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Understanding timeframe.isdaily Function in Pine Script

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Introduction to timeframe.isdaily

timeframe.isdaily is a boolean variable that indicates whether the current chart’s timeframe is a daily timeframe. It simplifies the process of writing scripts that need to behave differently on daily charts compared to other timeframes.

Utilizing timeframe.isdaily

To demonstrate the use of timeframe.isdaily, we’ll integrate it with the label function. Labels in Pine Script are graphical objects that can display text on a chart, which is particularly useful for annotations or dynamic information display.

Example Code:

//@version=5
indicator("Daily Timeframe Detector", overlay=true)

// Determine if the current chart is a daily timeframe
isDailyChart = timeframe.isdaily

// Label Creation
if isDailyChart
    label.new(bar_index, high, text="Daily Timeframe", color=color.green, yloc=yloc.abovebar)
Example

Walkthrough of the Code:

  1. Version Declaration:@version=5 This line specifies that the script uses version 5 of Pine Script.
  2. Indicator Declaration:indicator("Daily Timeframe Detector", overlay=true) The indicator function declares a new script. The script is titled “Daily Timeframe Detector” and is set to overlay on the main chart (overlay=true).
  3. Timeframe Check:isDailyChart = timeframe.isdaily Here, we assign the value of timeframe.isdaily to the variable isDailyChart. This variable is true if the chart is on a daily timeframe and false otherwise.
  4. Label Creation:if isDailyChart label.new(bar_index, high, text="Daily Timeframe", color=color.green, yloc=yloc.abovebar) This part creates a label on the chart if isDailyChart is true.

Key Features of timeframe.isdaily and label in Pine Script v5

  • Function Usability and Syntax:
    • timeframe.isdaily is a boolean that’s true when the chart is on a daily timeframe.
    • label.new creates a new label on the chart.
  • Application:
    • Useful in scripts that need different behaviors or displays on different timeframes.
    • Labels can be used for annotations, signals, or dynamic information display on the chart.

Takeaways

  • timeframe.isdaily simplifies the detection of the daily timeframe in Pine Script.
  • Labels created using label.new can enhance the information display, especially when tied to specific conditions like the chart timeframe.
  • Pine Script v5 offers streamlined and powerful features for custom technical analysis in TradingView.

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