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)
Walkthrough of the Code:
- Version Declaration:
@version=5
This line specifies that the script uses version 5 of Pine Script. - Indicator Declaration:
indicator("Daily Timeframe Detector", overlay=true)
Theindicator
function declares a new script. The script is titled “Daily Timeframe Detector” and is set to overlay on the main chart (overlay=true
). - Timeframe Check:
isDailyChart = timeframe.isdaily
Here, we assign the value oftimeframe.isdaily
to the variableisDailyChart
. This variable istrue
if the chart is on a daily timeframe andfalse
otherwise. - 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 ifisDailyChart
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.