Understanding timeframe.ismonthly Function in Pine Script

In this article, we’ll delve into what timeframe.ismonthly is, how it works, and its practical applications in Pine Script v5.

What is timeframe.ismonthly?

timeframe.ismonthly is a built-in boolean variable in Pine Script version 5 that helps identify if the current chart timeframe is set to a monthly resolution. This variable returns true if the chart is on a monthly timeframe and false otherwise.

Example :

//@version=5
indicator("My Monthly Indicator", overlay=true)

// Renaming the variable for uniqueness
isMonthlyChart = timeframe.ismonthly

// Implementing a condition based on the monthly timeframe
if isMonthlyChart
    label.new(bar_index, high, "Monthly Timeframe", color=color.green)

Detailed Walkthrough of Code

1. //@version=5: Specifies that the script uses Pine Script version 5.
2. indicator("My Monthly Indicator", overlay=true): Defines a new indicator named “My Monthly Indicator” that overlays on the price chart.
3. isMonthlyChart = timeframe.ismonthly: Declares a variable isMonthlyChart and assigns it the value of timeframe.ismonthly.
4. if isMonthlyChart: A conditional statement that checks if isMonthlyChart is true, i.e., if the chart is on a monthly timeframe.
5. label.new(bar_index, high, "Monthly Timeframe", color=color.green): Creates a new label at the high of each bar when the condition is true. The label text is “Monthly Timeframe” and is colored green.

Key Features and Applications

• Functionality: Determines if the current chart timeframe is monthly.
• Syntax: timeframe.ismonthly
• Usability: Useful in strategies and indicators where specific actions are required only on a monthly timeframe.
• Application: Commonly used in multi-timeframe analysis, seasonal studies, or to filter signals and calculations specific to monthly data.

Practical Examples

1. Multi-Timeframe Analysis: In strategies involving multiple timeframes, timeframe.ismonthly can help isolate conditions or calculations meant only for the monthly chart.
2. Seasonal Studies: When analyzing seasonal patterns that occur on a monthly basis, this function ensures calculations are executed only on monthly data.
3. Filtering Signals: For strategies that require monthly chart confirmation, this function can be used to filter signals based on the monthly timeframe.

Key Takeaways

• timeframe.ismonthly in Pine Script v5 is a boolean variable used to check if the current chart timeframe is monthly.
• It is essential for strategies that require different logic or calculations based on the monthly timeframe.
• Its practical applications include multi-timeframe analysis, seasonal pattern studies, and filtering trading signals on a monthly basis.