Lipi Script: Levels with hline()

Overview

Levels are horizontal lines plotted using the hline() function. These lines maintain a constant color and do not change across different bars. When hline() does not meet your requirements, you can explore alternative methods to plot levels in the Levels section of the documentation for plot().

Function Signature

The hline() function allows you to create horizontal levels with a simple and consistent appearance, ideal for marking key values or thresholds on the chart.

hline(price, title, color, style, linewidth, editable) → hline

Lipi Script: Constraints and Features of hline()

Constraints of hline()

When compared to plot(), the hline() function has a few limitations:

1. Static Price Levels:

   • The price parameter accepts only an input int/float argument.
   • This restricts the use of dynamic values like close or other series float calculations.

2. Static Colors:

   • The color parameter requires an input int argument.
   • Dynamic colors, calculated on each bar as series color, cannot be used.

3. Limited Line Styles:

   • The linestyle parameter supports only three styles:
     • hlineStyle.solid
     • hlineStyle.dotted
     • hlineStyle.dashed

Example Use Case

The example below demonstrates how to use hline() in a “True Strength Index” (TSI) indicator to plot consistent horizontal levels. Despite its constraints, hline() is well-suited for plotting static levels that do not need dynamic updates or advanced customizations.

indicator("TSI")
myTSI = 100 * talib.tsi(close, 25, 13)
hline( 50, "+50", color.lime)
hline( 25, "+25", color.green)
hline(  0, "Zero", color.gray, style = hlineStyle.dashed)
hline(-25, "-25", color.maroon)
hline(-50, "-50", color.red)
 
plot(myTSI)

Lipi Script: Additional Notes on hline() and Fills Between Levels

Key Features

1. Displaying Multiple Levels:

   • The script showcases five levels, each with a unique color for clarity.

2. Distinct Line Style for the Centerline:

   • The zero centerline is styled differently to emphasize its importance.

3. Theme Compatibility:

   • Colors are chosen to ensure good visibility on both light and dark themes.

4. Adjusting Indicator Values:

   • Since the built-in talib.tsi() function returns values in the range of +1 to -1, the script adjusts these values to match the usual range of +100 to -100.

Fills Between Levels

• The space between two levels plotted using hline() can be filled with colors using the fill() function.
• Requirement: Both levels must be plotted using hline() for the fill() function to work.

Example Use Case

The example below demonstrates how to enhance the TSI indicator by adding background fills between levels. This visual enhancement makes it easier to interpret the indicator’s behavior across different ranges.

Notes:

• Five levels are displayed, each with a distinct color.
• The zero centerline uses a different line style for better distinction.
• Colors are selected to ensure compatibility with both light and dark themes.
• The indicator’s typical range is +100 to -100. Since the talib.tsi() built-in function outputs values between +1 and -1, the code adjusts these values accordingly.

Fills Between Levels:

• The fill() function can be used to color the space between two levels plotted with hline().
• Note: Both levels must be created using hline() for the fill() function to work.

The example demonstrates how to apply background colors to the TSI indicator for enhanced visual clarity.

indicator("TSI")
myTSI = 100 * talib.tsi(close, 25, 13)
 
plus50Hline = hline( 50, "+50", color.lime)
plus25Hline = hline( 25, "+25", color.green)
zeroHline = hline(0, "Zero", color.gray, style=hlineStyle.dashed)
minus25Hline = hline(-25, "-25", color.maroon)
minus50Hline = hline(-50, "-50", color.red)
 
// ————— Function returns a color in a light shade for use as a background.
fillColor(color col) => color.new(col, .1)
 
fill(plus50Hline, plus25Hline, color = color.new(color.lime, 0.1))
fill(plus25Hline, zeroHline,  color = color.new(color.teal, 0.1))
fill(zeroHline, minus25Hline, color = color.new(color.maroon, 0.1))
fill(minus25Hline, minus50Hline, color = color.new(color.red, 0.1))
 
plot(myTSI)

Notes:

• The return values from our hline() function calls are stored in variables of the hline special type. These include the plus50Hline, plus25Hline, zeroHline, minus25Hline, and minus50Hline variables. These “hline” IDs are important for later fill() calls.
• To create lighter color shades for the background, a fillColor() function is defined. This function takes a color as an argument and returns it with 90% transparency. This function is then used to adjust the colors in the fill() calls.
• The fill() function is called four times to fill the space between four different pairs of levels.
• For the second fill, color.teal is used instead of color.green to match the color scheme more effectively, as it provides a better green shade for the 25 level.