ad
ad

Porting a Simple Indicator from Tradingview PineScript to ThinkScript - Thinkorswim Tutorial

Education

Introduction

In this tutorial, we will learn how to port an indicator from Tradingview's PineScript to ThinkScript, specifically for the Thinkorswim platform. This guide will provide step-by-step instructions on how to convert the PineScript code into ThinkScript, allowing users to utilize the indicator in Thinkorswim.

Step 1: Converting the PineScript Code

First, we need to remove any unnecessary code from the PineScript script. This includes comments and declarations that are not required in ThinkScript. Once that is done, we can begin the conversion process.

To convert the PineScript to ThinkScript, we'll go to the "Edit Studies" section in Thinkorswim and create a new study. Open the study's code window and proceed with the following steps:

  1. Comment out each line of code from the PineScript using a pound symbol (#).
  2. Rename the study and set the indicator's name according to the PineScript's original name.
  3. Replace any characters in the study name that are not allowed in ThinkScript.
  4. Declare the user inputs (settings) using the input keyword in ThinkScript.

For example, if the PineScript code contains a line like:

study(title="Indicator Name", ...)

In ThinkScript, the equivalent would be:

input indicatorName = "Indicator Name";

Continue this process for all the user inputs (settings) in the PineScript code, and replace any true/false statements with their corresponding ThinkScript equivalents, which are yes and no instead of true and false.

Once you have converted all the user inputs, move on to the next part of the code.

Identify and convert any calculations or logic used in the PineScript. This may involve translating function names and understanding their purpose. Referencing the original PineScript's comments and tooltips can help in understanding the functionality of the code.

Replace any variable declarations with the input keyword in ThinkScript and assign their respective values according to the converted PineScript logic.

Lastly, determine the output of the indicator. This could be adding colors to price bars, plotting lines, or any other visual representation. Use the appropriate ThinkScript functions for these visual components.

After completing the above steps, save the code and apply the study to your Thinkorswim platform to see if the ported indicator is functioning correctly.

Step 2: Summary (Keywords)

  • PineScript
  • ThinkScript
  • Indicator conversion
  • Tradingview
  • Thinkorswim
  • Porting process
  • User inputs
  • Logic conversion
  • Visual components

Step 3: FAQ

  • Q: What is PineScript?
    • A: PineScript is a proprietary scripting language used in Tradingview for creating indicators and strategies.
  • Q: What is ThinkScript?
    • A: ThinkScript is a scripting language developed by TD Ameritrade for creating custom studies and strategies in their Thinkorswim platform.
  • Q: Can all PineScript indicators be ported to ThinkScript?
    • A: While most indicators can be ported, there may be some complex or advanced PineScript features that don't have direct equivalents in ThinkScript.
  • Q: Is it necessary to have knowledge of both languages to port indicators?
    • A: Some familiarity with both PineScript and ThinkScript would be beneficial, as understanding the logic and syntax of both languages is essential for a successful conversion.
  • Q: Are there any resources available for learning ThinkScript?
    • A: TD Ameritrade provides comprehensive documentation and tutorials on the Thinkorswim platform, including ThinkScript references and examples.

By following the steps outlined in this tutorial, you can successfully port a simple indicator from Tradingview's PineScript to ThinkScript for use in Thinkorswim. This process requires understanding the syntax and logic of both languages, as well as knowledge of the Thinkorswim platform. Make sure to thoroughly test the ported indicator to ensure its accuracy and functionality.