box.set_top Function In Pinescript

In this tutorial, we delve into the Pine Script’s box.set_top function. Pine Script, as you may already know, is a domain-specific language for coding custom technical analysis indicators and strategies. It’s designed to be simple to understand, while providing powerful functionality. The box.set_top function in Pine Script is used to adjust the top coordinate of a box object in an existing chart.

What is box.set_top Function?

As per the Pine Script reference manual, the box.set_top function has a specific purpose: setting the top coordinate of a box object. The box object could represent various things, such as a range, in a financial chart.

The syntax of the box.set_top function is straightforward:

box.set_top(id, top) → void

Here, the id is the box object to which the changes will be applied, and top represents the price value of the top border.

Using box.set_top Function: An Example

For a clearer understanding, let’s dive into a working example of the box.set_top function.

First Let’s Comment box.set_top function.

//@version=5
indicator("My Box Script", overlay = true)
box_id = box.new(bar_index - 5,high[5],  bar_index , ta.lowest(5))
//box.set_top(box_id , ta.highest(5))
box.set_bgcolor(box_id, color.new(color.green, 90))
box.delete(box_id[1])

Now let’s uncomment and see the effect.

//@version=5
indicator("My Box Script", overlay = true)
box_id = box.new(bar_index - 5,high[5],  bar_index , ta.lowest(5))
box.set_top(box_id , ta.highest(5))
box.set_bgcolor(box_id, color.new(color.green, 90))
box.delete(box_id[1])

Let’s break this down:

1. The script begins with the declaration of the script version, followed by an indicator name and an overlay setting.
2. We then define a new box using box.new. The bar_index - 5 and bar_index represent the left and right borders of the box, and the high[5] and ta.lowest(5) define the initial top and bottom borders of the box.
3. box.set_top(box_id , ta.highest(5)) is where we adjust the top of the box to the highest value of the last five bars.
4. We then set the background color of the box to a semi-transparent green using box.set_bgcolor(box_id, color.new(color.green, 90)).
5. The last line deletes the previous box with box.delete(box_id[1]). It ensures that we only have one box on the screen at any given time.

Key Takeaways

The box.set_top function is a useful tool in Pine Script that allows for dynamic adjustments of the box’s top border, often used to represent ranges or zones in financial charts. Understanding how to use it can significantly enhance the functionality of your custom scripts. This function, along with other box functions, can aid in creating visual representations in financial analysis that can greatly assist traders in decision making.

Conclusion

We hope this tutorial has provided a thorough understanding of the box.set_top function in Pine Script. By now, you should be able to implement it in your scripts and apply this knowledge to your technical analysis or strategy development.