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Created 1 year ago
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To create a useful trading indicator using Pine Script for TradingView to help you with cryptocurrency investing, consider using a combination of popular technical analysis tools such as the on-balance volume (OBV) and the accumulation/distribution line [1]. Here is a sample Pine Script code that you can use:

pinescript
//@version=4 study("Crypto Investing Indicator", shorttitle="CII", overlay=true) // On-Balance Volume (OBV) obv = cum(close > close[1] ? volume : close < close[1] ? -volume : 0) obv_ma = sma(obv, 14) // Accumulation/Distribution Line acc_dist = cum(close > close[1] ? volume * (close - low) / (high - low) : close < close[1] ? -volume * (high - close) / (high - low) : 0) acc_dist_ma = sma(acc_dist, 14) plot(obv, title="OBV", color=color.blue) plot(obv_ma, title="OBV MA", color=color.red) plot(acc_dist, title="Accumulation/Distribution", color=color.green) plot(acc_dist_ma, title="Accumulation/Distribution MA", color=color.orange)

To use this script in TradingView, follow these steps:

  1. Open TradingView and select the "Pine Editor" tab at the bottom of the page [2].
  2. Copy and paste the provided Pine Script code into the Pine Editor.
  3. Click "Add to Chart" on the top right side of the editor [2].

This custom indicator combines both the on-balance volume (OBV) and accumulation/distribution line to give you insights into the buying and selling pressure in the cryptocurrency market. You can adjust the moving average length (in this example, 14) to better suit your investing style and timeframe.

Please note that using any single indicator alone may not provide a complete picture of the market. It's important to combine multiple indicators, along with a solid understanding of the market and other factors, to make informed investment decisions.

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Daniel Elfving
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Created 1 year ago

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