The Best TradingView Scripts for Advanced Trading

TradingViews is renowned for its powerful charting tools and user-friendly interface, but one of its standout features is its support for custom scripts.

These scripts, written in Pine Script (TradingView's programming language), allow traders to create custom indicators, strategies, and alerts tailored to their needs.

Utilizing these scripts can provide a significant edge in the market for advanced traders by offering unique insights and automating complex strategies.

In this guide, we'll explore some of the best TradingView scripts for advanced trading, covering their functionalities and how they can enhance your trading experience.

1. Understanding Pine Script

Pine Script is TradingView's proprietary scripting language, designed to create custom technical indicators, strategies, and alerts. With Pine Script, traders can:

Develop Custom Indicators: Create indicators that are not available in TradingView’s default library.
Automate Strategies: Write and backtest trading strategies to automate trading decisions.
Set Alerts: Customize alerts based on specific conditions or combinations of indicators.

While TradingView provides a range of built-in scripts, many traders leverage Pine Script to develop personalized tools that fit their trading style.

2. Top TradingView Scripts for Advanced Traders

Here’s a list of some of the most useful TradingView scripts that can help advanced traders enhance their trading strategies:

1. Supertrend Indicator

Description: The Supertrend indicator is a popular tool for identifying the prevailing trend and potential reversal points. It is based on the Average True Range (ATR) and is often used to determine entry and exit points.

Features:

Provides clear buy and sell signals based on trend direction.
Adjustable sensitivity and ATR multiplier for customization.
Can be combined with other indicators for more robust trading signals.

Script Example:

pinescript

//@version=4

study("Supertrend", shorttitle="ST", overlay=true)

atrPeriod = input(10, title="ATR Period")

factor = input(3.0, title="Factor")

atr = atr(atrPeriod)

upperBand = hl2 + (factor * atr)

lowerBand = hl2 - (factor * atr)

trend = 1

trend := close[1] > trend[1] ? max(upperBand, trend[1]) : min(lowerBand, trend[1])

upTrend = close > trend

plot(trend, color=upTrend ? color.green : color.red, linewidth=2)

2. Relative Strength Index (RSI) Divergence

Description: This script identifies divergences between price and the RSI, which can signal potential reversals. Divergences occur when the price forms new highs or lows while the RSI does not, indicating weakening momentum.

Features:

Detects bullish and bearish divergences.
Provides visual markers on the chart for easy identification.
Can be customized to fit different RSI periods and divergence thresholds.

Script Example:

pinescript

//@version=4

study("RSI Divergence", shorttitle="RSI Div", overlay=true)

rsiPeriod = input(14, title="RSI Period")

rsi = rsi(close, rsiPeriod)

rsiOverbought = input(70, title="RSI Overbought Level")

rsiOversold = input(30, title="RSI Oversold Level")

plot(rsi, color=color.blue, linewidth=2)

hline(rsiOverbought, "Overbought", color=color.red)

hline(rsiOversold, "Oversold", color=color.green)

// Add divergence detection logic here

3. Moving Average Convergence Divergence (MACD) Customization

Description: The MACD is a widely used momentum indicator. Custom MACD scripts can modify the standard settings to fit specific trading strategies, such as adjusting the MACD line, signal line, and histogram colors.

Features:

Customizable MACD and signal line settings.
Adjustable histogram colors for visual clarity.
Provides additional features like alerts and trend analysis.

Script Example:

pinescript

//@version=4

study("Custom MACD", shorttitle="MACD", overlay=false)

fastLength = input(12, title="MACD Fast Length")

slowLength = input(26, title="MACD Slow Length")

signalLength = input(9, title="MACD Signal Length")

[macdLine, signalLine, _] = macd(close, fastLength, slowLength, signalLength)

histogram = macdLine - signalLine

plot(macdLine, color=color.blue, title="MACD Line")

plot(signalLine, color=color.red, title="Signal Line")

plot(histogram, color=color.green, title="Histogram", style=plot.style_histogram)

4. Volume Profile

Description: Volume Profile displays the volume traded at different price levels over a specified period. This script helps traders identify key support and resistance levels based on volume clusters.

Features:

Visualizes volume distribution over price levels.
Helps identify high-volume nodes that may act as support or resistance.
Customizable period and volume thresholds.

Script Example:

pinescript

//@version=4

study("Volume Profile", shorttitle="VP", overlay=true)

length = input(100, title="Length")

vol = volume

priceRange = highest(high, length) - lowest(low, length)

step = priceRange / length

for i = 0 to length

    level = lowest(low, length) + step * i

    v = sum(vol[0:i], length)

    plot(level, color=color.blue, linewidth=2)

    plot(v, color=color.red, linewidth=1)

5. Automated Trendline Drawing

Description: Automated trendline scripts draw trendlines based on price action or specific patterns. These trendlines can provide insights into market trends and potential breakout points.

Features:

Automatically draws trendlines based on user-defined conditions.
Can identify trendlines from recent highs and lows.
Helps visualize trendlines without manual drawing.

Script Example:

pinescript

//@version=4

study("Automated Trendline", shorttitle="Trendline", overlay=true)

highs = security(syminfo.tickerid, "D", high)

lows = security(syminfo.tickerid, "D", low)

plot(highs, color=color.red, linewidth=2)

plot(lows, color=color.green, linewidth=2)

6. Integrating Scripts into Your Trading Strategy

Once you have selected and applied these scripts, it's important to integrate them into your overall trading strategy. Here’s how to make the most of TradingView’s advanced scripts:

Combine Indicators: Use multiple indicators together to confirm trading signals. For instance, combine the Supertrend indicator with RSI divergence to filter out false signals.
Backtest Strategies: Before applying custom scripts to live trading, backtest them using TradingView’s strategy tester. This will help you understand their effectiveness and make necessary adjustments.
Set Alerts: Use TradingView’s alert system to receive notifications when your custom scripts trigger specific conditions. This ensures you can act quickly on potential trading opportunities.
Customize and Optimize: Continuously refine and optimize your scripts based on market conditions and personal trading preferences. Experiment with different parameters and settings to find what works best for your strategy.

7. Conclusion

TradingView's custom scripts offer advanced traders a powerful way to enhance their trading strategies. By leveraging Pine Script to create or modify indicators, automate strategies, and set alerts, you can gain a significant edge in the markets. From the Supertrend Indicator to automated trendlines, the scripts discussed in this guide can help you better analyze market conditions and make more informed trading decisions. Explore these scripts, tailor them to your needs, and integrate them into your trading routine to elevate your trading game on TradingView.