Understanding the shape.xcross in Pine Script

This article delves into the use of shape.xcross within the plotshape function, providing insights into its syntax, application, and practical examples.

What is shape.xcross?

shape.xcross is a constant string used in Pine Script to specify the shape style for the plotshape function. It renders as a cross (X) on the chart, which is particularly useful for highlighting specific events or signals, such as crossover points in moving averages or significant price action events.

How to Use shape.xcross

To employ shape.xcross in your Pine Script, it’s integrated within the plotshape function. Below is a basic example that demonstrates its usage:

//@version=5
indicator("My X-Cross Indicator", overlay=true)

// Generate a condition for demonstration purposes
condition = ta.crossover(ta.sma(close, 14), ta.sma(close, 28))

// Plot an X-cross shape when the condition is true
plotshape(series=condition, style=shape.xcross, location=location.abovebar, color=color.red, size=size.small)

In this example, the script creates an indicator that plots an X-cross shape whenever a crossover occurs between two simple moving averages (SMAs) of different periods.

Breakdown of the Example Code

• indicator("My X-Cross Indicator", overlay=true): Defines a new indicator titled “My X-Cross Indicator” that overlays on the main chart.
• condition: This variable is assigned a boolean value based on whether a crossover between the 14-period SMA and the 28-period SMA occurs.
• plotshape(series=condition, style=shape.xcross, ...): This line plots an X-cross shape on the chart whenever the condition is true. The location is set to location.abovebar, making the shape appear above the bar. The color is set to red, and the size is designated as small.

Key Features of shape.xcross

• Visualization: Provides a clear and immediate visual reference for specific chart events or conditions.
• Customization: Accompanied by other plotshape parameters, shape.xcross allows for extensive customization in terms of location, color, and size.
• Application: Ideal for marking crossovers, significant price levels, or other critical technical analysis signals.

Takeaways

• shape.xcross is a styling option within the plotshape function in Pine Script, used to plot X-shaped crosses on a chart.
• It is particularly useful for highlighting specific events or signals in technical analysis.
• The plotshape function, with shape.xcross as its style, allows for customization of the shape’s appearance, including its location, color, and size.
• Practical applications include marking crossover points in moving averages, significant price action events, or any condition where a clear visual marker is beneficial.

Understanding and implementing shape.xcross can enhance the visual effectiveness of your Pine Script indicators, making it easier to identify key moments and signals on your financial charts.