Understanding timeframe.isweekly Funcion in Pine Script

Pine Script is a domain-specific language created by TradingView for the development of custom technical analysis indicators and strategies. With each version, it gets more robust, and in version 5, one of the notable features is timeframe.isweekly. Let’s dive into what this feature is and how to effectively use it in your trading scripts.

What is timeframe.isweekly?

timeframe.isweekly is a built-in boolean variable in Pine Script version 5 that allows a script to detect if the current chart’s timeframe is set to a weekly period. This feature is particularly useful in scripts where certain calculations or logic should only be applied on a weekly timeframe.

Example Usage of timeframe.isweekly

To understand how timeframe.isweekly works, let’s create a simple script example. We’ll use a mock variable name, isChartWeekly, for uniqueness.

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

isChartWeekly = timeframe.isweekly

plotshape(isChartWeekly, title="Weekly Timeframe", location=location.abovebar, color=color.green, style=shape.triangledown)

Walkthrough of the Code

• @version=5: This line specifies that the script uses Pine Script version 5.
• indicator(...): This function defines the script as an indicator, with the name “Weekly Timeframe Detector”, and sets it to be displayed over the price chart.
• isChartWeekly = timeframe.isweekly: Here, we check if the current timeframe of the chart is weekly. The result is a boolean value (true or false).
• plotshape(...): This function plots a shape on the chart. It only appears if isChartWeekly is true, which happens when the chart’s timeframe is weekly.

Key Features

• Functionality: timeframe.isweekly is a boolean variable that returns true if the chart’s timeframe is set to a week.
• Syntax: The syntax is straightforward, making it easy to implement in various trading strategies.
• Application: Ideal for strategies that require specific actions or calculations on a weekly basis, such as weekly pivot points or trend analysis.

Takeaways

• timeframe.isweekly is a simple yet powerful feature in Pine Script v5 for detecting weekly timeframes.
• It’s useful for implementing timeframe-specific logic in trading strategies.
• The simplicity of its syntax allows for easy integration into existing scripts.