Pine Script and Chart Improvements on the Latest TradingView Updates!

Pine Script and Chart Improvements on the Latest TradingView Updates!

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YouTube Video Transcript

[Music] hey this is david for big bits and in this video we’re going to take a look at some of the new features added to trading view here in august of 2020. now there are several things you’ve probably already noticed that they’ve added and there’s one that you probably haven’t noticed unless you’re following pretty closely to the trading view community but there’s some pretty important changes and we’ll go over all of those in this video and then at the end of the video i’ll talk about a little bit of technical analysis right now just because it’s been so long since i’ve made my last video but let’s go ahead and get started on talking about some of the changes now in my opinion i’m going to talk about the largest change first and that is that pine script is now faster than ever before and what does that mean it means that it can compile its code one and a half to two times see that here one and a half to two times quicker than it did before so in the past when we were doing our scripts that we were doing in the tutorials sometimes they would take you know 20 30 seconds to compile if they were particularly complicated so now those that used to take 30 seconds could take as little as 15 seconds or those that took about 10 seconds should take more about five seconds so that’s a huge improvement and if you’re making a lot of alterations to your code and you’re saving them to see the differences that will save you a lot of time and honestly i’m really excited for it in in my programming just to be able to work quicker and be more efficient than i was before that way i can actually get more done with the time that i do have available to do this to do this kind of stuff you know but this one key important note is this is not exclusive to the latest version of pinescript this goes for all of the versions and they explicitly state that in the blog post regarding this update so in my opinion this is the biggest change on tradingview as far as pine script for pretty much the entire year because everything kind of falls back to compiling the code and working with the code now they can add features left and right but making the compilation take less time i think saving time is a very important feature to have and it’s just very important in life that you value your time and pine script they obviously value your time because they are working on trying to get the code to compile quicker and that is something that’s very important in my opinion even more so than arrays or any other features that they’re working on so let’s go ahead and take a look back at the chart and i want to kind of go back to the chart and then go to the next couple of items because there are a couple of things that are going to be impacted here now the next item is pre and post trade periods essentially this is just another property on your charts that’s going to allow you to specify what color background the chart is going to have when it is trading before or after hours on an intraday chart so for example you’re looking at this chart this is a 15 minute chart but the orange orangish yellow type color here i believe that is actually for the pre market and then the white background is for the day when the active market and in the blue is for the aftermarket so that’s pretty cool to add and you can get to this by going to your chart settings for the symbol and let me actually pull up one will change bitcoin to spx let’s go into our chart settings and let’s see extended hours we need to be in an intraday chart i assume yes and that is the issue and i’m not sure if this one actually has intraday because it is i believe traded and stopped so i’m trying to think of one that would work really well with this take a look at another that one’s not doing too well either let’s take a look at apple there we go my apologies it took me a little while to find what we’re actually looking for here but you can actually see now that there are two different periods there is the active market and then there is either the pre or after market here so let’s go to our chart settings and see if we can identify which ones which because by default here it has them both this yellow color so let’s go ahead and set this one to this pink color save our change so now it kind of looks like the yellow is your aftermarket and then your pink is your pre market and you can actually highlight now what changes occur within those periods so that’s something that’s kind of cool to add to your chart and something i didn’t even realize is that it actually adds it to your other indicators that are not overlaid on top of your main chart so that’s something that’s actually pretty cool i’m not going to be using this i don’t really trade stocks a whole lot i’m pretty much entirely crypto most of the stuff i do with stocks is just like passive investing so i’m not too worried about pre and post market stuff okay so that’s a really cool feature let’s go ahead and switch our chart back to bitcoin simple enough and then there was one other feature recently added that affects way you see things on your chart and that was the new buy and sell buttons you may have noticed these added to your chart and they were added to mine and i’ve removed them because i don’t really care for them and i don’t use them and i’ll show you how to remove them for yourself too in just a moment but these buttons were added pretty much to replace the buy and sell trading panel on the trading view menu on the right hand side so before you would click on one of the icons over here and you would trade from there whereas now they have it set up to where it’s kind of like a shortcut for you so you can do it on the screen instead of actually having to dig around into the menu on the right here and this is pretty much what they’re saying here you can actually do this here but it also says it supports the multi layout which means you can now see these on several different symbols at once instead of having to flip between the screens so instead of just adding this to the main chart or the very first chart on a multi-chart view you can actually do it on all of them at once so that’s actually pretty cool if you’re wanting to trade a bunch of stuff all at once manually like that but for me i don’t really trade using the trading view terminal here so what i do is i actually just remove them and there are a couple of key notes about these if you are going to use them and that is that when the instant orders placement mode is disabled when you click on either of the buy or sell buttons it’s going to take you to the the window that you’re used to excuse me it’s going to take you to the buy and sell panel that you’re used to instead of actually working within the page there and i’m pretty much just going to read this because it’s all pretty important when it comes to these says if the buttons have a filled background with either red or blue coloring it means that trading is in active mode it means you can actively trade if the background is white like it is here in the picture then it means that something is not ready and it means either your broker is not connected or you have selected a non-tradable symbol now it says that the tooltip on the buttons will alert you to whatever the issue is and it it will continue to show you the bid and the ask as it would be in the order books as well at that time and the key feature that i was interested in was the ability to show and hide these now it has a little gif here that’s actually pretty useful for you but i think it moves kind of quick so we’re going to go in and actually show you on the chart itself so once you have a chart pulled up you actually hover over the symbol and the resolution and exchange here at the top and you can right click that once you right click that go down to show buy and sell buttons click on that and now you can see it’s actually showing you these buttons and when you hover over it like i have it’s saying a broker is not connected that’s because i’m not using a broker on trading view right now so that’s pretty simple now the other way instead of just right clicking and showing the buy and sell buttons and toggling that on and off there i believe this is also an option in your chart settings underneath the trading and yes it is down here in the check box so i’m going to uncheck that here and you can see they disappeared i’m going to hit ok and i’m going to leave that and save that like that because i don’t really care to see those buttons i think they just take up space on my chart because since i’m not using them so i’m going to get them out of the way and i even like to hide my indicator data like that so i like to have my charts nice and clean when i look at them i know what i’m looking at i don’t need to see anything else now something else that they’ve done is they have released a new uh chart library and trading terminal with a bunch of different features i’m not going to go over all of these features but this is a very good feature for people who are developing their own websites pretty much using the trading view chart library it gives them more features to work with so that they can actually accomplish more on their website so when you think of the trading view chart library you’re probably thinking of going to but you’ve probably also seen trading view charts on other websites they’re probably using the trading view chart library to import the resources for a trading view chart and host it on their own so like if you’re going to bitmex and you see the trading view chart and you can add indicators like you do on trading view then that is using their chart library so that’s just some information for you there but that’s pretty much it for the updates right now i know i’ve been very busy i haven’t been making a lot of videos lately i’ve had a lot going on i’ve been working on several projects and i’m getting ready to start an instructor position again i have been a college instructor as an adjunct faculty member since 2015 last year i had the year off my contract wasn’t renewed just because the demand was going down but thanks to the coronavirus and i guess i can say thanks to that that’s hopefully not offensive to anyone but it has increased the demand for online learning so i am being brought back on as a contract instructor and i’m going to be doing several different classes now so my schedule is going to be a little bit busier i’m still going to try and make these videos and do some updates if there’s anything you would like to see please leave a comment on the video because i am really pressed for time anymore and getting ideas from you all is a great way to save time for myself plus it gives back to you all something that you actually want to see so if there is something you want to see please leave a comment on the video here on youtube and i’ll try and get back and see if i can make some videos from some of your suggestions otherwise i do have some ideas that i’ve already created and some unfinished business that i need to get around to publishing but let’s go ahead and take a look a little bit of ta i’m only going to do a brief session here and pretty much just on the daily chart i’ll i’ll leave it to say that the weekly and monthly charts look absolutely amazing and it looks like there is plenty of room for the price to continue to go up even though it has shot up dramatically over the last several weeks anyway so that’s something to note that even though prices look like they have shot up incredibly high on the higher time frames there is still a lot of room and that doesn’t mean that in the meantime things can’t slow down or get rejected for a little while but there is just a lot of room to the upside and there is very little resistance and i’ll kind of show you that here on the daily chart with ethereum especially so let’s go ahead and take a look at bitcoin uh you can see once it broke out down around here out of its consolidation it kind of broke out of that multi-year multi-year channel there and there’s another one kind of here so there really isn’t a whole lot stopping it right now you see there’s a little bit of resistance in this area but if bitcoin were to break out and close somewhere around 13 000 on the daily chart or even 14 000 then it’s pretty much game on all the way to the all-time highs there might be a bit of resistance in through here but honestly we’re past all of the diagonal resistance which you could probably measure something like that yes so that would be like your diagonal resistance pretty much all that’s left are these honestly rather weak points of horizontal resistance like this and that’s probably not even a horizontal line and then there’s a kind of a cluster here so maybe you’ll get some resistance up around here as well but that’s pretty much the limit to the resistance right now this is horizontal uh traditional support and resistance areas from just the price action so that’s something to keep an eye on as far as your targets go and looking to see when you can expect the price to come back down until you can try and catch the dip so pay attention to supports and the resistance is coming up and the same thing here with ethereum and it actually is testing some resistance right now here at 440 dollars there is a very big area actually of resistance in through this area and it would not surprise me to see ethereum kind of slow down uh now that it’s in this price range it very well could continue to go up but this is an area that i would look forward to see some resistance at um and then of course it’s already passed its diagonal resistance there is a small bit of resistance up in through here around 770 or so but for the most part just like bitcoin it’s past its diagonal resistances and it’s moving on to these horizontal resistances now zooming in currently honestly it looks like it could shoot right past that resistance level that horizontal resistance because its momentum just switched up again and it’s on a huge increase on price it’s really hard to say like an actual target here unless you’re kind of going out and you’re looking for other areas of resistance and it’s just a really hard time to try and call a top so if you’re looking to get into position and i’m no financial advisor here but what i am personally looking for instead of going long here at the peak currently waiting for a pullback waiting for the rsi to drop down maybe back around 50 to 60 and evaluating where the momentum is at that time and trying to get in then but right now looking at the weekly and the monthly it’s hard to say when that can be and just to show you i’m gonna zoom out and my head was in the way but you get the idea about the rsi my apologies see this is the weekly it is absolutely nuts and so is bitcoin their momentum hasn’t even came close to peaking um ethereum’s is a bit higher the rsi on ethereum is a bit overbought but that doesn’t mean a whole lot it just means that it’s very strong price action and macd is above and all the moving averages it’s above those so just everything looks really good um like i said there might be a dip maybe in the next month or so or a month to two months and i’m usually pretty quick when i come to my predictions but there may be a dip in the next one to three months and that might be the last dip that you get for a while if these things continue out to be part of the next bull cycle otherwise it might just go up really quick uh yeah just really quick because the monthly chart the momentum is moving up but it’s not even close not even close to being overbought the bollinger bands they look beautiful on bitcoin um it could very easily by the end of this month hit the top band on the monthly chart and we could be riding the upper band for a little while on the bitcoin chart and that is that is the road to the all-time highs if that happens uh very similarly the macd is positive on both of them and the rsi is trending up as well so like i said whatever’s happening on the daily and the weekly charts right now it’s dwarfed in comparison to how well things look on the higher time frame such as the weekly and the monthly as well but i think i’m going to call that for the video i’m looking at some other uh altcoins right now i’m just going to go through those really quick with you and then we’ll be done with the video basic attention token is finally and we’ll go back to the daily chart here finally starting to kind of show a little bit of movement back upwards and that is dragging its moving averages up as well it’s kind of lagging but it is not a d5 project so that’s why matic which is now one of my more favorite projects mainly because it’s his ethereum layer two project is doing really well here lately as well it’s closing above some of its recent highs and it could very well shoot up like it did in the past and that is what um 170 something like that from where we are now and the other one that i’m really looking at is kybernetic or kyber network excuse me which is doing really well as well and this is actually a d5 play and it looks really really good but of course there’s other ones like link and so forth but these are the ones i’ve already had some interest in and i’ve been going in with and i’m not going to be chasing anything so that’s where i’m kind of looking at right now and that’s it for the video guys thanks for checking in and seeing the updates on tradervue and also taking a look a little bit of the technical analysis here on some of the major crypto projects but other than that if you like the video please go down and leave a like otherwise while you’re down there please subscribe if you’re down there liking the video hopefully you like the video so you’ll subscribe while you’re down there otherwise thanks guys i’m going to try and continue to make videos as much as possible even though i’m going to be super busy but everyone have a great day

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< br/> ๐Ÿ”ป๐Ÿ”ป๐Ÿ”ป๐Ÿ”ป IMPORTANT LINKS BELOW ๐Ÿ”ป๐Ÿ”ป๐Ÿ”ป๐Ÿ”ป

Pine Script and Chart Improvements on the Latest TradingView Updates!: In this TradingView Pine Script Tutorial/TradingView Update, we discuss some of the major updates recently introduced on TradingView. Pine was just improved to improve it’s compiling speed so that users can get back to working quicker. Also, charts have been improved to have a few new features with broker interactions and pre-post market data. 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!