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How to Successfully Save and Utilize Variables in Pine Script

Struggling with undeclared identifiers in Pine Script? Learn how to save and reuse values like entry prices effectively in this comprehensive guide.
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This video is based on the question https://stackoverflow.com/q/62563377/ asked by the user 'rantanplan' ( https://stackoverflow.com/u/12636937/ ) and on the answer https://stackoverflow.com/a/66999697/ provided by the user 'myworldbox' ( https://stackoverflow.com/u/12192271/ ) at 'Stack Overflow' website. Thanks to these great users and Stackexchange community for their contributions.

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Understanding How to Save and Reuse Values in Pine Script

When working with Pine Script, it’s common to encounter problems related to variable scope and undeclared identifiers. If you’ve ever tried to save a value within an if statement and encountered the error message saying the identifier is undeclared, you’re not alone. In this guide, we break down a specific problem involving saving an entry price and calculating a target exit price for a trading strategy, while ensuring that each variable is declared and utilized correctly.

The Problem: Declaring Identifiers in Pine Script

You might want to achieve the following in your trading strategy using Pine Script:

Save your entry price in a variable, currently referred to as lowEntery.

Calculate a target price for taking profit, stored in another variable called exitShort, set to 0.5% lower than your entry price.

Use exitShort as a trigger to close your short position.

However, while using the following code, you may encounter issues like:

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

This indicates that you need to properly declare your variables so that Pine Script can recognize them.

The Solution: Properly Declaring and Using Variables

To effectively solve this problem, we will use the valuewhen function that helps keep track of values and ensures they are accessible when needed. Here’s how you can achieve your goal:

Step 1: Saving the Entry Price

Instead of directly using a variable within an if statement, you can use the valuewhen function to simplify the process:

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

Explanation:

strategy.position_size[0] > strategy.position_size[1] checks if the position size has changed, which indicates an entry.

open captures the price at which the position was opened.

0 indicates that we want the most recent value.

Step 2: Calculating the Target Exit Price

With the entry price stored, calculating the target exit price becomes straightforward:

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

Note: Here, we multiply by 0.995 to find 0.5% lower than the entry price.

Step 3: Using the Exit Trigger

Finally, you can set the close condition for the short position:

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

Explanation:

This line checks if the close price is less than or equal to the exitShort price, triggering a close position.

Full Example Code

After implementing the above steps, your complete Pine Script code might look like this:

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

Conclusion

By using the valuewhen function to track your entry price, you can effectively avoid the "undeclared identifier" errors within Pine Script. With this approach, saving variables such as entryPrice and exitShort becomes a seamless part of your trading strategy, allowing for dynamic and responsive trading.

Happy coding, and may your trading strategies yield positive results!

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