Can I Write a Pine Script on TradingView to Scan through a Set of Stocks Like Nifty 200?

Introduction: TradingView's Pine Script is primarily designed for creating custom indicators and strategies that operate on individual charts. However, it is possible to use Pine Script to define criteria for specific stocks, which you can then apply to a list of stocks like the Nifty 200.

Understand Pine Script Capabilities

Pine Script is a versatile language that allows traders to create custom indicators, strategies, and custom information displays on TradingView. It supports detailed equity charting, yet it has certain limitations regarding the simultaneous scanning of multiple symbols. If your goal is to scan a set of stocks like the Nifty 200, here’s how you can achieve this using Pine Script.

Define Your Criteria

The first step is to define the criteria you want to use for your stock selection. This could include factors such as specific moving averages, Relative Strength Index (RSI) levels, volume thresholds, and more. Once you have defined your criteria, you can write a Pine Script to implement these rules.

Here's a basic example of a Pine Script that checks if the closing price is above a simple moving average (SMA):

@version5
//@version5
indicator("My Custom Indicator", overlaytrue)

length  input(20, title"Length")
smaValue  sma(close, length)
plot(smaValue, color"blue")

buySignal  close  smaValue
plotshape(buySignal, style, location, color"green", size, title"Buy Signal")

This script calculates the SMA based on the closing price and plots it on the chart. A buy signal is generated when the closing price is above the SMA. The script also visually marks the buy signal with a green triangle.

Manually Apply the Script to Each Stock

Given that Pine Script doesn't support scanning a set of stocks simultaneously, you will need to apply this script to each stock in your list manually. After applying the script to each stock, you can visually inspect which stocks meet your criteria based on the signals generated by the script.

Use Alerts for Automation

To make the process simpler, you can set up alerts based on the signals generated by your custom Pine Script. If your criteria are met, alerts can notify you when a specific stock meets your defined conditions. You can set up these alerts in the TradingView interface, which helps you keep track of stocks without constantly monitoring them.

Consider Pine Script Limitations

While Pine Script is a powerful tool for defining and implementing custom criteria, it has limitations. Specifically, it cannot fetch data from multiple symbols simultaneously or create a dynamic watchlist directly. For more advanced screening across multiple stocks, you might consider using TradingView's built-in stock screener or external tools that can handle batch processing and scanning.

Conclusion

While you can write a Pine Script to define criteria for stock selection, you will need to apply it individually to each stock on your list. Pine Script does not support multi-symbol scanning directly. However, by combining Pine Script with alert systems and dashboards, you can effectively manage and screen a set of stocks like the Nifty 200.