given point in time. But of course, if you’d rather just focus on the most popular, the indicators and strategies that are getting boosts and comments and have usage relative to when they were published, well, you’re going to want to toggle this little fire icon to make sure you’re seeing that.
Naturally, you’re just going to see far more boosts on the page because that’s what it’s being sorted by. It’s being sorted by the popularity of that indicator. So this is the indicators and strategies page. Now, to wrap up this video and we have other videos and walkthroughs about this. I want to ensure that you also walk away with an important framework here, which is that you can publish your indicators to these pages as well by following a few simple steps here.
When you have your chart open, head down to the pine editor at the bottom. See our chart here where it says pine editor, click that button. And now you’ve opened up your pine editor. Start writing out your code from here, write your code, test it, add it to your chart.
And when you’re ready, click publish indicator. From there, you can potentially get your indicator in the indicators and strategies page on editors picks in the popular feed. That is going to come down to how unique and novel your code is. Also, keep in mind that if you have a pine script added to your specific chart and it’s open source, hover your mouse over the indicator up here or strategy could be and go ahead and click where it says source code.
Now when you click the source code you can once again see that open source code you can review it analyze it ensure that it meets your needs. Also what’s really important is that you understand that you have quite a few tools here when you have the pine editor open that go beyond just publishing this to the indicators and strategies page to potentially have it featured on editors picks or in the popular section but also that you can make new scripts you can rename them save them keep track of your recently used you can also if you see here
where it says more click more and you can do quite a bit of advanced options here, such as going to your editor settings, opening up your Pine editor in a new window or tab. That means you have a specific Pine editor opened in your own window or tab.
Check your Pine logs, the user manual, the reference manual, release notes. You can get help as well well you can even get in touch with the team on specific channels so the point here is that your pine editor as you go through this process process is quite powerful and offers you tons of options if you get good at using it so this is the full walkthrough of the trading view indicators and strategies page which I want to end up on because once again training view comm indicators and strategies all which i want to end up on because once again trainingview.com
indicators and strategies all of these here as a trading view member are available to you and this is how you can get started first by seeing what the community is creating meeting the coders behind these indicators following them boosting them writing comments and then when you’re ready go in and and try them, add them to your favorites, head to the chart, perhaps even open up the Pine editor and create your own. You could one day see your name and indicator right here on this page. So with that being said, I hope that you enjoyed
this walkthrough and that you learned something new about TradingView, coding and Pinescript. Check out our help center for more. All of the other references i made in this video about the pine script documentation the indicators and strategies page as well as the pine editor.
