How to Define a Two Days' Range Relationship in TradingView Pine Script

Описание: Learn how to code a two days' range relationship in TradingView's Pine Script using the ternary operator. This guide explains the concept and provides a clear coding example.
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Understanding Two Days' Range Relationship in TradingView Pine Script

Trading in the financial market often requires a solid understanding of price movements and trends. In technical analysis, many traders look at the relationship between the current session's trends and the previous day's trends. This guide delves into the concept of defining a two days' range relationship in TradingView's Pine Script, specifically how to compare the current day's close against the previous day's high and low.

The Problem: How to Define the Relationship

As a trader, you might be interested in determining the market condition based on yesterday's price action. The logic is quite straightforward:

If the current close is greater than the previous day's high, we want to indicate this condition as "Above Previous High."

If the current close is less than the previous day's low, we will denote this as "Below Previous Low."

If the current close falls between the previous high and low, we want to display "Between Previous Day's Range."

However, many traders might stumble upon the correct logic yet face challenges in implementing it correctly due to syntax errors in coding, especially when using the ternary operator in Pine Script.

The Solution: Implementing the Logic with Pine Script

To implement this logic efficiently, we can utilize the ternary operator in Pine Script. Here’s a quick breakdown of how to do this, along with the full code sample you'll need.

Step-by-Step Breakdown

Setup: Begin your script by declaring the version and creating an indicator.

Conditions: Define three conditions based on the logic outlined above.

Ternary Operator: Use the ternary operator to create a text output that reflects your conditions.

Label Creation: Finally, use the label function to display the results on the chart.

Example Code

Here's the Pine Script code that accomplishes the above logic:

[[See Video to Reveal this Text or Code Snippet]]

Explanation of the Code

//@ version=5: This line specifies the version of Pine Script you are using.

indicator(...): Here, you create a new indicator with the defined name and overlay it directly on the price chart.

cond1, cond2, cond3: These variables check the relationship of the current close price against the previous day's high and low prices.

txt: This variable uses the ternary operator to set the output string based on the conditions evaluated earlier. It decides the output string one condition at a time.

label.new(...): This line creates a new label on the chart where the last bar is for the indicator, displaying the text determined by the conditions.

Conclusion

Defining a two days' range relationship is a vital technique for traders who want to make informed decisions based on historical price movements. By following the steps outlined above and utilizing the provided code, you can seamlessly integrate this logic into your TradingView charts. Happy trading!