Candlestick Pattern Indicator Updates and More! What’s New in TradingView

Candlestick Pattern Indicator Updates and More! What’s New in TradingView

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YouTube Video Transcript

[Music] hey i’m david for big bits and in this video we are going to be overing over some of the new things to trading view this is the what’s new in trading view video it’s been a little while since we’ve been able to do these but they have done a lot of updates a lot of new features added to trading view since the last one that we did i believe back in the middle of august so we have a lot to look at right now you know some of these may not seem like huge changes especially when it comes to pine but it’s a pretty big quality of life change on a couple of different things and then also with their website they made some pretty big changes so let’s go ahead and get into what they’ve actually done and i’ll actually show you some of the things that they’ve done here without getting into too much detail so let’s go ahead and take a look the first thing they did was they added the editors picks for the scripts and the indicators now they have had the pine coders account do featured scripts of the month and i imagine those types of scripts are going to be the scripts that are the quote unquote editors picks on trading view and you’ll be able to see those there it’s pretty simple on the scripts section of the website just click on editor’s picks it’ll take you here you can see currently what is an editor’s pick on the website at the moment and of course if you wanted to see my scripts you would just go to my profile there should be a link in the video description below you can go to my profile and check out all the scripts that i’ve done several of which have been featured by the pinecoders account and some of these video ideas that we’ve done on tradingview have also been featured as well on trading view now they also have new candlestick pattern indicators added to trading view now these are built-in indicators you don’t have to do anything other than just add them to your chart and you can start using them right away and it’s really cool because first of all they made 17 brand new candlestick patterns which is really nice but even probably more importantly is that they have added one that allows you to add all of them at once here we go this is called the all candlestick patterns indicator and that will allow you to search for all of them at once you can see here are the settings for that one you can make several different indicators or different candlestick patterns available to be shown you can see they show up as little labels on here let’s go ahead and add that to our bitcoin daily chart here that we have on the screen and all you have to do is go to the indicators go to candlestick patterns and there you go right at the top is their brand new one for all candlestick patterns click on that it’ll take a second to load and then you’ll see it’s been added to the chart there and you can see and when you hover over it it has these nice tool tips to where you can see exactly what’s going on with the particular candle that you’re looking at with that candlestick pattern so be is an engulfing this is a red be so that would mean a bearish engulfing candle and it even gives you a nice little definition of what’s going on now i assume like the other ones you can also click on the source code yes you can this is all built in pine so you can go down here and you can actually go through and see how this was set up here we have all of their inputs and we have some more information down here including alert conditions that they’ve set up for this particular indicator so lots of lines of code here 467 lines of code to show you all of the candlestick patterns that they have available so that’s pretty nice there’s a lot of useful indicators in here and as i said you can take a look at the source code on these individually as well as looking at all of them at once or you can also just kind of manage them all in ones at the indicator but if you wanted to create your own indicators or strategies based off of these candlestick patterns you can kind of just borrow that from there make sure that you say you know you copied the code from trading view that’s just something kind of nice to do just to make sure that you credit people who you copy your code from it’s very important to do and it’s a very much considered the best etiquette when you’re taking code from somebody else’s to make sure you credit them so make sure you do that i’m not sure if they’ll care so much but like i said it’s just good etiquette to mention somebody else and give them credit for code that you copy and then of course you can always work with it here but i like to borrow their code of course giving them credit and create my own indicators from that it’s been a little while since i’ve been able to create one but they’ve also updated their house rules really you can go through and read all this for yourself but the key things that they’ve talked about here are adding a new and more fair reputation algorithm some people were able to kind of abuse it in certain ways to get their score up really high these are people who are like most likely influencers or people with bots who just direct people to go do this and increase their score dramatically and you know you might consider me an influencer but honestly i don’t have anywhere near the influence that some of these other people have i i don’t even really come on to the radar of being an influencer as terms of somebody who could possibly be abusing this system and i do recommend you go like and follow me on trading view but not to the point to where it would be considered abusive not even anywhere close to where that is but i do appreciate those of you who do do that but i’m not really wanting you to go out of your way to do that it’s only if you want to and then of course they’ve limited the number of likes and comments that you can give i’m not entirely sure how they’ve limited it like if it’s you know one comment every 10 minutes or you know one comment every day i don’t know how they’ve done it i would assume it is something like one every five to ten minutes like i said i don’t really go commenting on a lot of scripts because i’m very busy myself so i don’t know what the time limit is but just keep in mind if you do get an error message saying you can’t comment anymore or you can’t like anymore then that’s probably what it is and then they’ve also added a rule allowing them to take action against users who abuse the reputation system or enable spam so essentially you get somebody who has a bot to like all of their scripts for whatever reason and bump their scripts up to the top of the list there you go they can take action against them now because it’s now in their end user license agreement whatever they call this stuff their house rules now that’s in the rules it’s pretty clear that you shouldn’t be doing this so they can use that as leverage to go ahead and act against your account if they do need to do that so that’s something also that’s very important to take a look at now as far as pine goes and trading and the charts go one feature that they’ve added was the rectangle extension now we’ve seen this before with the lines where you can extend a line all the way to the left or to the right of the chart but now they have it to where you can extend a rectangle which really when you’re thinking about a rectangle and you’re extending it to the right or to the left you’re really just extending two different lines and filling in between them so i can see how that was a simple addition to their charting as a nice little feature where you just extend each line from the top and the bottom and fill between them it’s very simple to do you already have the vertical lines on the left and right side of your box those stay there and you just continue to expand the lines of the top and the bottom of the rectangle and fill between them i’ll go ahead and give you a look at how that actually works let’s take our rectangle tool let’s draw that here you can see i have a rectangle go to your settings for your rectangle then of course it would load down here and let’s put it right in the middle here and you can see go to the style tab and it might default you over to text at first but let’s choose style and you can see that you can extend that right to the right and you can see it did and then extend it to the left and it did and of course you can do those how you’d like you don’t have to extend it both ways you can just choose one or the other and or of course leave it default and not extend either direction and that was something that’s actually really helpful you can identify an area of support or resistance let’s go ahead and erase that guy and let’s take a look here so for example we want to take a look it looks like there may be an area of support in through here and we identified that in this time frame but what we want to actually do is we want to project that forward and instead of having to drag the mouse all the way over here you can just select your rectangle and now you can just extend that rectangle to the right so now you can see this area of potential support all the way over to the right and you don’t have to focus on dragging it and looking back over to the other side of the screen to make sure you’ve got everything lined up correctly you can just draw the rectangle where you want it and if you just wanted it from here to here you could have done that as well so let’s just resize this so let’s say we want to focus on this area of price action you can see the rectangle is very small here but since we expanded it all the way to the right we can focus on this area of price action in the future all the way so that’s something very helpful in my opinion with the charting tools now on to the pi encoders account there is a bug fix something that i haven’t really noticed but it might be something that i’ve encountered they didn’t mention exactly what the error is that would be thrown but they said that they fixed a bug when you would use a function as an argument in another function and that that problem is now fixed so essentially so say for example we were using our security function to get information from that particular security but in a lot of our code what we would do is we would use another function to determine what the length was or what the resolution was for that security call so we would place that function where the parameter was supposed to go for the resolution so it would be security and then within the security you would have the function for the resolution to return that value to pass into the security call and if this is going over your head i understand but uh in that case go check out the pine script tutorial videos it’ll make a lot more sense but anyway once you do that apparently there was an issue i can’t really say where it was coming from or exactly how it was coming up or what the error was but apparently they fixed some sort of error with that so that’s good and if it is one of the errors i’m thinking it might be that’d be very helpful now they’ve also added the ability to use dynamic links which is a series of integers with these functions so and i ran across this issue many times and i’ve wished for this feature for a very long time and it’s finally available now on a few of the different functions here and that is the ability to change the length argument every single different bar so for example you want to base the length of your alma calculation on a number that can change instead of a fixed input integer so you could set up an input to say you know you want the length of your alma average to be 50 but say you wanted to do something more complex or advanced and you wanted to calculate what length you want to use and have it changed based on the conditions of the market well in order to do that you would have to really well it really wasn’t super possible it might have been with some sort of work around i didn’t bother with it but now with the ability to pass in a series of integers you can do that so you would create your variable a series integer variable and every bar you would save that calculated value into that variable and of course it updates kind of like the closing price every single bar it has that value attached to it and then when you went to go call the alma calculation you will just pass in the series integer variable and now it will use the current value of that now you can still set it up to where it’ll use a fixed value and you can do an optional value to use a calculated length but that’s a little bit more complex you’ll want to see the tutorials on maybe trying to find a way to do something like that but now it is possible that you can change the link that you have for these now there’s a few of the things that i would love to see available for a series integer input and i’m sure they’re working on it because i know that they have a lot on their plate and if they’re working on it with these i imagine they’re going to be adding these to more built-in functions which would be very nice and then also with some of the other properties that we’re looking at i would really like to see this with transparency as well now you can use a function to return a different transparency using a color code but i don’t think that’s as friendly as using an integer from 0 to 100 which that might pose its own problems because people could try and use an integer above 100 and who knows how it would react to that on the back end maybe it could just default to 100 transparency but anyway they’ll figure all that out i’m glad that they’ve done all this other than that i think that’s it for this video i want to thank all of you all who have stayed subscribed and have been watching the channel i know i’ve been super busy lately i essentially am working three or four different jobs right now it’s a lot of work i have my day job which i’m very busy and then i have a job where i am taking on two classes as an instructor at the community college so i’ve let everybody on the channel know that i’m going to be super busy because of that and i have been and then i’ve also got this where i’ve been working on some code and some indicators on the back end but really not very much not nearly what i was doing but then i’ve also found something else that i’ve picked up where i’ve been able to make some cash on the side which has been worth my time quite honestly but i want to be able to get back into the routine of making videos again this is kind of the first step it’s been you know several weeks now since i’ve been able to make one but now that i’ve got the classes settled and i’ve got the students into some sort of routine they aren’t requiring as much as my time and then also the other side gig i’m kind of i’m kind of able to pace myself a bit more on that to my own pleasure so that is helpful when it comes to these things and also i haven’t been to well i haven’t been compelled i should say to try and work on anything here while i’ve been so busy just because the market hasn’t been that interesting to me honestly um we can talk a little bit about ta but for the most part this is entirely expected you know you had a breakout on the price here and you’re having a retest and to think this would not have happened i think it’s kind of silly it broke out tremendously it went up super high you know 12 and a half thousand dollars and now it’s back down and if you’ve been watching my twitter account which you should follow i haven’t been posting many updates like i said i’m busy but the updates i have posted pretty much said we’re coming back down to 10k and we did and that’s all because and let me switch over to my ideas chart and you can get an idea of why i selected that of course my browser is going to take plenty of time loading that is the monthly chart i’m not going to talk about that one just yet let’s go down to the weekly chart so you can see on bitcoin this is exactly why i highlighted 10k you had the 20-week mid bollinger band moving average that was at 10k i mean it was at 10k and once bitcoin gets very bullish it tends to stay at or above the mid bollinger band on the weekly chart now in this particular case i could see it coming down all the way to 8.7 8.8 k around in this area and there i would expect a strong positive reaction but in that case it’s most likely going to be in a couple of weeks and it would be at the bottom bollinger band if it were to come down right now i would imagine it would bounce back pretty quickly but if it happens in a couple of weeks it might bounce back slowly and take some more time to recover but i am still very bullish uh you can’t turn me off of bitcoin right now particularly when we’re looking at the chart right here there might be that sort of support and resistance flip uh we’re talking about it was there was quite a bit of resistance in this area here here here but now it has a chance to serve as support so i’m watching this area very closely and with all the key moving averages aligned moving up it looks really good to me honestly and then taking a look at the daily chart just going in on this i want to see this 100 day hold if it comes down and goes to the 200 day that is right at 9k so you can imagine that is also the 50 week moving average so got a lot to look out for there although it looks like momentum might be turning back around so that’s good and i’m not going to go too much into ta i just want to show you why i’m thinking what i am and honestly i’m still very bullish just because we just had the having it’s bitcoin i’m not too terribly worried about it uh i think in the long run it’s all going to be good it’s all going to work out but that’s going to be it for now guys thank you for watching the video thanks for staying subscribed thanks for watching the videos and have a great day everyone

YouTube Video Description

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Candlestick Pattern Indicator Updates and More! What’s New in TradingView: In this TradingView Pine Script Tutorial/TradingView Update, we discuss all of the many updates in TradingView recently including the candlestick pattern updates, rectangle extensions, and also some key updates to Pine as well. With Pine Script it is very easy for even beginners to create their own indicators or strategies that have many other indicators within them. Once we have completed the script, we can see our results immediately and begin working with more functions, indicators, and strategies.

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This channel focuses on Bitcoin, Ethereum, LiteCoin, Ripple, Link, Basic Attention Token and almost all cryptocurrencies that demand attention. Please like the video if you liked the video, and subscribe if you like these types of videos. David from BigBits is an experienced Software Engineer, but no one is perfect, If you find any issues with any of the open-source, free code, or code shown in videos please comment to let us know what to fix, we listen to our viewers!