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Understanding timeframe.ismonthly Function in Pine Script

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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 :

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.

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